For the purpose of subsection (b), a card, code, or other means of access is validated when it may be used to initiate an electronic fund transfer.
15 U.S. Code § 1693i. Issuance of cards or other means of access
(a) Prohibition; proper issuanceNo person may issue to a consumer any card, code, or other means of access to such consumer’s account for the purpose of initiating an electronic fund transfer other than—
as a renewal of, or in substitution for, an accepted card, code, or other means of access, whether issued by the initial issuer or a successor.
(b) ExceptionsNotwithstanding the provisions of subsection (a), a person may distribute to a consumer on an unsolicited basis a card, code, or other means of access for use in initiating an electronic fund transfer from such consumer’s account, if—
- Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010