Electronic Funds Transfer Act

Summary

Electronic Fund Transfer Act - Requires the issuers of debit instruments designed to make payments and effect transfers through electronic terminals to do the following: (1) disclose a customer's rights and obligations when an account is opened and when there is a change of terms; (2) make available to the customer a written receipt of every transaction at electronic funds transfer terminals; and (3) furnish a monthly statement to each customer identifying all transactions. Provides a procedure for the correction of account errors. Excuses a customer of liability for unauthorized use of his debit instrument unless the debit instrument issuer can establish customer fraud or negligence. Sets forth liability for system malfunction. Provides civil liability for willful violation of this Act and criminal liability for fraudulent use of debit instruments. Makes bank regulatory agencies and the Federal Trade Commission responsible for administrative enforcement of the terms of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 June 1978

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 12 June 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 June 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 12 June 1978

  Open at official source

Sponsors

• Rep. Annunzio, Frank [D-IL-11] · D · Sponsor
• Rep. Wylie, Chalmers P. [R-OH-15] · R · Cosponsor
• Rep. Leach, James A. [R-IA-1] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Electronic Funds Transfer Act