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ascott1/gist:6353ac2af7df5f1ed904

Created September 30, 2014 00:40
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{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"1",
"a"
],
"node_type": "regtext",
"text": "(a) Authority. The regulation in this part, known as Regulation E, is issued by the Bureau of Consumer Financial Protection (Bureau) pursuant to the Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.). The information-collection requirements have been approved by the Office of Management and Budget under 44 U.S.C. 3501 et seq. and have been assigned OMB No. 3170-0014."
},
{
"children": [],
"label": [
"1005",
"1",
"b"
],
"node_type": "regtext",
"text": "(b) Purpose. This part carries out the purposes of the Electronic Fund Transfer Act, which establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services and of financial institutions or other persons that offer these services. The primary objective of the act and this part is the protection of individual consumers engaging in electronic fund transfers and remittance transfers."
}
],
"label": [
"1005",
"1"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.1 Authority and purpose."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) \u201cAccess device\u201d means a card, code, or other means of access to a consumer's account, or any combination thereof, that may be used by the consumer to initiate electronic fund transfers."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"a",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Requests and receives, or signs, or uses (or authorizes another to use) the access device to transfer money between accounts or to obtain money, property, or services;"
},
{
"children": [],
"label": [
"1005",
"2",
"a",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Requests validation of an access device issued on an unsolicited basis; or"
},
{
"children": [],
"label": [
"1005",
"2",
"a",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) Receives an access device in renewal of, or in substitution for, an accepted access device from either the financial institution that initially issued the device or a successor."
}
],
"label": [
"1005",
"2",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) An access device becomes an \u201caccepted access device\u201d when the consumer:"
}
],
"label": [
"1005",
"2",
"a"
],
"node_type": "regtext",
"text": "(a)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) \u201cAccount\u201d means a demand deposit (checking), savings, or other consumer asset account (other than an occasional or incidental credit balance in a credit plan) held directly or indirectly by a financial institution and established primarily for personal, family, or household purposes."
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) The term includes a \u201cpayroll card account\u201d which is an account that is directly or indirectly established through an employer and to which electronic fund transfers of the consumer's wages, salary, or other employee compensation (such as commissions), are made on a recurring basis, whether the account is operated or managed by the employer, a third-party payroll processor, a depository institution or any other person. For rules governing payroll card accounts, see \u00a7 1005.18."
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) The term does not include an account held by a financial institution under a bona fide trust agreement."
}
],
"label": [
"1005",
"2",
"b"
],
"node_type": "regtext",
"text": "(b)"
},
{
"children": [],
"label": [
"1005",
"2",
"c"
],
"node_type": "regtext",
"text": "(c) \u201cAct\u201d means the Electronic Fund Transfer Act (Title IX of the Consumer Credit Protection Act, 15 U.S.C. 1693 et seq.)."
},
{
"children": [],
"label": [
"1005",
"2",
"d"
],
"node_type": "regtext",
"text": "(d) \u201cBusiness day\u201d means any day on which the offices of the consumer's financial institution are open to the public for carrying on substantially all business functions."
},
{
"children": [],
"label": [
"1005",
"2",
"e"
],
"node_type": "regtext",
"text": "(e) \u201cConsumer\u201d means a natural person."
},
{
"children": [],
"label": [
"1005",
"2",
"f"
],
"node_type": "regtext",
"text": "(f) \u201cCredit\u201d means the right granted by a financial institution to a consumer to defer payment of debt, incur debt and defer its payment, or purchase property or services and defer payment therefor."
},
{
"children": [],
"label": [
"1005",
"2",
"g"
],
"node_type": "regtext",
"text": "(g) \u201cElectronic fund transfer\u201d is defined in \u00a7 1005.3."
},
{
"children": [],
"label": [
"1005",
"2",
"h"
],
"node_type": "regtext",
"text": "(h) \u201cElectronic terminal\u201d means an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate an electronic fund transfer. The term includes, but is not limited to, point-of-sale terminals, automated teller machines (ATMs), and cash dispensing machines."
},
{
"children": [],
"label": [
"1005",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) \u201cFinancial institution\u201d means a bank, savings association, credit union, or any other person that directly or indirectly holds an account belonging to a consumer, or that issues an access device and agrees with a consumer to provide electronic fund transfer services, other than a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376."
},
{
"children": [],
"label": [
"1005",
"2",
"j"
],
"node_type": "regtext",
"text": "(j) \u201cPerson\u201d means a natural person or an organization, including a corporation, government agency, estate, trust, partnership, proprietorship, cooperative, or association."
},
{
"children": [],
"label": [
"1005",
"2",
"k"
],
"node_type": "regtext",
"text": "(k) \u201cPreauthorized electronic fund transfer\u201d means an electronic fund transfer authorized in advance to recur at substantially regular intervals."
},
{
"children": [],
"label": [
"1005",
"2",
"l"
],
"node_type": "regtext",
"text": "(l) \u201cState\u201d means any state, territory, or possession of the United States; the District of Columbia; the Commonwealth of Puerto Rico; or any political subdivision of the thereof in this paragraph (l)."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"m",
"1"
],
"node_type": "regtext",
"text": "(1) By a person who was furnished the access device to the consumer's account by the consumer, unless the consumer has notified the financial institution that transfers by that person are no longer authorized;"
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"2"
],
"node_type": "regtext",
"text": "(2) With fraudulent intent by the consumer or any person acting in concert with the consumer; or"
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"3"
],
"node_type": "regtext",
"text": "(3) By the financial institution or its employee."
}
],
"label": [
"1005",
"2",
"m"
],
"node_type": "regtext",
"text": "(m) \u201cUnauthorized electronic fund transfer\u201d means an electronic fund transfer from a consumer's account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit. The term does not include an electronic fund transfer initiated:"
}
],
"label": [
"1005",
"2"
],
"node_type": "regtext",
"text": "\n Except as otherwise provided in subpart B, for purposes of this part, the following definitions apply:",
"title": "\u00a7 1005.2 Definitions."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"a"
],
"node_type": "regtext",
"text": "(a) General. This part applies to any electronic fund transfer that authorizes a financial institution to debit or credit a consumer's account. Generally, this part applies to financial institutions. For purposes of \u00a7\u00a7 1005.3(b)(2) and (3), 1005.10(b), (d), and (e), 1005.13, and 1005.20, this part applies to any person, other than a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124 Stat. 1376. The requirements of subpart B apply to remittance transfer providers."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Point-of-sale transfers;"
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Automated teller machine transfers;"
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Direct deposits or withdrawals of funds;"
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) Transfers initiated by telephone; and"
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"v"
],
"node_type": "regtext",
"text": "(v) Transfers resulting from debit card transactions, whether or not initiated through an electronic terminal."
}
],
"label": [
"1005",
"3",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Definition. The term \u201celectronic fund transfer\u201d means any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. The term includes, but is not limited to:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) This part applies where a check, draft, or similar paper instrument is used as a source of information to initiate a one-time electronic fund transfer from a consumer's account. The consumer must authorize the transfer."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) The person initiating an electronic fund transfer using the consumer's check as a source of information for the transfer must provide a notice that the transaction will or may be processed as an electronic fund transfer, and obtain a consumer's authorization for each transfer. A consumer authorizes a one-time electronic fund transfer (in providing a check to a merchant or other payee for the MICR encoding, that is, the routing number of the financial institution, the consumer's account number and the serial number) when the consumer receives notice and goes forward with the underlying transaction. For point-of-sale transfers, the notice must be posted in a prominent and conspicuous location, and a copy thereof, or a substantially similar notice, must be provided to the consumer at the time of the transaction."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) A person may provide notices that are substantially similar to those set forth in Appendix A-6 to comply with the requirements of this paragraph (b)(2)."
}
],
"label": [
"1005",
"3",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Electronic fund transfer using information from a check. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) General. The person initiating an electronic fund transfer to collect a fee for the return of an electronic fund transfer or a check that is unpaid, including due to insufficient or uncollected funds in the consumer's account, must obtain the consumer's authorization for each transfer. A consumer authorizes a one-time electronic fund transfer from his or her account to pay the fee for the returned item or transfer if the person collecting the fee provides notice to the consumer stating that the person may electronically collect the fee, and the consumer goes forward with the underlying transaction. The notice must state that the fee will be collected by means of an electronic fund transfer from the consumer's account if the payment is returned unpaid and must disclose the dollar amount of the fee. If the fee may vary due to the amount of the transaction or due to other factors, then, except as otherwise provided in paragraph (b)(3)(ii) of this section, the person collecting the fee may disclose, in place of the dollar amount of the fee, an explanation of how the fee will be determined."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) Point-of-sale transactions. If a fee for an electronic fund transfer or check returned unpaid may be collected electronically in connection with a point-of-sale transaction, the person initiating an electronic fund transfer to collect the fee must post the notice described in paragraph (b)(3)(i) of this section in a prominent and conspicuous location. The person also must either provide the consumer with a copy of the posted notice (or a substantially similar notice) at the time of the transaction, or mail the copy (or a substantially similar notice) to the consumer's address as soon as reasonably practicable after the person initiates the electronic fund transfer to collect the fee. If the amount of the fee may vary due to the amount of the transaction or due to other factors, the posted notice may explain how the fee will be determined, but the notice provided to the consumer must state the dollar amount of the fee if the amount can be calculated at the time the notice is provided or mailed to the consumer."
}
],
"label": [
"1005",
"3",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Collection of returned item fees via electronic fund transfer. "
}
],
"label": [
"1005",
"3",
"b"
],
"node_type": "regtext",
"text": "(b) Electronic fund transfer. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Checks. Any transfer of funds originated by check, draft, or similar paper instrument; or any payment made by check, draft, or similar paper instrument at an electronic terminal."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Check guarantee or authorization. Any transfer of funds that guarantees payment or authorizes acceptance of a check, draft, or similar paper instrument but that does not directly result in a debit or credit to a consumer's account."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Wire or other similar transfers. Any transfer of funds through Fedwire or through a similar wire transfer system that is used primarily for transfers between financial institutions or between businesses."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"i"
],
"node_type": "regtext",
"text": "(i) Regulated by the Securities and Exchange Commission or the Commodity Futures Trading Commission;"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"ii"
],
"node_type": "regtext",
"text": "(ii) Purchased or sold through a broker-dealer regulated by the Securities and Exchange Commission or through a futures commission merchant regulated by the Commodity Futures Trading Commission; or"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"iii"
],
"node_type": "regtext",
"text": "(iii) Held in book-entry form by a Federal Reserve Bank or Federal agency."
}
],
"label": [
"1005",
"3",
"c",
"4"
],
"node_type": "regtext",
"text": "(4) Securities and commodities transfers. Any transfer of funds the primary purpose of which is the purchase or sale of a security or commodity, if the security or commodity is:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"i"
],
"node_type": "regtext",
"text": "(i) Between a consumer's accounts within the financial institution;"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"ii"
],
"node_type": "regtext",
"text": "(ii) From a consumer's account to an account of a member of the consumer's family held in the same financial institution; or"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"iii"
],
"node_type": "regtext",
"text": "(iii) Between a consumer's account and an account of the financial institution, except that these transfers remain subject to \u00a7 1005.10(e) regarding compulsory use and sections 916 and 917 of the Act regarding civil and criminal liability."
}
],
"label": [
"1005",
"3",
"c",
"5"
],
"node_type": "regtext",
"text": "(5) Automatic transfers by account-holding institution. Any transfer of funds under an agreement between a consumer and a financial institution which provides that the institution will initiate individual transfers without a specific request from the consumer:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"i"
],
"node_type": "regtext",
"text": "(i) Is initiated by a telephone communication between a consumer and a financial institution making the transfer; and"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"ii"
],
"node_type": "regtext",
"text": "(ii) Does not take place under a telephone bill-payment or other written plan in which periodic or recurring transfers are contemplated."
}
],
"label": [
"1005",
"3",
"c",
"6"
],
"node_type": "regtext",
"text": "(6) Telephone-initiated transfers. Any transfer of funds that:"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"7"
],
"node_type": "regtext",
"text": "(7) Small institutions. Any preauthorized transfer to or from an account if the assets of the account-holding financial institution were $100 million or less on the preceding December 31. If assets of the account-holding institution subsequently exceed $100 million, the institution's exemption for preauthorized transfers terminates one year from the end of the calendar year in which the assets exceed $100 million. Preauthorized transfers exempt under this paragraph (c)(7) remain subject to \u00a7 1005.10(e) regarding compulsory use and sections 916 and 917 of the Act regarding civil and criminal liability."
}
],
"label": [
"1005",
"3",
"c"
],
"node_type": "regtext",
"text": "(c) Exclusions from coverage. The term \u201celectronic fund transfer\u201d does not include:"
}
],
"label": [
"1005",
"3"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.3 Coverage."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"4",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Form of disclosures. Disclosures required under this part shall be clear and readily understandable, in writing, and in a form the consumer may keep, except as otherwise provided in this part. The disclosures required by this part may be provided to the consumer in electronic form, subject to compliance with the consumer-consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. 7001 et seq.). A financial institution may use commonly accepted or readily understandable abbreviations in complying with the disclosure requirements of this part."
},
{
"children": [],
"label": [
"1005",
"4",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Foreign language disclosures. Disclosures required under this part may be made in a language other than English, provided that the disclosures are made available in English upon the consumer's request."
}
],
"label": [
"1005",
"4",
"a"
],
"node_type": "regtext",
"text": "(a)"
},
{
"children": [],
"label": [
"1005",
"4",
"b"
],
"node_type": "regtext",
"text": "(b) Additional information; disclosures required by other laws. A financial institution may include additional information and may combine disclosures required by other laws (such as the Truth in Lending Act (15 U.S.C. 1601 et seq.) or the Truth in Savings Act (12 U.S.C. 4301 et seq.) with the disclosures required by this part."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"4",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Multiple accounts. A financial institution may combine the required disclosures into a single statement for a consumer who holds more than one account at the institution."
},
{
"children": [],
"label": [
"1005",
"4",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Multiple account holders. For joint accounts held by two or more consumers, a financial institution need provide only one set of the required disclosures and may provide them to any of the account holders."
