republic-os/legal/us/code/title-15/chapter-41/section-1693.md

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LegalText	15 U.S.C. § 1693	Congressional findings and declaration of purpose	us	united_states_code	code_section	15	COMMERCE AND TRADE	41	CONSUMER CREDIT PROTECTION	1693	15 U.S.C. § 1693	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip	/us/usc/t15/s1693	data/legal/raw/us/code/title-15/usc15.xml	1c4fe5c56d06954dbc297858ab3bfc00df7148dfedb6354b8d3664812fb6133f	6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059	b3bd3f33a0c5d090214fbcbeaf1208ac44819d8d9cf98136b0dae514a6036d4b	2026-07-04	official	legal us-code

15 U.S.C. § 1693 - Congressional findings and declaration of purpose

Text

(a) Rights and liabilities undefined The Congress finds that the use of electronic systems to transfer funds provides the potential for substantial benefits to consumers. However, due to the unique characteristics of such systems, the application of existing consumer protection legislation is unclear, leaving the rights and liabilities of consumers, financial institutions, and intermediaries in electronic fund transfers undefined.

(b) Purposes It is the purpose of this subchapter to provide a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund and remittance transfer systems. The primary objective of this subchapter, however, is the provision of individual consumer rights.

(Pub. L. 90–321, title IX, § 902, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3728; amended Pub. L. 111–203, title X, § 1073(a)(1), July 21, 2010, 124 Stat. 2060.)

Notes

Editorial Notes

Amendments2010—Subsec. (b). Pub. L. 111–203 inserted “and remittance” after “electronic fund”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.

Effective DatePub. L. 90–321, title IX, § 923, formerly § 921, as added by Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3741, renumbered § 922, Pub. L. 111–24, title IV, § 401(1), May 22, 2009, 123 Stat. 1751; renumbered § 923, Pub. L. 111–203, title X, § 1073(a)(3), July 21, 2010, 124 Stat. 2060, provided that: “This title [enacting this subchapter] takes effect upon the expiration of eighteen months from the date of its enactment [Nov. 10, 1978], except that sections 909 and 911 [sections 1693g, 1693i of this title] take effect upon the expiration of ninety days after the date of enactment.” [Pub. L. 111–203, § 1073(a)(3), which directed renumbering of section 922 of Pub. L. 90–321 as section 923 effective 1 day after July 21, 2010, was executed after the renumbering of section 921 of Pub. L. 90–321 as section 922 by Pub. L. 111–24, § 401(1), effective 15 months after May 22, 2009, to reflect the probable intent of Congress.]

Short TitleThis subchapter known as the “Electronic Fund Transfer Act”, see Short Title note set out under section 1601 of this title.