Prepaid Card Disclosure Act of 2014

Summary

Prepaid Card Disclosure Act of 2014 - Amends the Electronic Fund Transfer Act to extend its coverage to spending accounts (transaction accounts) established by a consumer (or on a consumer's behalf) at an insured depository institution or credit union: (1) to which recurring electronic fund transfers may be made, at the consumer's direction; or (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device (commonly referred to as prepaid cards). Treats as a spending account any similar transaction account operated or managed by a financial institution, or any other person, whose funds: (1) are pooled with the funds of a person other than the one who established the account, or (2) are held in a name other than that of the person who established the account. Excludes from the meaning of spending account: (1) any nonreloadable general-use prepaid card in an amount under $250; (2) any general-use prepaid card solely associated with a certain kind of health plan, a qualified transportation fringe, a health savings account or any other health care benefit account; (3) a gift certificate; (4) a store gift card; (5) an electronic promise, plastic card, or payment code, or device; (6) a nonreloadable card labeled as a gift card and marketed solely as such; (7) a nonreloadable loyalty, rebate, or promotional card; or (8) a debit card or general-use prepaid card that has been provided to a person pursuant to a federal, state or local government-administered payment program, in which the person may only use the card to transfer or debit funds, monetary value, or other assets that have been provided pursuant to that program. Authorizes the Consumer Financial Protection Bureau (CFPB) to require the placement of a QR code, barcode, or other similar technology on any packaging, card, or other object associated with a spending account, provided that the technology is capable of providing an electronic link to certain required disclosures to the consumer.

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Timeline

1. 9 January 2014

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 9 January 2014

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 9 January 2014 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 January 2014

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 January 2014

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 9 January 2014

  Open at official source

Sponsors

• Mark Warner · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Prepaid Card Consumer Protection Act of 2013