}
],
"label": [
"1005",
"4",
"c"
],
"node_type": "regtext",
"text": "(c) Multiple accounts and account holders. "
},
{
"children": [],
"label": [
"1005",
"4",
"d"
],
"node_type": "regtext",
"text": "(d) Services offered jointly. Financial institutions that provide electronic fund transfer services jointly may contract among themselves to comply with the requirements that this part imposes on any or all of them. An institution need make only the disclosures required by \u00a7\u00a7 1005.7 and 1005.8 that are within its knowledge and within the purview of its relationship with the consumer for whom it holds an account."
}
],
"label": [
"1005",
"4"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.4 General disclosure requirements; jointly offered services."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"5",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) In response to an oral or written request for the device; or"
},
{
"children": [],
"label": [
"1005",
"5",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) As a renewal of, or in substitution for, an accepted access device whether issued by the institution or a successor."
}
],
"label": [
"1005",
"5",
"a"
],
"node_type": "regtext",
"text": "(a) Solicited issuance. Except as provided in paragraph (b) of this section, a financial institution may issue an access device to a consumer only:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"5",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Not validated, meaning that the institution has not yet performed all the procedures that would enable a consumer to initiate an electronic fund transfer using the access device;"
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Accompanied by a clear explanation that the access device is not validated and how the consumer may dispose of it if validation is not desired;"
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Accompanied by the disclosures required by \u00a7 1005.7, of the consumer's rights and liabilities that will apply if the access device is validated; and"
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"4"
],
"node_type": "regtext",
"text": "(4) Validated only in response to the consumer's oral or written request for validation, after the institution has verified the consumer's identity by a reasonable means."
}
],
"label": [
"1005",
"5",
"b"
],
"node_type": "regtext",
"text": "(b) Unsolicited issuance. A financial institution may distribute an access device to a consumer on an unsolicited basis if the access device is:"
}
],
"label": [
"1005",
"5"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.5 Issuance of access devices."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"a"
],
"node_type": "regtext",
"text": "(a) Conditions for liability. A consumer may be held liable, within the limitations described in paragraph (b) of this section, for an unauthorized electronic fund transfer involving the consumer's account only if the financial institution has provided the disclosures required by \u00a7 1005.7(b)(1), (2), and (3). If the unauthorized transfer involved an access device, it must be an accepted access device and the financial institution must have provided a means to identify the consumer to whom it was issued."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Timely notice given. If the consumer notifies the financial institution within two business days after learning of the loss or theft of the access device, the consumer's liability shall not exceed the lesser of $50 or the amount of unauthorized transfers that occur before notice to the financial institution."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) $50 or the amount of unauthorized transfers that occur within the two business days, whichever is less; and"
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) The amount of unauthorized transfers that occur after the close of two business days and before notice to the institution, provided the institution establishes that these transfers would not have occurred had the consumer notified the institution within that two-day period."
}
],
"label": [
"1005",
"6",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Timely notice not given. If the consumer fails to notify the financial institution within two business days after learning of the loss or theft of the access device, the consumer's liability shall not exceed the lesser of $500 or the sum of:"
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Periodic statement; timely notice not given. A consumer must report an unauthorized electronic fund transfer that appears on a periodic statement within 60 days of the financial institution's transmittal of the statement to avoid liability for subsequent transfers. If the consumer fails to do so, the consumer's liability shall not exceed the amount of the unauthorized transfers that occur after the close of the 60 days and before notice to the institution, and that the institution establishes would not have occurred had the consumer notified the institution within the 60-day period. When an access device is involved in the unauthorized transfer, the consumer may be liable for other amounts set forth in paragraphs (b)(1) or (b)(2) of this section, as applicable."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"4"
],
"node_type": "regtext",
"text": "(4) Extension of time limits. If the consumer's delay in notifying the financial institution was due to extenuating circumstances, the institution shall extend the times specified above to a reasonable period."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"5",
"i"
],
"node_type": "regtext",
"text": "(i) Notice to a financial institution is given when a consumer takes steps reasonably necessary to provide the institution with the pertinent information, whether or not a particular employee or agent of the institution actually receives the information."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"5",
"ii"
],
"node_type": "regtext",
"text": "(ii) The consumer may notify the institution in person, by telephone, or in writing."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"5",
"iii"
],
"node_type": "regtext",
"text": "(iii) Written notice is considered given at the time the consumer mails the notice or delivers it for transmission to the institution by any other usual means. Notice may be considered constructively given when the institution becomes aware of circumstances leading to the reasonable belief that an unauthorized transfer to or from the consumer's account has been or may be made."
}
],
"label": [
"1005",
"6",
"b",
"5"
],
"node_type": "regtext",
"text": "(5) Notice to financial institution. "
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"6"
],
"node_type": "regtext",
"text": "(6) Liability under state law or agreement. If state law or an agreement between the consumer and the financial institution imposes less liability than is provided by this section, the consumer's liability shall not exceed the amount imposed under the state law or agreement."
}
],
"label": [
"1005",
"6",
"b"
],
"node_type": "regtext",
"text": "(b) Limitations on amount of liability. A consumer's liability for an unauthorized electronic fund transfer or a series of related unauthorized transfers shall be determined as follows:"
}
],
"label": [
"1005",
"6"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.6 Liability of consumer for unauthorized transfers."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"a"
],
"node_type": "regtext",
"text": "(a) Timing of disclosures. A financial institution shall make the disclosures required by this section at the time a consumer contracts for an electronic fund transfer service or before the first electronic fund transfer is made involving the consumer's account."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Liability of consumer. A summary of the consumer's liability, under \u00a7 1005.6 or under state or other applicable law or agreement, for unauthorized electronic fund transfers."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Telephone number and address. The telephone number and address of the person or office to be notified when the consumer believes that an unauthorized electronic fund transfer has been or may be made."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Business days. The financial institution's business days."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"4"
],
"node_type": "regtext",
"text": "(4) Types of transfers; limitations. The type of electronic fund transfers that the consumer may make and any limitations on the frequency and dollar amount of transfers. Details of the limitations need not be disclosed if confidentiality is essential to maintain the security of the electronic fund transfer system."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"5"
],
"node_type": "regtext",
"text": "(5) Fees. Any fees imposed by the financial institution for electronic fund transfers or for the right to make transfers."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"6"
],
"node_type": "regtext",
"text": "(6) Documentation. A summary of the consumer's right to receipts and periodic statements, as provided in \u00a7 1005.9 of this part, and notices regarding preauthorized transfers as provided in \u00a7 1005.10(a) and (d)."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"7"
],
"node_type": "regtext",
"text": "(7) Stop payment. A summary of the consumer's right to stop payment of a preauthorized electronic fund transfer and the procedure for placing a stop-payment order, as provided in \u00a7 1005.10(c)."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"8"
],
"node_type": "regtext",
"text": "(8) Liability of institution. A summary of the financial institution's liability to the consumer under section 910 of the Act for failure to make or to stop certain transfers."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"9"
],
"node_type": "regtext",
"text": "(9) Confidentiality. The circumstances under which, in the ordinary course of business, the financial institution may provide information concerning the consumer's account to third parties."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"10"
],
"node_type": "regtext",
"text": "(10) Error resolution. A notice that is substantially similar to Model Form A-3 as set out in Appendix A of this part concerning error resolution."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"11"
],
"node_type": "regtext",
"text": "(11) ATM fees. A notice that a fee may be imposed by an automated teller machine operator as defined in \u00a7 1005.16(a)(1), when the consumer initiates an electronic fund transfer or makes a balance inquiry, and by any network used to complete the transaction."
}
],
"label": [
"1005",
"7",
"b"
],
"node_type": "regtext",
"text": "(b) Content of disclosures. A financial institution shall provide the following disclosures, as applicable:"
},
{
"children": [],
"label": [
"1005",
"7",
"c"
],
"node_type": "regtext",
"text": "(c) Addition of electronic fund transfer services. If an electronic fund transfer service is added to a consumer's account and is subject to terms and conditions different from those described in the initial disclosures, disclosures for the new service are required."
}
],
"label": [
"1005",
"7"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.7 Initial disclosures."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"8",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Increased fees for the consumer;"
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Increased liability for the consumer;"
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Fewer types of available electronic fund transfers; or"
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) Stricter limitations on the frequency or dollar amount of transfers."
}
],
"label": [
"1005",
"8",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Prior notice required. A financial institution shall mail or deliver a written notice to the consumer, at least 21 days before the effective date, of any change in a term or condition required to be disclosed under \u00a7 1005.7(b) of this part if the change would result in:"
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Prior notice exception. A financial institution need not give prior notice if an immediate change in terms or conditions is necessary to maintain or restore the security of an account or an electronic fund transfer system. If the institution makes such a change permanent and disclosure would not jeopardize the security of the account or system, the institution shall notify the consumer in writing on or with the next regularly scheduled periodic statement or within 30 days of making the change permanent."
}
],
"label": [
"1005",
"8",
"a"
],
"node_type": "regtext",
"text": "(a) Change in terms notice. "
},
{
"children": [],
"label": [
"1005",
"8",
"b"
],
"node_type": "regtext",
"text": "(b) Error resolution notice. For accounts to or from which electronic fund transfers can be made, a financial institution shall mail or deliver to the consumer, at least once each calendar year, an error resolution notice substantially similar to the model form set forth in Appendix A of this part (Model Form A-3). Alternatively, an institution may include an abbreviated notice substantially similar to the model form error resolution notice set forth in Appendix A of this part (Model Form A-3), on or with each periodic statement required by \u00a7 1005.9(b)."
}
],
"label": [
"1005",
"8"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.8 Change in terms notice; error resolution notice."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Amount. The amount of the transfer. A transaction fee may be included in this amount, provided the amount of the fee is disclosed on the receipt and displayed on or at the terminal."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Date. The date the consumer initiates the transfer."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"3"
],
"node_type": "regtext",
"text": "(3) Type. The type of transfer and the type of the consumer's account(s) to or from which funds are transferred. The type of account may be omitted if the access device used is able to access only one account at that terminal."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"4"
],
"node_type": "regtext",
"text": "(4) Identification. A number or code that identifies the consumer's account or accounts, or the access device used to initiate the transfer. The number or code need not exceed four digits or letters to comply with the requirements of this paragraph (a)(4)."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"i"
],
"node_type": "regtext",
"text": "(i) The street address; or"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"ii"
],
"node_type": "regtext",
"text": "(ii) A generally accepted name for the specific location; or"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"iii"
],
"node_type": "regtext",
"text": "(iii) The name of the owner or operator of the terminal if other than the account-holding institution."
}
],
"label": [
"1005",
"9",
"a",
"5"
],
"node_type": "regtext",
"text": "(5) Terminal location. The location of the terminal where the transfer is initiated, or an identification such as a code or terminal number. Except in limited circumstances where all terminals are located in the same city or state, if the location is disclosed, it shall include the city and state or foreign country and one of the following:"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"6"
],
"node_type": "regtext",
"text": "(6) Third party transfer. The name of any third party to or from whom funds are transferred."
}
],
"label": [
"1005",
"9",
"a"
],
"node_type": "regtext",
"text": "(a) Receipts at electronic terminals\u2014General. Except as provided in paragraph (e) of this section, a financial institution shall make a receipt available to a consumer at the time the consumer initiates an electronic fund transfer at an electronic terminal. The receipt shall set forth the following information, as applicable:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) The amount of the transfer;"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) The date the transfer was credited or debited to the consumer's account;"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The type of transfer and type of account to or from which funds were transferred;"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) For a transfer initiated by the consumer at an electronic terminal (except for a deposit of cash or a check, draft, or similar paper instrument), the terminal location described in paragraph (a)(5) of this section; and"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v"
],
"node_type": "regtext",
"text": "(v) The name of any third party to or from whom funds were transferred."
}
],
"label": [
"1005",
"9",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Transaction information. For each electronic fund transfer occurring during the cycle:"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Account number. The number of the account."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Fees. The amount of any fees assessed against the account during the statement period for electronic fund transfers, the right to make transfers, or account maintenance."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"4"
],
"node_type": "regtext",
"text": "(4) Account balances. The balance in the account at the beginning and at the close of the statement period."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"5"
],
"node_type": "regtext",
"text": "(5) Address and telephone number for inquiries. The address and telephone number to be used for inquiries or notice of errors, preceded by \u201cDirect inquiries to\u201d or similar language. The address and telephone number provided on an error resolution notice under \u00a7 1005.8(b) given on or with the statement satisfies this requirement."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"6"
],
"node_type": "regtext",
"text": "(6) Telephone number for preauthorized transfers. A telephone number the consumer may call to ascertain whether preauthorized transfers to the consumer's account have occurred, if the financial institution uses the telephone-notice option under \u00a7 1005.10(a)(1)(iii)."
}
],
"label": [
"1005",
"9",
"b"
],
"node_type": "regtext",
"text": "(b) Periodic statements. For an account to or from which electronic fund transfers can be made, a financial institution shall send a periodic statement for each monthly cycle in which an electronic fund transfer has occurred; and shall send a periodic statement at least quarterly if no transfer has occurred. The statement shall set forth the following information, as applicable:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"c",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Passbook accounts. For passbook accounts, the financial institution need not provide a periodic statement if the institution updates the passbook upon presentation or enters on a separate document the amount and date of each electronic fund transfer since the passbook was last presented."
},
{
"children": [],
"label": [
"1005",
"9",
"c",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Other accounts. For accounts other than passbook accounts, the financial institution must send a periodic statement at least quarterly."
}
],
"label": [
"1005",
"9",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Preauthorized transfers to accounts. For accounts that may be accessed only by preauthorized transfers to the account the following rules apply:"
},
{
"children": [],
"label": [
"1005",
"9",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Intra-institutional transfers. For an electronic fund transfer initiated by the consumer between two accounts of the consumer in the same institution, documenting the transfer on a periodic statement for one of the two accounts satisfies the periodic statement requirement."
},
{
"children": [],
"label": [
"1005",
"9",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Relationship between paragraphs (c)(1) and (2) of this section. An account that is accessed by preauthorized transfers to the account described in paragraph (c)(1) of this section and by intra-institutional transfers described in paragraph (c)(2) of this section, but by no other type of electronic fund transfers, qualifies for the exceptions provided by paragraph (c)(1) of this section."
}
],
"label": [
"1005",
"9",
"c"
],
"node_type": "regtext",
"text": "(c) Exceptions to the periodic statement requirement for certain accounts. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) The transfer is not initiated within a state; and"
},
{
"children": [],
"label": [
"1005",
"9",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) The financial institution treats an inquiry for clarification or documentation as a notice of error in accordance with \u00a7 1005.11."
}
],
"label": [
"1005",
"9",
"d"
],
"node_type": "regtext",
"text": "(d) Documentation for foreign-initiated transfers. The failure by a financial institution to provide a terminal receipt for an electronic fund transfer or to document the transfer on a periodic statement does not violate this part if:"
},
{
"children": [],
"label": [
"1005",
"9",
"e"
],
"node_type": "regtext",
"text": "(e) Exception for receipts in small-value transfers. A financial institution is not subject to the requirement to make available a receipt under paragraph (a) of this section if the amount of the transfer is $15 or less."
}
],
"label": [
"1005",
"9"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.9 Receipts at electronic terminals; periodic statements."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Positive notice. Providing oral or written notice of the transfer within two business days after the transfer occurs; or"
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Negative notice. Providing oral or written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur; or"
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Readily-available telephone line. Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and on each periodic statement."
}
],
"label": [
"1005",
"10",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Notice by financial institution. When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, the account-holding financial institution shall provide notice to the consumer by:"
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Notice by payor. A financial institution need not provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"3"
],
"node_type": "regtext",
"text": "(3) Crediting. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received."
}
],
"label": [
"1005",
"10",
"a"
],
"node_type": "regtext",
"text": "(a) Preauthorized transfers to consumer's account. "
},
{
"children": [],
"label": [
"1005",
"10",
"b"
],
"node_type": "regtext",
"text": "(b) Written authorization for preauthorized transfers from consumer's account. Preauthorized electronic fund transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. The person that obtains the authorization shall provide a copy to the consumer."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer."
},
{
"children": [],
"label": [
"1005",
"10",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Written confirmation. The financial institution may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation."
}
],
"label": [
"1005",
"10",
"c"
],
"node_type": "regtext",
"text": "(c) Consumer's right to stop payment. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) Notice. When a preauthorized electronic fund transfer from the consumer's account will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer."
},
{
"children": [],
"label": [
"1005",
"10",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) Range. The designated payee or the institution shall inform the consumer of the right to receive notice of all varying transfers, but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount."
}
],
"label": [
"1005",
"10",
"d"
],
"node_type": "regtext",
"text": "(d) Notice of transfers varying in amount. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"e",
"1"
],
"node_type": "regtext",
"text": "(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account."
},
{
"children": [],
"label": [
"1005",
"10",
"e",
"2"
],
"node_type": "regtext",
"text": "(2) Employment or government benefit. No financial institution or other person may require a consumer to establish an account for receipt of electronic fund transfers with a particular institution as a condition of employment or receipt of a government benefit."
}
],
"label": [
"1005",
"10",
"e"
],
"node_type": "regtext",
"text": "(e) Compulsory use. "
}
],
"label": [
"1005",
"10"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.10 Preauthorized transfers."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) An unauthorized electronic fund transfer;"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) An incorrect electronic fund transfer to or from the consumer's account;"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The omission of an electronic fund transfer from a periodic statement;"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) A computational or bookkeeping error made by the financial institution relating to an electronic fund transfer;"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"v"
],
"node_type": "regtext",
"text": "(v) The consumer's receipt of an incorrect amount of money from an electronic terminal;"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"vi"
],
"node_type": "regtext",
"text": "(vi) An electronic fund transfer not identified in accordance with \u00a7 1005.9 or \u00a7 1005.10(a); or"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"1",
"vii"
],
"node_type": "regtext",
"text": "(vii) The consumer's request for documentation required by \u00a7 1005.9 or \u00a7 1005.10(a) or for additional information or clarification concerning an electronic fund transfer, including a request the consumer makes to determine whether an error exists under paragraphs (a)(1)(i) through (vi) of this section."
}
],
"label": [
"1005",
"11",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Types of transfers or inquiries covered. The term \u201cerror\u201d means:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"a",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) A routine inquiry about the consumer's account balance;"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) A request for information for tax or other recordkeeping purposes; or"
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) A request for duplicate copies of documentation."
}
],
"label": [
"1005",
"11",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Types of inquiries not covered. The term \u201cerror\u201d does not include:"
}
],
"label": [
"1005",
"11",
"a"
],
"node_type": "regtext",
"text": "(a) Definition of error. "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Is received by the institution no later than 60 days after the institution sends the periodic statement or provides the passbook documentation, required by \u00a7 1005.9, on which the alleged error is first reflected;"
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Enables the institution to identify the consumer's name and account number; and"
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Indicates why the consumer believes an error exists and includes to the extent possible the type, date, and amount of the error, except for requests described in paragraph (a)(1)(vii) of this section."
}
],
"label": [
"1005",
"11",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Timing; contents. A financial institution shall comply with the requirements of this section with respect to any oral or written notice of error from the consumer that:"
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Written confirmation. A financial institution may require the consumer to give written confirmation of an error within 10 business days of an oral notice. An institution that requires written confirmation shall inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Request for documentation or clarifications. When a notice of error is based on documentation or clarification that the consumer requested under paragraph (a)(1)(vii) of this section, the consumer's notice of error is timely if received by the financial institution no later than 60 days after the institution sends the information requested."
}
],
"label": [
"1005",
"11",
"b"
],
"node_type": "regtext",
"text": "(b) Notice of error from consumer. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Ten-day period. A financial institution shall investigate promptly and, except as otherwise provided in this paragraph (c), shall determine whether an error occurred within 10 business days of receiving a notice of error. The institution shall report the results to the consumer within three business days after completing its investigation. The institution shall correct the error within one business day after determining that an error occurred."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"2",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) The institution requires but does not receive written confirmation within 10 business days of an oral notice of error; or"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"2",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) The alleged error involves an account that is subject to Regulation T of the Board of Governors of the Federal Reserve System (Securities Credit by Brokers and Dealers, 12 CFR part 220);"
}
],
"label": [
"1005",
"11",
"c",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Provisionally credits the consumer's account in the amount of the alleged error (including interest where applicable) within 10 business days of receiving the error notice. If the financial institution has a reasonable basis for believing that an unauthorized electronic fund transfer has occurred and the institution has satisfied the requirements of \u00a7 1005.6(a), the institution may withhold a maximum of $50 from the amount credited. An institution need not provisionally credit the consumer's account if:"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Informs the consumer, within two business days after the provisional crediting, of the amount and date of the provisional crediting and gives the consumer full use of the funds during the investigation;"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) Corrects the error, if any, within one business day after determining that an error occurred; and"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"2",
"iv"
],
"node_type": "regtext",
"text": "(iv) Reports the results to the consumer within three business days after completing its investigation (including, if applicable, notice that a provisional credit has been made final)."
}
],
"label": [
"1005",
"11",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Forty-five day period. If the financial institution is unable to complete its investigation within 10 business days, the institution may take up to 45 days from receipt of a notice of error to investigate and determine whether an error occurred, provided the institution does the following:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) The applicable time is 20 business days in place of 10 business days under paragraphs (c)(1) and (2) of this section if the notice of error involves an electronic fund transfer to or from the account within 30 days after the first deposit to the account was made."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"3",
"ii",
"A"
],
"node_type": "regtext",
"text": "(A) Was not initiated within a state;"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"3",
"ii",
"B"
],
"node_type": "regtext",
"text": "(B) Resulted from a point-of-sale debit card transaction; or"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"3",
"ii",
"C"
],
"node_type": "regtext",
"text": "(C) Occurred within 30 days after the first deposit to the account was made."
}
],
"label": [
"1005",
"11",
"c",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) The applicable time is 90 days in place of 45 days under paragraph (c)(2) of this section, for completing an investigation, if a notice of error involves an electronic fund transfer that:"
}
],
"label": [
"1005",
"11",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Extension of time periods. The time periods in paragraphs (c)(1) and (c)(2) of this section are extended as follows:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"i"
],
"node_type": "regtext",
"text": "(i) The alleged error concerns a transfer to or from a third party; and"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"ii"
],
"node_type": "regtext",
"text": "(ii) There is no agreement between the institution and the third party for the type of electronic fund transfer involved."
}
],
"label": [
"1005",
"11",
"c",
"4"
],
"node_type": "regtext",
"text": "(4) Investigation. With the exception of transfers covered by \u00a7 1005.14 of this part, a financial institution's review of its own records regarding an alleged error satisfies the requirements of this section if:"
}
],
"label": [
"1005",
"11",
"c"
],
"node_type": "regtext",
"text": "(c) Time limits and extent of investigation. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) Written explanation. The institution's report of the results of its investigation shall include a written explanation of the institution's findings and shall note the consumer's right to request the documents that the institution relied on in making its determination. Upon request, the institution shall promptly provide copies of the documents."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"d",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Notify the consumer of the date and amount of the debiting;"
},
{
"children": [],
"label": [
"1005",
"11",
"d",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Notify the consumer that the institution will honor checks, drafts, or similar instruments payable to third parties and preauthorized transfers from the consumer's account (without charge to the consumer as a result of an overdraft) for five business days after the notification. The institution shall honor items as specified in the notice, but need honor only items that it would have paid if the provisionally credited funds had not been debited."
}
],
"label": [
"1005",
"11",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) Debiting provisional credit. Upon debiting a provisionally credited amount, the financial institution shall:"
}
],
"label": [
"1005",
"11",
"d"
],
"node_type": "regtext",
"text": "(d) Procedures if financial institution determines no error or different error occurred. In addition to following the procedures specified in paragraph (c) of this section, the financial institution shall follow the procedures set forth in this paragraph (d) if it determines that no error occurred or that an error occurred in a manner or amount different from that described by the consumer:"
},
{
"children": [],
"label": [
"1005",
"11",
"e"
],
"node_type": "regtext",
"text": "(e) Reassertion of error. A financial institution that has fully complied with the error resolution requirements has no further responsibilities under this section should the consumer later reassert the same error, except in the case of an error asserted by the consumer following receipt of information provided under paragraph (a)(1)(vii) of this section."
}
],
"label": [
"1005",
"11"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.11 Procedures for resolving errors."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) The addition to an accepted credit card, as defined in Regulation Z (12 CFR 1026.12, comment 12-2), of the capability to initiate electronic fund transfers;"
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) The issuance of an access device that permits credit extensions (under a preexisting agreement between a consumer and a financial institution) only when the consumer's account is overdrawn or to maintain a specified minimum balance in the consumer's account, or under an overdraft service, as defined in \u00a7 1005.17(a) of this part;"
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The addition of an overdraft service, as defined in \u00a7 1005.17(a), to an accepted access device; and"
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) A consumer's liability for an unauthorized electronic fund transfer and the investigation of errors involving an extension of credit that occurs under an agreement between the consumer and a financial institution to extend credit when the consumer's account is overdrawn or to maintain a specified minimum balance in the consumer's account, or under an overdraft service, as defined in \u00a7 1005.17(a)."
}
],
"label": [
"1005",
"12",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) The Electronic Fund Transfer Act and this part govern:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"a",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) The addition of a credit feature to an accepted access device; and"
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Except as provided in paragraph (a)(1)(ii) of this section, the issuance of a credit card that is also an access device."
}
],
"label": [
"1005",
"12",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) The Truth in Lending Act and Regulation Z (12 CFR part 1026), which prohibit the unsolicited issuance of credit cards, govern:"
}
],
"label": [
"1005",
"12",
"a"
],
"node_type": "regtext",
"text": "(a) Relation to Truth in Lending. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Inconsistent requirements. The Bureau shall determine, upon its own motion or upon the request of a state, financial institution, or other interested party, whether the Act and this part preempt state law relating to electronic fund transfers, or dormancy, inactivity, or service fees, or expiration dates in the case of gift certificates, store gift cards, or general-use prepaid cards."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Requires or permits a practice or act prohibited by the Federal law;"
},
{
"children": [],
"label": [
"1005",
"12",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Provides for consumer liability for unauthorized electronic fund transfers that exceeds the limits imposed by the Federal law;"
},
{
"children": [],
"label": [
"1005",
"12",
"b",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) Allows longer time periods than the Federal law for investigating and correcting alleged errors, or does not require the financial institution to credit the consumer's account during an error investigation in accordance with \u00a7 1005.11(c)(2)(i) of this part; or"
},
{
"children": [],
"label": [
"1005",
"12",
"b",
"2",
"iv"
],
"node_type": "regtext",
"text": "(iv) Requires initial disclosures, periodic statements, or receipts that are different in content from those required by the Federal law except to the extent that the disclosures relate to consumer rights granted by the state law and not by the Federal law."
}
],
"label": [
"1005",
"12",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Standards for determination. State law is inconsistent with the requirements of the Act and this part if state law:"
}
],
"label": [
"1005",
"12",
"b"
],
"node_type": "regtext",
"text": "(b) Preemption of inconsistent state laws. "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"c",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Under state law the class of electronic fund transfers is subject to requirements substantially similar to those imposed by the Federal law; and"
},
{
"children": [],
"label": [
"1005",
"12",
"c",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) There is adequate provision for state enforcement."
}
],
"label": [
"1005",
"12",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) General rule. Any state may apply for an exemption from the requirements of the Act or this part for any class of electronic fund transfers within the state. The Bureau shall grant an exemption if it determines that:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"c",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) No exemption shall extend to the civil liability provisions of section 916 of the Act; and"
},
{
"children": [],
"label": [
"1005",
"12",
"c",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) When the Bureau grants an exemption, the state law requirements shall constitute the requirements of the Federal law for purposes of section 916 of the Act, except for state law requirements not imposed by the Federal law."
}
],
"label": [
"1005",
"12",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Exception. To assure that the Federal and state courts continue to have concurrent jurisdiction, and to aid in implementing the Act:"
}
],
"label": [
"1005",
"12",
"c"
],
"node_type": "regtext",
"text": "(c) State exemptions "
}
],
"label": [
"1005",
"12"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.12 Relation to other laws."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"13",
"a"
],
"node_type": "regtext",
"text": "(a) Enforcement by Federal agencies. Compliance with this part is enforced in accordance with section 918 of the Act."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"13",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Any person subject to the Act and this part shall retain evidence of compliance with the requirements imposed by the Act and this part for a period of not less than two years from the date disclosures are required to be made or action is required to be taken."
},
{
"children": [],
"label": [
"1005",
"13",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Any person subject to the Act and this part having actual notice that it is the subject of an investigation or an enforcement proceeding by its enforcement agency, or having been served with notice of an action filed under sections 910, 916, or 917(a) of the Act, shall retain the records that pertain to the investigation, action, or proceeding until final disposition of the matter unless an earlier time is allowed by court or agency order."
}
],
"label": [
"1005",
"13",
"b"
],
"node_type": "regtext",
"text": "(b) Record retention. "
}
],
"label": [
"1005",
"13"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.13 Administrative enforcement; record retention."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"14",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Issues a debit card (or other access device) that the consumer can use to access the consumer's account held by a financial institution; and"
},
{
"children": [],
"label": [
"1005",
"14",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Has no agreement with the account-holding institution regarding such access."
}
],
"label": [
"1005",
"14",
"a"
],
"node_type": "regtext",
"text": "(a) Provider of electronic fund transfer service. A person that provides an electronic fund transfer service to a consumer but that does not hold the consumer's account is subject to all requirements of this part if the person:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"14",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) The debit card (or other access device) issued to the consumer bears the service provider's name and an address or telephone number for making inquiries or giving notice of error;"
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) The consumer receives a notice concerning use of the debit card that is substantially similar to the notice contained in Appendix A of this part;"
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The consumer receives, on or with the receipts required by \u00a7 1005.9(a), the address and telephone number to be used for an inquiry, to give notice of an error, or to report the loss or theft of the debit card;"
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) The service provider transmits to the account-holding institution the information specified in \u00a7 1005.9(b)(1), in the format prescribed by the automated clearinghouse (ACH) system used to clear the fund transfers;"
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"1",
"v"
],
"node_type": "regtext",
"text": "(v) The service provider extends the time period for notice of loss or theft of a debit card, set forth in \u00a7 1005.6(b)(1) and (2), from two business days to four business days after the consumer learns of the loss or theft; and extends the time periods for reporting unauthorized transfers or errors, set forth in \u00a7\u00a7 1005.6(b)(3) and 1005.11(b)(1)(i), from 60 days to 90 days following the transmittal of a periodic statement by the account-holding institution."
}
],
"label": [
"1005",
"14",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Disclosures and documentation. The service provider shall give the disclosures and documentation required by \u00a7\u00a7 1005.7, 1005.8, and 1005.9 of this part that are within the purview of its relationship with the consumer. The service provider need not furnish the periodic statement required by \u00a7 1005.9(b) if the following conditions are met:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"14",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) The service provider shall extend by a reasonable time the period in which notice of an error must be received, specified in \u00a7 1005.11(b)(1)(i), if a delay resulted from an initial attempt by the consumer to notify the account-holding institution."
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) The service provider shall disclose to the consumer the date on which it initiates a transfer to effect a provisional credit in accordance with \u00a7 1005.11(c)(2)(ii)."
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) If the service provider determines an error occurred, it shall transfer funds to or from the consumer's account, in the appropriate amount and within the applicable time period, in accordance with \u00a7 1005.11(c)(2)(i)."
},
{
"children": [],
"label": [
"1005",
"14",
"b",
"2",
"iv"
],
"node_type": "regtext",
"text": "(iv) If funds were provisionally credited and the service provider determines no error occurred, it may reverse the credit. The service provider shall notify the account-holding institution of the period during which the account-holding institution must honor debits to the account in accordance with \u00a7 1005.11(d)(2)(ii). If an overdraft results, the service provider shall promptly reimburse the account-holding institution in the amount of the overdraft."
}
],
"label": [
"1005",
"14",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Error resolution. "
}
],
"label": [
"1005",
"14",
"b"
],
"node_type": "regtext",
"text": "(b) Compliance by service provider. In addition to the requirements generally applicable under this part, the service provider shall comply with the following special rules:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"14",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Documentation. The account-holding institution shall provide a periodic statement that describes each electronic fund transfer initiated by the consumer with the access device issued by the service provider. The account-holding institution has no liability for the failure to comply with this requirement if the service provider did not provide the necessary information; and"
},
{
"children": [],
"label": [
"1005",
"14",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Error resolution. Upon request, the account-holding institution shall provide information or copies of documents needed by the service provider to investigate errors or to furnish copies of documents to the consumer. The account-holding institution shall also honor debits to the account in accordance with \u00a7 1005.11(d)(2)(ii)."
}
],
"label": [
"1005",
"14",
"c"
],
"node_type": "regtext",
"text": "(c) Compliance by account-holding institution. The account-holding institution need not comply with the requirements of the Act and this part with respect to electronic fund transfers initiated through the service provider except as follows:"
}
],
"label": [
"1005",
"14"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.14 Electronic fund transfer service provider not holding consumer's account."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"15",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) A government agency is deemed to be a financial institution for purposes of the Act and this part if directly or indirectly it issues an access device to a consumer for use in initiating an electronic fund transfer of government benefits from an account, other than needs-tested benefits in a program established under state or local law or administered by a state or local agency. The agency shall comply with all applicable requirements of the Act and this part, except as provided in this section."
},
{
"children": [],
"label": [
"1005",
"15",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) For purposes of this section, the term \u201caccount\u201d means an account established by a government agency for distributing government benefits to a consumer electronically, such as through automated teller machines or point-of-sale terminals, but does not include an account for distributing needs-tested benefits in a program established under state or local law or administered by a state or local agency."
}
],
"label": [
"1005",
"15",
"a"
],
"node_type": "regtext",
"text": "(a) Government agency subject to regulation. "
},
{
"children": [],
"label": [
"1005",
"15",
"b"
],
"node_type": "regtext",
"text": "(b) Issuance of access devices. For purposes of this section, a consumer is deemed to request an access device when the consumer applies for government benefits that the agency disburses or will disburse by means of an electronic fund transfer. The agency shall verify the identity of the consumer receiving the device by reasonable means before the device is activated."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"15",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) The consumer's account balance, through a readily available telephone line and at a terminal (such as by providing balance information at a balance-inquiry terminal or providing it, routinely or upon request, on a terminal receipt at the time of an electronic fund transfer); and"
},
{
"children": [],
"label": [
"1005",
"15",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) A written history of the consumer's account transactions that is provided promptly in response to an oral or written request and that covers at least 60 days preceding the date of a request by the consumer."
}
],
"label": [
"1005",
"15",
"c"
],
"node_type": "regtext",
"text": "(c) Alternative to periodic statement. A government agency need not furnish the periodic statement required by \u00a7 1005.9(b) if the agency makes available to the consumer:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"15",
"d",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Account balance. The means by which the consumer may obtain information concerning the account balance, including a telephone number. The agency provides a notice substantially similar to the notice contained in paragraph A-5 in appendix A of this part."
},
{
"children": [],
"label": [
"1005",
"15",
"d",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Written account history. A summary of the consumer's right to receive a written account history upon request, in place of the periodic statement required by \u00a7 1005.7(b)(6), and the telephone number to call to request an account history. This disclosure may be made by providing a notice substantially similar to the notice contained in paragraph A-5 in appendix A of this part."
},
{
"children": [],
"label": [
"1005",
"15",
"d",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Error resolution. A notice concerning error resolution that is substantially similar to the notice contained in paragraph A-5 in appendix A of this part, in place of the notice required by \u00a7 1005.7(b)(10)."
}
],
"label": [
"1005",
"15",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) Initial disclosures. The agency shall modify the disclosures under \u00a7 1005.7(b) by disclosing:"
},
{
"children": [],
"label": [
"1005",
"15",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) Annual error resolution notice. The agency shall provide an annual notice concerning error resolution that is substantially similar to the notice contained in paragraph A-5 in appendix A, in place of the notice required by \u00a7 1005.8(b)."
},
{
"children": [],
"label": [
"1005",
"15",
"d",
"3"
],
"node_type": "regtext",
"text": "(3) Limitations on liability. For purposes of \u00a7 1005.6(b)(3), regarding a 60-day period for reporting any unauthorized transfer that appears on a periodic statement, the 60-day period shall begin with transmittal of a written account history or other account information provided to the consumer under paragraph (c) of this section."
},
{
"children": [],
"label": [
"1005",
"15",
"d",
"4"
],
"node_type": "regtext",
"text": "(4) Error resolution. The agency shall comply with the requirements of \u00a7 1005.11 of this part in response to an oral or written notice of an error from the consumer that is received no later than 60 days after the consumer obtains the written account history or other account information, under paragraph (c) of this section, in which the error is first reflected."
}
],
"label": [
"1005",
"15",
"d"
],
"node_type": "regtext",
"text": "(d) Modified requirements. A government agency that does not furnish periodic statements, in accordance with paragraph (c) of this section, shall comply with the following special rules:"
}
],
"label": [
"1005",
"15"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.15 Electronic fund transfer of government benefits."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"16",
"a"
],
"node_type": "regtext",
"text": "(a) Definition. \u201cAutomated teller machine operator\u201d means any person that operates an automated teller machine at which a consumer initiates an electronic fund transfer or a balance inquiry and that does not hold the account to or from which the transfer is made, or about which an inquiry is made."
},
{
"children": [],
"label": [
"1005",
"16",
"b"
],
"node_type": "regtext",
"text": "(b) General. An automated teller machine operator that imposes a fee on a consumer for initiating an electronic fund transfer or a balance inquiry must provide a notice that a fee will be imposed for providing electronic fund transfer services or a balance inquiry that discloses the amount of the fee."
},
{
"children": [],
"label": [
"1005",
"16",
"c"
],
"node_type": "regtext",
"text": "(c) Notice requirement. An automated teller machine operator must provide the notice required by paragraph (b) of this section either by showing it on the screen of the automated teller machine or by providing it on paper, before the consumer is committed to paying a fee."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"16",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) The consumer is provided the notice required under paragraph (c) of this section, and"
},
{
"children": [],
"label": [
"1005",
"16",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) The consumer elects to continue the transaction or inquiry after receiving such notice."
}
],
"label": [
"1005",
"16",
"d"
],
"node_type": "regtext",
"text": "(d) Imposition of fee. An automated teller machine operator may impose a fee on a consumer for initiating an electronic fund transfer or a balance inquiry only if:"
}
],
"label": [
"1005",
"16"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.16 Disclosures at automated teller machines."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"17",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) A line of credit subject to Regulation Z (12 CFR part 1026), including transfers from a credit card account, home equity line of credit, or overdraft line of credit;"
},
{
"children": [],
"label": [
"1005",
"17",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) A service that transfers funds from another account held individually or jointly by a consumer, such as a savings account; or"
},
{
"children": [],
"label": [
"1005",
"17",
"a",
"3"
],
"node_type": "regtext",
"text": "(3) A line of credit or other transaction exempt from Regulation Z (12 CFR part 1026) pursuant to 12 CFR 1026.3(d)."
}
],
"label": [
"1005",
"17",
"a"
],
"node_type": "regtext",
"text": "(a) Definition. For purposes of this section, the term \u201coverdraft service\u201d means a service under which a financial institution assesses a fee or charge on a consumer's account held by the institution for paying a transaction (including a check or other item) when the consumer has insufficient or unavailable funds in the account. The term \u201coverdraft service\u201d does not include any payment of overdrafts pursuant to:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"17",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Provides the consumer with a notice in writing, or if the consumer agrees, electronically, segregated from all other information, describing the institution's overdraft service;"
},
{
"children": [],
"label": [
"1005",
"17",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Provides a reasonable opportunity for the consumer to affirmatively consent, or opt in, to the service for ATM and one-time debit card transactions;"
},
{
"children": [],
"label": [
"1005",
"17",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Obtains the consumer's affirmative consent, or opt-in, to the institution's payment of ATM or one-time debit card transactions; and"
},
{
"children": [],
"label": [
"1005",
"17",
"b",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) Provides the consumer with confirmation of the consumer's consent in writing, or if the consumer agrees, electronically, which includes a statement informing the consumer of the right to revoke such consent."
}
],
"label": [
"1005",
"17",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) General. Except as provided under paragraph (c) of this section, a financial institution holding a consumer's account shall not assess a fee or charge on a consumer's account for paying an ATM or one-time debit card transaction pursuant to the institution's overdraft service, unless the institution:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"17",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Condition the payment of any overdrafts for checks, ACH transactions, and other types of transactions on the consumer affirmatively consenting to the institution's payment of ATM and one-time debit card transactions pursuant to the institution's overdraft service; or"
},
{
"children": [],
"label": [
"1005",
"17",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Decline to pay checks, ACH transactions, and other types of transactions that overdraw the consumer's account because the consumer has not affirmatively consented to the institution's overdraft service for ATM and one-time debit card transactions."
}
],
"label": [
"1005",
"17",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Conditioning payment of other overdrafts on consumer's affirmative consent. A financial institution shall not:"
},
{
"children": [],
"label": [
"1005",
"17",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Same account terms, conditions, and features. A financial institution shall provide to consumers who do not affirmatively consent to the institution's overdraft service for ATM and one-time debit card transactions the same account terms, conditions, and features that it provides to consumers who affirmatively consent, except for the overdraft service for ATM and one-time debit card transactions."
}
],
"label": [
"1005",
"17",
"b"
],
"node_type": "regtext",
"text": "(b) Opt-in requirement. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"17",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Existing account holders. For accounts opened prior to July 1, 2010, the financial institution must not assess any fees or charges on a consumer's account on or after August 15, 2010, for paying an ATM or one-time debit card transaction pursuant to the overdraft service, unless the institution has complied with \u00a7 1005.17(b)(1) and obtained the consumer's affirmative consent."
},
{
"children": [],
"label": [
"1005",
"17",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) New account holders. For accounts opened on or after July 1, 2010, the financial institution must comply with \u00a7 1005.17(b)(1) and obtain the consumer's affirmative consent before the institution assesses any fee or charge on the consumer's account for paying an ATM or one-time debit card transaction pursuant to the institution's overdraft service."
}
],
"label": [
"1005",
"17",
"c"
],
"node_type": "regtext",
"text": "(c) Timing. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"17",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) Overdraft service. A brief description of the financial institution's overdraft service and the types of transactions for which a fee or charge for paying an overdraft may be imposed, including ATM and one-time debit card transactions."
},
{
"children": [],
"label": [
"1005",
"17",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) Fees imposed. The dollar amount of any fees or charges assessed by the financial institution for paying an ATM or one-time debit card transaction pursuant to the institution's overdraft service, including any daily or other overdraft fees. If the amount of the fee is determined on the basis of the number of times the consumer has overdrawn the account, the amount of the overdraft, or other factors, the institution must disclose the maximum fee that may be imposed."
},
{
"children": [],
"label": [
"1005",
"17",
"d",
"3"
],
"node_type": "regtext",
"text": "(3) Limits on fees charged. The maximum number of overdraft fees or charges that may be assessed per day, or, if applicable, that there is no limit."
},
{
"children": [],
"label": [
"1005",
"17",
"d",
"4"
],
"node_type": "regtext",
"text": "(4) Disclosure of opt-in right. An explanation of the consumer's right to affirmatively consent to the financial institution's payment of overdrafts for ATM and one-time debit card transactions pursuant to the institution's overdraft service, including the methods by which the consumer may consent to the service; and"
},
{
"children": [],
"label": [
"1005",
"17",
"d",
"5"
],
"node_type": "regtext",
"text": "(5) Alternative plans for covering overdrafts. If the institution offers a line of credit subject to Regulation Z (12 CFR part 1026) or a service that transfers funds from another account of the consumer held at the institution to cover overdrafts, the institution must state that fact. An institution may, but is not required to, list additional alternatives for the payment of overdrafts."
},
{
"children": [],
"label": [
"1005",
"17",
"d",
"6"
],
"node_type": "regtext",
"text": "(6) Permitted modifications and additional content. If applicable, the institution may modify the content required by \u00a7 1005.17(d) to indicate that the consumer has the right to opt into, or opt out of, the payment of overdrafts under the institution's overdraft service for other types of transactions, such as checks, ACH transactions, or automatic bill payments; to provide a means for the consumer to exercise this choice; and to disclose the associated returned item fee and that additional merchant fees may apply. The institution may also disclose the consumer's right to revoke consent. For notices provided to consumers who have opened accounts prior to July 1, 2010, the financial institution may describe the institution's overdraft service with respect to ATM and one-time debit card transactions with a statement such as \u201cAfter August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below).\u201d"
}
],
"label": [
"1005",
"17",
"d"
],
"node_type": "regtext",
"text": "(d) Content and format. The notice required by paragraph (b)(1)(i) of this section shall be substantially similar to Model Form A-9 set forth in Appendix A of this part, include all applicable items in this paragraph, and may not contain any information not specified in or otherwise permitted by this paragraph."
},
{
"children": [],
"label": [
"1005",
"17",
"e"
],
"node_type": "regtext",
"text": "(e) Joint relationships. If two or more consumers jointly hold an account, the financial institution shall treat the affirmative consent of any of the joint consumers as affirmative consent for that account. Similarly, the financial institution shall treat a revocation of affirmative consent by any of the joint consumers as revocation of consent for that account."
},
{
"children": [],
"label": [
"1005",
"17",
"f"
],
"node_type": "regtext",
"text": "(f) Continuing right to opt in or to revoke the opt-in. A consumer may affirmatively consent to the financial institution's overdraft service at any time in the manner described in the notice required by paragraph (b)(1)(i) of this section. A consumer may also revoke consent at any time in the manner made available to the consumer for providing consent. A financial institution must implement a consumer's revocation of consent as soon as reasonably practicable."
},
{
"children": [],
"label": [
"1005",
"17",
"g"
],
"node_type": "regtext",
"text": "(g) Duration and revocation of opt-in. A consumer's affirmative consent to the institution's overdraft service is effective until revoked by the consumer, or unless the financial institution terminates the service."
}
],
"label": [
"1005",
"17"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.17 Requirements for overdraft services."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"18",
"a"
],
"node_type": "regtext",
"text": "(a) Coverage. A financial institution shall comply with all applicable requirements of the Act and this part with respect to payroll card accounts except as provided in this section."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"18",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) The consumer's account balance, through a readily available telephone line;"
},
{
"children": [],
"label": [
"1005",
"18",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) An electronic history of the consumer's account transactions, such as through a Web site, that covers at least 60 days preceding the date the consumer electronically accesses the account; and"
},
{
"children": [],
"label": [
"1005",
"18",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) A written history of the consumer's account transactions that is provided promptly in response to an oral or written request and that covers at least 60 days preceding the date the financial institution receives the consumer's request."
}
],
"label": [
"1005",
"18",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) A financial institution need not furnish periodic statements required by \u00a7 1005.9(b) if the institution makes available to the consumer:"
},
{
"children": [],
"label": [
"1005",
"18",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) The history of account transactions provided under paragraphs (b)(1)(ii) and (iii) of this section must include the information set forth in \u00a7 1005.9(b)."
}
],
"label": [
"1005",
"18",
"b"
],
"node_type": "regtext",
"text": "(b) Alternative to periodic statements. "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"18",
"c",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Account information. A telephone number that the consumer may call to obtain the account balance, the means by which the consumer can obtain an electronic account history, such as the address of a Web site, and a summary of the consumer's right to receive a written account history upon request (in place of the summary of the right to receive a periodic statement required by \u00a7 1005.7(b)(6)), including a telephone number to call to request a history. The disclosure required by this paragraph (c)(1)(i) may be made by providing a notice substantially similar to the notice contained in paragraph A-7(a) in appendix A of this part."
},
{
"children": [],
"label": [
"1005",
"18",
"c",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Error resolution. A notice concerning error resolution that is substantially similar to the notice contained in paragraph A-7(b) in appendix A of this part, in place of the notice required by \u00a7 1005.7(b)(10)."
}
],
"label": [
"1005",
"18",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Initial disclosures. The financial institution shall modify the disclosures under \u00a7 1005.7(b) by disclosing:"
},
{
"children": [],
"label": [
"1005",
"18",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Annual error resolution notice. The financial institution shall provide an annual notice concerning error resolution that is substantially similar to the notice contained in paragraph A-7(b) in appendix A of this part, in place of the notice required by \u00a7 1005.8(b). Alternatively, a financial institution may include on or with each electronic and written history provided in accordance with \u00a7 1005.18(b)(1), a notice substantially similar to the abbreviated notice for periodic statements contained in paragraph A-3(b) in appendix A of this part, modified as necessary to reflect the error resolution provisions set forth in this section."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"18",
"c",
"3",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) The date the consumer electronically accesses the consumer's account under paragraph (b)(1)(ii) of this section, provided that the electronic history made available to the consumer reflects the transfer; or"
},
{
"children": [],
"label": [
"1005",
"18",
"c",
"3",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) The date the financial institution sends a written history of the consumer's account transactions requested by the consumer under paragraph (b)(1)(iii) of this section in which the unauthorized transfer is first reflected."
}
],
"label": [
"1005",
"18",
"c",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) For purposes of \u00a7 1005.6(b)(3), the 60-day period for reporting any unauthorized transfer shall begin on the earlier of:"
},
{
"children": [],
"label": [
"1005",
"18",
"c",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) A financial institution may comply with paragraph (c)(3)(i) of this section by limiting the consumer's liability for an unauthorized transfer as provided under \u00a7 1005.6(b)(3) for any transfer reported by the consumer within 120 days after the transfer was credited or debited to the consumer's account."
}
],
"label": [
"1005",
"18",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Limitations on liability. "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"18",
"c",
"4",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) Sixty days after the date the consumer electronically accesses the consumer's account under paragraph (b)(1)(ii) of this section, provided that the electronic history made available to the consumer reflects the alleged error; or"
},
{
"children": [],
"label": [
"1005",
"18",
"c",
"4",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) Sixty days after the date the financial institution sends a written history of the consumer's account transactions requested by the consumer under paragraph (b)(1)(iii) of this section in which the alleged error is first reflected."
}
],
"label": [
"1005",
"18",
"c",
"4",
"i"
],
"node_type": "regtext",
"text": "(i) The financial institution shall comply with the requirements of \u00a7 1005.11 in response to an oral or written notice of an error from the consumer that is received by the earlier of:"
},
{
"children": [],
"label": [
"1005",
"18",
"c",
"4",
"ii"
],
"node_type": "regtext",
"text": "(ii) In lieu of following the procedures in paragraph (c)(4)(i) of this section, a financial institution complies with the requirements for resolving errors in \u00a7 1005.11 if it investigates any oral or written notice of an error from the consumer that is received by the institution within 120 days after the transfer allegedly in error was credited or debited to the consumer's account."
}
],
"label": [
"1005",
"18",
"c",
"4"
],
"node_type": "regtext",
"text": "(4) Error resolution. "
}
],
"label": [
"1005",
"18",
"c"
],
"node_type": "regtext",
"text": "(c) Modified requirements. A financial institution that provides information under paragraph (b) of this section, shall comply with the following:"
}
],
"label": [
"1005",
"18"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.18 Requirements for financial institutions offering payroll card accounts."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in a specified amount that may not be increased or reloaded in exchange for payment; and"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Redeemable upon presentation at a single merchant or an affiliated group of merchants for goods or services."
}
],
"label": [
"1005",
"20",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) \u201cGift certificate\u201d means a card, code, or other device that is:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"a",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in a specified amount, whether or not that amount may be increased or reloaded, in exchange for payment; and"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Redeemable upon presentation at a single merchant or an affiliated group of merchants for goods or services."
}
],
"label": [
"1005",
"20",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) \u201cStore gift card\u201d means a card, code, or other device that is:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"a",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) Issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in a specified amount, whether or not that amount may be increased or reloaded, in exchange for payment; and"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) Redeemable upon presentation at multiple, unaffiliated merchants for goods or services, or usable at automated teller machines."
}
],
"label": [
"1005",
"20",
"a",
"3"
],
"node_type": "regtext",
"text": "(3) \u201cGeneral-use prepaid card\u201d means a card, code, or other device that is:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"a",
"4",
"i"
],
"node_type": "regtext",
"text": "(i) Is issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in connection with a loyalty, award, or promotional program;"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"4",
"ii"
],
"node_type": "regtext",
"text": "(ii) Is redeemable upon presentation at one or more merchants for goods or services, or usable at automated teller machines; and"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"a",
"4",
"iii",
"A"
],
"node_type": "regtext",
"text": "(A) A statement indicating that the card, code, or other device is issued for loyalty, award, or promotional purposes, which must be included on the front of the card, code, or other device;"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"4",
"iii",
"B"
],
"node_type": "regtext",
"text": "(B) The expiration date for the underlying funds, which must be included on the front of the card, code, or other device;"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"4",
"iii",
"C"
],
"node_type": "regtext",
"text": "(C) The amount of any fees that may be imposed in connection with the card, code, or other device, and the conditions under which they may be imposed, which must be provided on or with the card, code, or other device; and"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"4",
"iii",
"D"
],
"node_type": "regtext",
"text": "(D) A toll-free telephone number and, if one is maintained, a Web site, that a consumer may use to obtain fee information, which must be included on the card, code, or other device."
}
],
"label": [
"1005",
"20",
"a",
"4",
"iii"
],
"node_type": "regtext",
"text": "(iii) Sets forth the following disclosures, as applicable:"
}
],
"label": [
"1005",
"20",
"a",
"4"
],
"node_type": "regtext",
"text": "(4) \u201cLoyalty, award, or promotional gift card\u201d means a card, code, or other device that:"
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"5"
],
"node_type": "regtext",
"text": "(5) Dormancy or inactivity fee. The terms \u201cdormancy fee\u201d and \u201cinactivity fee\u201d mean a fee for non-use of or inactivity on a gift certificate, store gift card, or general-use prepaid card."
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"6"
],
"node_type": "regtext",
"text": "(6) Service fee. The term \u201cservice fee\u201d means a periodic fee for holding or use of a gift certificate, store gift card, or general-use prepaid card. A periodic fee includes any fee that may be imposed on a gift certificate, store gift card, or general-use prepaid card from time to time for holding or using the certificate or card."
},
{
"children": [],
"label": [
"1005",
"20",
"a",
"7"
],
"node_type": "regtext",
"text": "(7) Activity. The term \u201cactivity\u201d means any action that results in an increase or decrease of the funds underlying a certificate or card, other than the imposition of a fee, or an adjustment due to an error or a reversal of a prior transaction."
}
],
"label": [
"1005",
"20",
"a"
],
"node_type": "regtext",
"text": "(a) Definitions. For purposes of this section, except as excluded under paragraph (b), the following definitions apply:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Useable solely for telephone services;"
},
{
"children": [],
"label": [
"1005",
"20",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Reloadable and not marketed or labeled as a gift card or gift certificate. For purposes of this paragraph (b)(2), the term \u201creloadable\u201d includes a temporary non-reloadable card issued solely in connection with a reloadable card, code, or other device;"
},
{
"children": [],
"label": [
"1005",
"20",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) A loyalty, award, or promotional gift card;"
},
{
"children": [],
"label": [
"1005",
"20",
"b",
"4"
],
"node_type": "regtext",
"text": "(4) Not marketed to the general public;"
},
{
"children": [],
"label": [
"1005",
"20",
"b",
"5"
],
"node_type": "regtext",
"text": "(5) Issued in paper form only; or"
},
{
"children": [],
"label": [
"1005",
"20",
"b",
"6"
],
"node_type": "regtext",
"text": "(6) Redeemable solely for admission to events or venues at a particular location or group of affiliated locations, or to obtain goods or services in conjunction with admission to such events or venues, either at the event or venue or at specific locations affiliated with and in geographic proximity to the event or venue."
}
],
"label": [
"1005",
"20",
"b"
],
"node_type": "regtext",
"text": "(b) Exclusions. The terms \u201cgift certificate,\u201d \u201cstore gift card,\u201d and \u201cgeneral-use prepaid card\u201d, as defined in paragraph (a) of this section, do not include any card, code, or other device that is:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Clear and conspicuous. Disclosures made under this section must be clear and conspicuous. The disclosures may contain commonly accepted or readily understandable abbreviations or symbols."
},
{
"children": [],
"label": [
"1005",
"20",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Format. Disclosures made under this section generally must be provided to the consumer in written or electronic form. Except for the disclosures in paragraphs (c)(3) and (h)(2) of this section, written and electronic disclosures made under this section must be in a retainable form. Only disclosures provided under paragraphs (c)(3) and (h)(2) may be given orally."
},
{
"children": [],
"label": [
"1005",
"20",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Disclosures prior to purchase. Before a gift certificate, store gift card, or general-use prepaid card is purchased, a person that issues or sells such certificate or card must disclose to the consumer the information required by paragraphs (d)(2), (e)(3), and (f)(1) of this section. The fees and terms and conditions of expiration that are required to be disclosed prior to purchase may not be changed after purchase."
},
{
"children": [],
"label": [
"1005",
"20",
"c",
"4"
],
"node_type": "regtext",
"text": "(4) Disclosures on the certificate or card. Disclosures required by paragraphs (a)(4)(iii), (d)(2), (e)(3), and (f)(2) of this section must be made on the certificate or card, or in the case of a loyalty, award, or promotional gift card, on the card, code, or other device. A disclosure made in an accompanying terms and conditions document, on packaging surrounding a certificate or card, or on a sticker or other label affixed to the certificate or card does not constitute a disclosure on the certificate or card. For an electronic certificate or card, disclosures must be provided electronically on the certificate or card provided to the consumer. An issuer that provides a code or confirmation to a consumer orally must provide to the consumer a written or electronic copy of the code or confirmation promptly, and the applicable disclosures must be provided on the written copy of the code or confirmation."
}
],
"label": [
"1005",
"20",
"c"
],
"node_type": "regtext",
"text": "(c) Form of disclosures "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) There has been no activity with respect to the certificate or card, in the one-year period ending on the date on which the fee is imposed;"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"d",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) The amount of any dormancy, inactivity, or service fee that may be charged;"
},
{
"children": [],
"label": [
"1005",
"20",
"d",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) How often such fee may be assessed; and"
},
{
"children": [],
"label": [
"1005",
"20",
"d",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) That such fee may be assessed for inactivity; and"
}
],
"label": [
"1005",
"20",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) The following are stated, as applicable, clearly and conspicuously on the gift certificate, store gift card, or general-use prepaid card:"
},
{
"children": [],
"label": [
"1005",
"20",
"d",
"3"
],
"node_type": "regtext",
"text": "(3) Not more than one dormancy, inactivity, or service fee is imposed in any given calendar month."
}
],
"label": [
"1005",
"20",
"d"
],
"node_type": "regtext",
"text": "(d) Prohibition on imposition of fees or charges. No person may impose a dormancy, inactivity, or service fee with respect to a gift certificate, store gift card, or general-use prepaid card, unless:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"e",
"1"
],
"node_type": "regtext",
"text": "(1) The person has established policies and procedures to provide consumers with a reasonable opportunity to purchase a certificate or card with at least five years remaining until the certificate or card expiration date;"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"e",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Five years after the date the gift certificate was initially issued, or the date on which funds were last loaded to a store gift card or general-use prepaid card; or"
},
{
"children": [],
"label": [
"1005",
"20",
"e",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) The certificate or card expiration date, if any;"
}
],
"label": [
"1005",
"20",
"e",
"2"
],
"node_type": "regtext",
"text": "(2) The expiration date for the underlying funds is at least the later of:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"e",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) The expiration date for the underlying funds or, if the underlying funds do not expire, that fact;"
},
{
"children": [],
"label": [
"1005",
"20",
"e",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) A toll-free telephone number and, if one is maintained, a Web site that a consumer may use to obtain a replacement certificate or card after the certificate or card expires if the underlying funds may be available; and"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"e",
"3",
"iii",
"A"
],
"node_type": "regtext",
"text": "(A) The certificate or card expires, but the underlying funds either do not expire or expire later than the certificate or card, and;"
},
{
"children": [],
"label": [
"1005",
"20",
"e",
"3",
"iii",
"B"
],
"node_type": "regtext",
"text": "(B) The consumer may contact the issuer for a replacement card; and"
}
],
"label": [
"1005",
"20",
"e",
"3",
"iii"
],
"node_type": "regtext",
"text": "(iii) Except where a non-reloadable certificate or card bears an expiration date that is at least seven years from the date of manufacture, a statement, disclosed with equal prominence and in close proximity to the certificate or card expiration date, that:"
}
],
"label": [
"1005",
"20",
"e",
"3"
],
"node_type": "regtext",
"text": "(3) The following disclosures are provided on the certificate or card, as applicable:"
},
{
"children": [],
"label": [
"1005",
"20",
"e",
"4"
],
"node_type": "regtext",
"text": "(4) No fee or charge is imposed on the cardholder for replacing the gift certificate, store gift card, or general-use prepaid card or for providing the certificate or card holder with the remaining balance in some other manner prior to the funds expiration date, unless such certificate or card has been lost or stolen."
}
],
"label": [
"1005",
"20",
"e"
],
"node_type": "regtext",
"text": "(e) Prohibition on sale of gift certificates or cards with expiration dates. No person may sell or issue a gift certificate, store gift card, or general-use prepaid card with an expiration date, unless:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"f",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) The type of fee;"
},
{
"children": [],
"label": [
"1005",
"20",
"f",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) The amount of the fee (or an explanation of how the fee will be determined); and"
},
{
"children": [],
"label": [
"1005",
"20",
"f",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The conditions under which the fee may be imposed."
}
],
"label": [
"1005",
"20",
"f",
"1"
],
"node_type": "regtext",
"text": "(1) Fee disclosures. For each type of fee that may be imposed in connection with the certificate or card (other than a dormancy, inactivity, or service fee subject to the disclosure requirements under paragraph (d)(2) of this section), the following information must be provided on or with the certificate or card:"
},
{
"children": [],
"label": [
"1005",
"20",
"f",
"2"
],
"node_type": "regtext",
"text": "(2) Telephone number for fee information. A toll-free telephone number and, if one is maintained, a Web site, that a consumer may use to obtain information about fees described in paragraphs (d)(2) and (f)(1) of this section must be disclosed on the certificate or card."
}
],
"label": [
"1005",
"20",
"f"
],
"node_type": "regtext",
"text": "(f) Additional disclosure requirements for gift certificates or cards. The following disclosures must be provided in connection with a gift certificate, store gift card, or general-use prepaid card, as applicable:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"g",
"1"
],
"node_type": "regtext",
"text": "(1) Effective date for gift certificates, store gift cards, and general-use prepaid cards. Except as provided in paragraph (h) of this section, the requirements of this section apply to any gift certificate, store gift card, or general-use prepaid card sold to a consumer on or after August 22, 2010, or provided to a consumer as a replacement for such certificate or card."
},
{
"children": [],
"label": [
"1005",
"20",
"g",
"2"
],
"node_type": "regtext",
"text": "(2) Effective date for loyalty, award, or promotional gift cards. The requirements in paragraph (a)(4)(iii) of this section apply to any card, code, or other device provided to a consumer in connection with a loyalty, award, or promotional program if the period of eligibility for such program began on or after August 22, 2010."
}
],
"label": [
"1005",
"20",
"g"
],
"node_type": "regtext",
"text": "(g) Compliance dates. "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"h",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Complies with all other provisions of this section;"
},
{
"children": [],
"label": [
"1005",
"20",
"h",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Does not impose an expiration date with respect to the funds underlying such certificate or card;"
},
{
"children": [],
"label": [
"1005",
"20",
"h",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) At the consumer's request, replaces such certificate or card if it has funds remaining at no cost to the consumer; and"
},
{
"children": [],
"label": [
"1005",
"20",
"h",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) Satisfies the requirements of paragraph (h)(2) of this section."
}
],
"label": [
"1005",
"20",
"h",
"1"
],
"node_type": "regtext",
"text": "(1) Delayed mandatory compliance date. For any gift certificate, store gift card, or general-use prepaid card produced prior to April 1, 2010, the mandatory compliance date of the requirements of paragraphs (c)(3), (d)(2), (e)(1), (e)(3), and (f) of this section is January 31, 2011, provided that an issuer of such certificate or card:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"h",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) The underlying funds of such certificate or card do not expire;"
},
{
"children": [],
"label": [
"1005",
"20",
"h",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Consumers holding such certificate or card have a right to a free replacement certificate or card, which must be accompanied by the packaging and materials typically associated with such certificate or card; and"
},
{
"children": [],
"label": [
"1005",
"20",
"h",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) Any dormancy, inactivity, or service fee for such certificate or card that might otherwise be charged will not be charged if such fees do not comply with section 916 of the Act."
}
],
"label": [
"1005",
"20",
"h",
"2"
],
"node_type": "regtext",
"text": "(2) Additional disclosures. Issuers relying on the delayed effective date in \u00a7 1005.20(h)(1) must disclose through in-store signage, messages during customer service calls, Web sites, and general advertising, that:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"20",
"h",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) Are not required to be provided on or after January 31, 2011, with respect to in-store signage and general advertising."
},
{
"children": [],
"label": [
"1005",
"20",
"h",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) Are not required to be provided on or after January 31, 2013, with respect to messages during customer service calls and Web sites."
}
],
"label": [
"1005",
"20",
"h",
"3"
],
"node_type": "regtext",
"text": "(3) Expiration of additional disclosure requirements. The disclosures in paragraph (h)(2) of this section:"
}
],
"label": [
"1005",
"20",
"h"
],
"node_type": "regtext",
"text": "(h) Temporary exemption. "
}
],
"label": [
"1005",
"20"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.20 Requirements for gift cards and gift certificates."
}
],
"label": [
"1005",
"Subpart",
"A"
],
"node_type": "subpart",
"text": "",
"title": "General"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"30",
"a"
],
"node_type": "regtext",
"text": "(a) \u201cAgent\u201d means an agent, authorized delegate, or person affiliated with a remittance transfer provider, as defined under State or other applicable law, when such agent, authorized delegate, or affiliate acts for that remittance transfer provider."
},
{
"children": [],
"label": [
"1005",
"30",
"b"
],
"node_type": "regtext",
"text": "(b) \u201cBusiness day\u201d means any day on which the offices of a remittance transfer provider are open to the public for carrying on substantially all business functions."
},
{
"children": [],
"label": [
"1005",
"30",
"c"
],
"node_type": "regtext",
"text": "(c) \u201cDesignated recipient\u201d means any person specified by the sender as the authorized recipient of a remittance transfer to be received at a location in a foreign country."
},
{
"children": [],
"label": [
"1005",
"30",
"d"
],
"node_type": "regtext",
"text": "(d) \u201cPreauthorized remittance transfer\u201d means a remittance transfer authorized in advance to recur at substantially regular intervals."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"30",
"e",
"1"
],
"node_type": "regtext",
"text": "(1) General definition. A \u201cremittance transfer\u201d means the electronic transfer of funds requested by a sender to a designated recipient that is sent by a remittance transfer provider. The term applies regardless of whether the sender holds an account with the remittance transfer provider, and regardless of whether the transaction is also an electronic fund transfer, as defined in \u00a7 1005.3(b)."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"30",
"e",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Small value transactions. Transfer amounts, as described in \u00a7 1005.31(b)(1)(i), of $15 or less."
},
{
"children": [],
"label": [
"1005",
"30",
"e",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Securities and commodities transfers. Any transfer that is excluded from the definition of electronic fund transfer under \u00a7 1005.3(c)(4)."
}
],
"label": [
"1005",
"30",
"e",
"2"
],
"node_type": "regtext",
"text": "(2) Exclusions from coverage. The term \u201cremittance transfer\u201d does not include:"
}
],
"label": [
"1005",
"30",
"e"
],
"node_type": "regtext",
"text": "(e) Remittance transfer\u2014 "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"30",
"f",
"1"
],
"node_type": "regtext",
"text": "(1) General definition. \u201cRemittance transfer provider\u201d or \u201cprovider\u201d means any person that provides remittance transfers for a consumer in the normal course of its business, regardless of whether the consumer holds an account with such person."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"30",
"f",
"2",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) Provided 100 or fewer remittance transfers in the previous calendar year; and"
},
{
"children": [],
"label": [
"1005",
"30",
"f",
"2",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) Provides 100 or fewer remittance transfers in the current calendar year."
}
],
"label": [
"1005",
"30",
"f",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Safe harbor. For purposes of paragraph (f)(1) of this section, a person is deemed not to be providing remittance transfers for a consumer in the normal course of its business if the person:"
},
{
"children": [],
"label": [
"1005",
"30",
"f",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Transition period. If a person that provided 100 or fewer remittance transfers in the previous calendar year provides more than 100 remittance transfers in the current calendar year, and if that person is then providing remittance transfers for a consumer in the normal course of its business pursuant to paragraph (f)(1) of this section, the person has a reasonable period of time, not to exceed six months, to begin complying with this subpart. Compliance with this subpart will not be required for any remittance transfers for which payment is made during that reasonable period of time."
}
],
"label": [
"1005",
"30",
"f",
"2"
],
"node_type": "regtext",
"text": "(2) Normal course of business \u2014"
}
],
"label": [
"1005",
"30",
"f"
],
"node_type": "regtext",
"text": "(f) Remittance transfer provider \u2014"
},
{
"children": [],
"label": [
"1005",
"30",
"g"
],
"node_type": "regtext",
"text": "(g) \u201cSender\u201d means a consumer in a State who primarily for personal, family, or household purposes requests a remittance transfer provider to send a remittance transfer to a designated recipient."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"30",
"h",
"1"
],
"node_type": "regtext",
"text": "(1) \u201cCovered third-party fees.\u201d The term \u201ccovered third-party fees\u201d means any fees imposed on the remittance transfer by a person other than the remittance transfer provider except for fees described in paragraph (h)(2) of this section."
},
{
"children": [],
"label": [
"1005",
"30",
"h",
"2"
],
"node_type": "regtext",
"text": "(2) \u201cNon-covered third-party fees.\u201d The term \u201cnon-covered third-party fees\u201d means any fees imposed by the designated recipient's institution for receiving a remittance transfer into an account except if the institution acts as an agent of the remittance transfer provider."
}
],
"label": [
"1005",
"30",
"h"
],
"node_type": "regtext",
"text": "(h) Third-party fees. "
}
],
"label": [
"1005",
"30"
],
"node_type": "regtext",
"text": "\n Except as otherwise provided, for purposes of this subpart, the following definitions apply:",
"title": "\u00a7 1005.30 Remittance transfer definitions."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Clear and conspicuous. Disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section or \u00a7 1005.33(h)(3) must be clear and conspicuous. Disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section or \u00a7 1005.33(h)(3) may contain commonly accepted or readily understandable abbreviations or symbols."
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Written and electronic disclosures. Disclosures required by this subpart generally must be provided to the sender in writing. Disclosures required by paragraph (b)(1) of this section may be provided electronically, if the sender electronically requests the remittance transfer provider to send the remittance transfer. Written and electronic disclosures required by this subpart generally must be made in a retainable form. Disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section, need not be retainable."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"a",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) The transaction is conducted orally and entirely by telephone;"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) The remittance transfer provider complies with the requirements of paragraph (g)(2) of this section;"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"3",
"iii"
],
"node_type": "regtext",
"text": "(iii) The provider discloses orally a statement about the rights of the sender regarding cancellation required by paragraph (b)(2)(iv) of this section pursuant to the timing requirements in paragraph (e)(1) of this section; and"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"3",
"iv"
],
"node_type": "regtext",
"text": "(iv) The provider discloses orally, as each is applicable, the information required by paragraph (b)(2)(vii) of this section and the information required by \u00a7 1005.36(d)(1)(i)(A), with respect to transfers subject to \u00a7 1005.36(d)(2)(ii), pursuant to the timing requirements in paragraph (e)(1) of this section."
}
],
"label": [
"1005",
"31",
"a",
"3"
],
"node_type": "regtext",
"text": "(3) Disclosures for oral telephone transactions. The information required by paragraph (b)(1) of this section may be disclosed orally if:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"a",
"4",
"i"
],
"node_type": "regtext",
"text": "(i) The remittance transfer provider determines that an error occurred as described by the sender; and"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"4",
"ii"
],
"node_type": "regtext",
"text": "(ii) The remittance transfer provider complies with the requirements of paragraph (g)(2) of this section."
}
],
"label": [
"1005",
"31",
"a",
"4"
],
"node_type": "regtext",
"text": "(4) Oral disclosures for certain error resolution notices. The information required by \u00a7 1005.33(c)(1) may be disclosed orally if:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"a",
"5",
"i"
],
"node_type": "regtext",
"text": "(i) The transaction is conducted entirely by telephone via mobile application or text message;"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"5",
"ii"
],
"node_type": "regtext",
"text": "(ii) The remittance transfer provider complies with the requirements of paragraph (g)(2) of this section;"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"5",
"iii"
],
"node_type": "regtext",
"text": "(iii) The provider discloses orally or via mobile application or text message a statement about the rights of the sender regarding cancellation required by paragraph (b)(2)(iv) of this section pursuant to the timing requirements in paragraph (e)(1) of this section; and"
},
{
"children": [],
"label": [
"1005",
"31",
"a",
"5",
"iv"
],
"node_type": "regtext",
"text": "(iv) The provider discloses orally or via mobile application or text message, as each is applicable, the information required by paragraph (b)(2)(vii) of this section and the information required by \u00a7 1005.36(d)(1)(i)(A), with respect to transfers subject to \u00a7 1005.36(d)(2)(ii), pursuant to the timing requirements in paragraph (e)(1) of this section."
}
],
"label": [
"1005",
"31",
"a",
"5"
],
"node_type": "regtext",
"text": "(5) Disclosures for mobile application or text message transactions. The information required by paragraph (b)(1) of this section may be disclosed orally or via mobile application or text message if:"
}
],
"label": [
"1005",
"31",
"a"
],
"node_type": "regtext",
"text": "(a) General form of disclosures\u2014 "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) The amount that will be transferred to the designated recipient, in the currency in which the remittance transfer is funded, using the term \u201cTransfer Amount\u201d or a substantially similar term;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Any fees imposed and any taxes collected on the remittance transfer by the provider, in the currency in which the remittance transfer is funded, using the terms \u201cTransfer Fees\u201d for fees and \u201cTransfer Taxes\u201d for taxes, or substantially similar terms;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The total amount of the transaction, which is the sum of paragraphs (b)(1)(i) and (ii) of this section, in the currency in which the remittance transfer is funded, using the term \u201cTotal\u201d or a substantially similar term;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) The exchange rate used by the provider for the remittance transfer, rounded consistently for each currency to no fewer than two decimal places and no more than four decimal places, using the term \u201cExchange Rate\u201d or a substantially similar term;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"v"
],
"node_type": "regtext",
"text": "(v) The amount in paragraph (b)(1)(i) of this section, in the currency in which the funds will be received by the designated recipient, but only if covered third-party fees are imposed under paragraph (b)(1)(vi) of this section, using the term \u201cTransfer Amount\u201d or a substantially similar term. The exchange rate used to calculate this amount is the exchange rate in paragraph (b)(1)(iv) of this section, including an estimated exchange rate to the extent permitted by \u00a7 1005.32, prior to any rounding of the exchange rate;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"vi"
],
"node_type": "regtext",
"text": "(vi) Any covered third-party fees, in the currency in which the funds will be received by the designated recipient, using the term \u201cOther Fees,\u201d or a substantially similar term. The exchange rate used to calculate any covered third-party fees is the exchange rate in paragraph (b)(1)(iv) of this section, including an estimated exchange rate to the extent permitted by \u00a7 1005.32, prior to any rounding of the exchange rate;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"vii"
],
"node_type": "regtext",
"text": "(vii) The amount that will be received by the designated recipient, in the currency in which the funds will be received, using the term \u201cTotal to Recipient\u201d or a substantially similar term except that this amount shall not include non-covered third party fees or taxes collected on the remittance transfer by a person other than the provider regardless of whether such fees or taxes are disclosed pursuant to paragraph (b)(1)(viii) of this section. The exchange rate used to calculate this amount is the exchange rate in paragraph (b)(1)(iv) of this section, including an estimated exchange rate to the extent permitted by \u00a7 1005.32, prior to any rounding of the exchange rate."
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"1",
"viii"
],
"node_type": "regtext",
"text": "(viii) A statement indicating that non-covered third-party fees or taxes collected on the remittance transfer by a person other than the provider may apply to the remittance transfer and result in the designated recipient receiving less than the amount disclosed pursuant to paragraph (b)(1)(vii) of this section. A provider may only include this statement to the extent that such fees or taxes do or may apply to the transfer, using the language set forth in Model Forms A-30(a) through (c) of Appendix A to this part, as appropriate, or substantially similar language. In this statement, a provider also may, but is not required, to disclose any applicable non-covered third-party fees or taxes collected by a person other than the provider. Any such figure must be disclosed in the currency in which the funds will be received, using the language set forth in Model Forms A-30(b) through (d) of Appendix A to this part, as appropriate, or substantially similar language. The exchange rate used to calculate any disclosed non-covered third-party fees or taxes collected on the remittance transfer by a person other than the provider is the exchange rate in paragraph (b)(1)(iv) of this section, including an estimated exchange rate to the extent permitted by \u00a7 1005.32, prior to any rounding of the exchange rate;"
}
],
"label": [
"1005",
"31",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Pre-payment disclosure. A remittance transfer provider must disclose to a sender, as applicable:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) The disclosures described in paragraphs (b)(1)(i) through (viii) of this section;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) The date in the foreign country on which funds will be available to the designated recipient, using the term \u201cDate Available\u201d or a substantially similar term. A provider may provide a statement that funds may be available to the designated recipient earlier than the date disclosed, using the term \u201cmay be available sooner\u201d or a substantially similar term;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) The name and, if provided by the sender, the telephone number and/or address of the designated recipient, using the term \u201cRecipient\u201d or a substantially similar term;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"iv"
],
"node_type": "regtext",
"text": "(iv) A statement about the rights of the sender regarding the resolution of errors and cancellation, using language set forth in Model Form A-37 of Appendix A to this part or substantially similar language. For any remittance transfer scheduled by the sender at least three business days before the date of the transfer, the statement about the rights of the sender regarding cancellation must instead reflect the requirements of \u00a7 1005.36(c);"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"v"
],
"node_type": "regtext",
"text": "(v) The name, telephone number(s), and Web site of the remittance transfer provider;"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"vi"
],
"node_type": "regtext",
"text": "(vi) A statement that the sender can contact the State agency that licenses or charters the remittance transfer provider with respect to the remittance transfer and the Consumer Financial Protection Bureau for questions or complaints about the remittance transfer provider, using language set forth in Model Form A-37 of Appendix A to this part or substantially similar language. The disclosure must provide the name, telephone number(s), and Web site of the State agency that licenses or charters the remittance transfer provider with respect to the remittance transfer and the name, toll-free telephone number(s), and Web site of the Consumer Financial Protection Bureau; and"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"2",
"vii"
],
"node_type": "regtext",
"text": "(vii) For any remittance transfer scheduled by the sender at least three business days before the date of the transfer, or the first transfer in a series of preauthorized remittance transfers, the date the remittance transfer provider will make or made the remittance transfer, using the term \u201cTransfer Date,\u201d or a substantially similar term."
}
],
"label": [
"1005",
"31",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Receipt. A remittance transfer provider must disclose to a sender, as applicable:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"b",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) In general. As an alternative to providing the disclosures described in paragraph (b)(1) and (2) of this section, a remittance transfer provider may provide the disclosures described in paragraph (b)(2) of this section, as applicable, in a single disclosure pursuant to the timing requirements in paragraph (e)(1) of this section. Except as provided in paragraph (b)(3)(ii) of this section, if the remittance transfer provider provides the combined disclosure and the sender completes the transfer, the remittance transfer provider must provide the sender with proof of payment when payment is made for the remittance transfer. The proof of payment must be clear and conspicuous, provided in writing or electronically, and provided in a retainable form."
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) Transfers scheduled before the date of transfer. If the disclosure described in paragraph (b)(3)(i) of this section is provided in accordance with \u00a7 1005.36(a)(1)(i) and payment is not processed by the remittance transfer provider at the time the remittance transfer is scheduled, a remittance transfer provider may provide confirmation that the transaction has been scheduled in lieu of the proof of payment otherwise required by paragraph (b)(3)(i) of this section. The confirmation of scheduling must be clear and conspicuous, provided in writing or electronically, and provided in a retainable form."
}
],
"label": [
"1005",
"31",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Combined disclosure \u2014"
},
{
"children": [],
"label": [
"1005",
"31",
"b",
"4"
],
"node_type": "regtext",
"text": "(4) Long form error resolution and cancellation notice. Upon the sender's request, a remittance transfer provider must promptly provide to the sender a notice describing the sender's error resolution and cancellation rights, using language set forth in Model Form A-36 of Appendix A to this part or substantially similar language. For any remittance transfer scheduled by the sender at least three business days before the date of the transfer, the description of the rights of the sender regarding cancellation must instead reflect the requirements of \u00a7 1005.36(c)."
}
],
"label": [
"1005",
"31",
"b"
],
"node_type": "regtext",
"text": "(b) Disclosure requirements\u2014 "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Grouping. The information required by paragraphs (b)(1)(i), (ii), and (iii) of this section generally must be grouped together. The information required by paragraphs (b)(1)(v), (vi), (vii), and (viii) of this section generally must be grouped together. Disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section, generally need not comply with the grouping requirements of this paragraph, however information required or permitted by paragraph (b)(1)(viii) of this section must be grouped with information required by paragraph (b)(1)(vii) of this section."
},
{
"children": [],
"label": [
"1005",
"31",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Proximity. The information required by paragraph (b)(1)(iv) of this section generally must be disclosed in close proximity to the other information required by paragraph (b)(1) of this section. The information required by paragraph (b)(2)(iv) of this section generally must be disclosed in close proximity to the other information required by paragraph (b)(2) of this section. The information required or permitted by paragraph (b)(1)(viii) must be in close proximity to the information required by paragraph (b)(1)(vii) of this section. Disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section, generally need not comply with the proximity requirements of this paragraph, however information required or permitted by paragraph (b)(1)(viii) of this section must follow the information required by paragraph (b)(1)(vii) of this section."
},
{
"children": [],
"label": [
"1005",
"31",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Prominence and size. Written disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section must be provided on the front of the page on which the disclosure is printed. Disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section that are provided in writing or electronically must be in a minimum eight-point font, except for disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section. Disclosures required by paragraph (b) of this section or permitted by paragraph (b)(1)(viii) of this section that are provided in writing or electronically must be in equal prominence to each other."
},
{
"children": [],
"label": [
"1005",
"31",
"c",
"4"
],
"node_type": "regtext",
"text": "(4) Segregation. Except for disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section, disclosures required by this subpart that are provided in writing or electronically must be segregated from everything else and must contain only information that is directly related to the disclosures required under this subpart."
}
],
"label": [
"1005",
"31",
"c"
],
"node_type": "regtext",
"text": "(c) Specific format requirements\u2014 "
},
{
"children": [],
"label": [
"1005",
"31",
"d"
],
"node_type": "regtext",
"text": "(d) Estimates. Estimated disclosures may be provided to the extent permitted by \u00a7 1005.32. Estimated disclosures must be described using the term \u201cEstimated\u201d or a substantially similar term in close proximity to the estimated term or terms."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"e",
"1"
],
"node_type": "regtext",
"text": "(1) Except as provided in \u00a7 1005.36(a), a pre-payment disclosure required by paragraph (b)(1) of this section or a combined disclosure required by paragraph (b)(3) of this section must be provided to the sender when the sender requests the remittance transfer, but prior to payment for the transfer."
},
{
"children": [],
"label": [
"1005",
"31",
"e",
"2"
],
"node_type": "regtext",
"text": "(2) Except as provided in \u00a7 1005.36(a), a receipt required by paragraph (b)(2) of this section generally must be provided to the sender when payment is made for the remittance transfer. If a transaction is conducted entirely by telephone, a receipt required by paragraph (b)(2) of this section may be mailed or delivered to the sender no later than one business day after the date on which payment is made for the remittance transfer. If a transaction is conducted entirely by telephone and involves the transfer of funds from the sender's account held by the provider, the receipt required by paragraph (b)(2) of this section may be provided on or with the next regularly scheduled periodic statement for that account or within 30 days after payment is made for the remittance transfer if a periodic statement is not provided. The statement about the rights of the sender regarding cancellation required by paragraph (b)(2)(iv) of this section may, but need not, be disclosed pursuant to the timing requirements of this paragraph if a provider discloses this information pursuant to paragraphs (a)(3)(iii) or (a)(5)(iii) of this section."
}
],
"label": [
"1005",
"31",
"e"
],
"node_type": "regtext",
"text": "(e) Timing. "
},
{
"children": [],
"label": [
"1005",
"31",
"f"
],
"node_type": "regtext",
"text": "(f) Accurate when payment is made. Except as provided in \u00a7 1005.36(b), disclosures required by this section or permitted by paragraph (b)(1)(viii) of this section must be accurate when a sender makes payment for the remittance transfer, except to the extent estimates are permitted by \u00a7 1005.32."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"31",
"g",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Each of the foreign languages principally used by the remittance transfer provider to advertise, solicit, or market remittance transfer services, either orally, in writing, or electronically, at the office in which a sender conducts a transaction or asserts an error; or"
},
{
"children": [],
"label": [
"1005",
"31",
"g",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) The foreign language primarily used by the sender with the remittance transfer provider to conduct the transaction (or for written or electronic disclosures made pursuant to \u00a7 1005.33, in the foreign language primarily used by the sender with the remittance transfer provider to assert the error), provided that such foreign language is principally used by the remittance transfer provider to advertise, solicit, or market remittance transfer services, either orally, in writing, or electronically, at the office in which a sender conducts a transaction or asserts an error, respectively."
}
],
"label": [
"1005",
"31",
"g",
"1"
],
"node_type": "regtext",
"text": "(1) General. Except as provided in paragraph (g)(2) of this section, disclosures required by this subpart or permitted by paragraph (b)(1)(viii) of this section or \u00a7 1005.33(h)(3) must be made in English and, if applicable, either in:"
},
{
"children": [],
"label": [
"1005",
"31",
"g",
"2"
],
"node_type": "regtext",
"text": "(2) Oral, mobile application, or text message disclosures. Disclosures provided orally for transactions conducted orally and entirely by telephone under paragraph (a)(3) of this section or orally or via mobile application or text message for transactions conducted via mobile application or text message under paragraph (a)(5) of this section shall be made in the language primarily used by the sender with the remittance transfer provider to conduct the transaction. Disclosures provided orally under paragraph (a)(4) of this section for error resolution purposes shall be made in the language primarily used by the sender with the remittance transfer provider to assert the error."
}
],
"label": [
"1005",
"31",
"g"
],
"node_type": "regtext",
"text": "(g) Foreign language disclosures\u2014 "
}
],
"label": [
"1005",
"31"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.31 Disclosures."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"32",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) A remittance transfer provider cannot determine the exact amounts for reasons beyond its control;"
},
{
"children": [],
"label": [
"1005",
"32",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) A remittance transfer provider is an insured institution; and"
},
{
"children": [],
"label": [
"1005",
"32",
"a",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The remittance transfer is sent from the sender's account with the institution."
}
],
"label": [
"1005",
"32",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) General. For disclosures described in \u00a7\u00a7 1005.31(b)(1) through (3) and 1005.36(a)(1) and (2), estimates may be provided in accordance with paragraph (c) of this section for the amounts required to be disclosed under \u00a7 1005.31(b)(1)(iv) through (vii), if:"
},
{
"children": [],
"label": [
"1005",
"32",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Sunset date. Paragraph (a)(1) of this section expires on July 21, 2020."
},
{
"children": [],
"label": [
"1005",
"32",
"a",
"3"
],
"node_type": "regtext",
"text": "(3) Insured institution. For purposes of this section, the term \u201cinsured institution\u201d means insured depository institutions (which includes uninsured U.S. branches and agencies of foreign depository institutions) as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813), and insured credit unions as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)."
}
],
"label": [
"1005",
"32",
"a"
],
"node_type": "regtext",
"text": "(a) Temporary exception for insured institutions\u2014 "
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"32",
"b",
"1",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) The laws of the recipient country do not permit such a determination, or"
},
{
"children": [],
"label": [
"1005",
"32",
"b",
"1",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) The method by which transactions are made in the recipient country does not permit such determination."
}
],
"label": [
"1005",
"32",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) General. For disclosures described in \u00a7\u00a7 1005.31(b)(1) through (b)(3) and 1005.36(a)(1) and (a)(2), estimates may be provided for transfers to certain countries in accordance with paragraph (c) of this section for the amounts required to be disclosed under \u00a7 1005.31(b)(1)(iv) through (b)(1)(vii), if a remittance transfer provider cannot determine the exact amounts when the disclosure is required because:"
},
{
"children": [],
"label": [
"1005",
"32",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Safe harbor. A remittance transfer provider may rely on the list of countries published by the Bureau to determine whether estimates may be provided under paragraph (b)(1) of this section, unless the provider has information that a country's laws or the method by which transactions are conducted in that country permits a determination of the exact disclosure amount."
}
],
"label": [
"1005",
"32",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Permanent exception for transfers to certain countries."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"32",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Except as provided in paragraph (b)(2)(ii) of this section, for disclosures described in \u00a7\u00a7 1005.36(a)(1)(i) and (a)(2)(i), estimates may be provided in accordance with paragraph (d) of this section for the amounts to be disclosed under \u00a7\u00a7 1005.31(b)(1)(iv) through (vii) if the remittance transfer is scheduled by a sender five or more business days before the date of the transfer. In addition, if, at the time the sender schedules such a transfer, the provider agrees to a sender's request to fix the amount to be transferred in the currency in which the remittance transfer will be received and not the currency in which it is funded, estimates may also be provided for the amounts to be disclosed under \u00a7\u00a7 1005.31(b)(1)(i) through (iii), except as provided in paragraph (b)(2)(iii) of this section."
},
{
"children": [],
"label": [
"1005",
"32",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Covered third-party fees described in \u00a7 1005.31(b)(1)(vi) may be estimated under paragraph (b)(2)(i) of this section only if the exchange rate is also estimated under paragraph (b)(2)(i) of this section and the estimated exchange rate affects the amount of such fees."
},
{
"children": [],
"label": [
"1005",
"32",
"b",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) Fees and taxes described in \u00a7 1005.31(b)(1)(ii) may be estimated under paragraph (b)(2)(i) of this section only if the amount that will be transferred in the currency in which it is funded is also estimated under paragraph (b)(2)(i) of this section, and the estimated amount affects the amount of such fees and taxes."
}
],
"label": [
"1005",
"32",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Permanent exception for transfers scheduled before the date of transfer. "
},
{
"children": [],
"label": [
"1005",
"32",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Permanent exception for optional disclosure of non-covered third-party fees and taxes collected by a person other than the provider. For disclosures described in \u00a7\u00a7 1005.31(b)(1) through (3) and 1005.36(a)(1) and (2), estimates may be provided for applicable non-covered third-party fees and taxes collected on the remittance transfer by a person other than the provider, which are permitted to be disclosed under \u00a7 1005.31(b)(1)(viii), provided such estimates are based on reasonable sources of information."
}
],
"label": [
"1005",
"32",
"b"
],
"node_type": "regtext",
"text": "(b) Permanent exceptions \u2014"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"32",
"c",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) For remittance transfers sent via international ACH that qualify for the exception in paragraph (b)(1)(ii) of this section, the most recent exchange rate set by the recipient country's central bank or other governmental authority and reported by a Federal Reserve Bank;"
},
{
"children": [],
"label": [
"1005",
"32",
"c",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) The most recent publicly available wholesale exchange rate and, if applicable, any spread that the remittance transfer provider or its correspondent typically applies to such a wholesale rate for remittance transfers for that currency; or"
},
{
"children": [],
"label": [
"1005",
"32",
"c",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The most recent exchange rate offered or used by the person making funds available directly to the designated recipient or by the person setting the exchange rate."
}
],
"label": [
"1005",
"32",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Exchange rate. In disclosing the exchange rate as required under \u00a7 1005.31(b)(1)(iv), an estimate must be based on one of the following:"
},
{
"children": [],
"label": [
"1005",
"32",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Transfer amount in the currency in which the funds will be received by the designated recipient. In disclosing the transfer amount in the currency in which the funds will be received by the designated recipient, as required under \u00a7 1005.31(b)(1)(v), an estimate must be based on the estimated exchange rate provided in accordance with paragraph (c)(1) of this section, prior to any rounding of the estimated exchange rate."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"32",
"c",
"3",
"i"
],
"node_type": "regtext",
"text": "(i) Imposed as percentage of amount transferred. In disclosing covered third-party fees, as described under \u00a7 1005.31(b)(1)(vi), that are a percentage of the amount transferred to the designated recipient, an estimated exchange rate must be based on the estimated exchange rate provided in accordance with paragraph (c)(1) of this section, prior to any rounding of the estimated exchange rate."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"32",
"c",
"3",
"ii",
"A"
],
"node_type": "regtext",
"text": "(A) The remittance transfer provider's most recent remittance transfer to the designated recipient's institution, or"
},
{
"children": [],
"label": [
"1005",
"32",
"c",
"3",
"ii",
"B"
],
"node_type": "regtext",
"text": "(B) A representative transmittal route identified by the remittance transfer provider."
}
],
"label": [
"1005",
"32",
"c",
"3",
"ii"
],
"node_type": "regtext",
"text": "(ii) Imposed by the intermediary or final institution. In disclosing covered third-party fees pursuant to \u00a7 1005.31(b)(1)(vi), an estimate must be based on one of the following:"
}
],
"label": [
"1005",
"32",
"c",
"3"
],
"node_type": "regtext",
"text": "(3) Covered third-party fees. "
},
{
"children": [],
"label": [
"1005",
"32",
"c",
"4"
],
"node_type": "regtext",
"text": "(4) Amount of currency that will be received by the designated recipient. In disclosing the amount of currency that will be received by the designated recipient as required under \u00a7 1005.31(b)(1)(vii), an estimate must be based on the information provided in accordance with paragraphs (c)(1) through (3) of this section, as applicable."
}
],
"label": [
"1005",
"32",
"c"
],
"node_type": "regtext",
"text": "(c) Bases for estimates generally. Estimates provided pursuant to the exceptions in paragraph (a) or (b)(1) of this section must be based on the below-listed approach or approaches, except as otherwise permitted by this paragraph. If a remittance transfer provider bases an estimate on an approach that is not listed in this paragraph, the provider is deemed to be in compliance with this paragraph so long as the designated recipient receives the same, or greater, amount of funds than the remittance transfer provider disclosed under \u00a7 1005.31(b)(1)(vii)."
},
{
"children": [],
"label": [
"1005",
"32",
"d"
],
"node_type": "regtext",
"text": "(d) Bases for estimates for transfers scheduled before the date of transfer.\n Estimates provided pursuant to paragraph (b)(2) of this section must be based on the exchange rate or, where applicable, the estimated exchange rate based on an estimation methodology permitted under paragraph (c) of this section that the provider would have used or did use that day in providing disclosures to a sender requesting such a remittance transfer to be made on the same day. If, in accordance with this paragraph, a remittance transfer provider uses a basis described in paragraph (c) of this section but not listed in paragraph (c)(1) of this section, the provider is deemed to be in compliance with this paragraph regardless of the amount received by the designated recipient, so long as the estimation methodology is the same that the provider would have used or did use in providing disclosures to a sender requesting such a remittance transfer to be made on the same day."
}
],
"label": [
"1005",
"32"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.32 Estimates."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) An incorrect amount paid by a sender in connection with a remittance transfer unless the disclosure stated an estimate of the amount paid by a sender in accordance with \u00a7 1005.32(b)(2) and the difference results from application of the actual exchange rate, fees, and taxes, rather than any estimated amount;"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) A computational or bookkeeping error made by the remittance transfer provider relating to a remittance transfer;"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iii",
"A"
],
"node_type": "regtext",
"text": "(A) The disclosure stated an estimate of the amount to be received in accordance with \u00a7 1005.32(a), (b)(1) or (b)(2) and the difference results from application of the actual exchange rate, fees, and taxes, rather than any estimated amounts; or"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iii",
"B"
],
"node_type": "regtext",
"text": "(B) The failure resulted from extraordinary circumstances outside the remittance transfer provider's control that could not have been reasonably anticipated; or"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iii",
"C"
],
"node_type": "regtext",
"text": "(C) The difference results from the application of non-covered third-party fees or taxes collected on the remittance transfer by a person other than the provider and the provider provided the disclosure required by \u00a7 1005.31(b)(1)(viii)."
}
],
"label": [
"1005",
"33",
"a",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) The failure to make available to a designated recipient the amount of currency disclosed pursuant to \u00a7 1005.31(b)(1)(vii) and stated in the disclosure provided to the sender under \u00a7 1005.31(b)(2) or (3) for the remittance transfer, unless:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iv",
"A"
],
"node_type": "regtext",
"text": "(A) Extraordinary circumstances outside the remittance transfer provider's control that could not have been reasonably anticipated;"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iv",
"B"
],
"node_type": "regtext",
"text": "(B) Delays related to a necessary investigation or other special action by the remittance transfer provider or a third party as required by the provider's fraud screening procedures or in accordance with the Bank Secrecy Act, 31 U.S.C. 5311 et seq., Office of Foreign Assets Control requirements, or similar laws or requirements;"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iv",
"C"
],
"node_type": "regtext",
"text": "(C) The remittance transfer being made with fraudulent intent by the sender or any person acting in concert with the sender; or"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"iv",
"D"
],
"node_type": "regtext",
"text": "(D) The sender having provided the remittance transfer provider an incorrect account number or recipient institution identifier for the designated recipient's account or institution, provided that the remittance transfer provider meets the conditions set forth in paragraph (h) of this section;"
}
],
"label": [
"1005",
"33",
"a",
"1",
"iv"
],
"node_type": "regtext",
"text": "(iv) The failure to make funds available to a designated recipient by the date of availability stated in the disclosure provided to the sender under \u00a7 1005.31(b)(2) or (3) for the remittance transfer, unless the failure to make the funds available resulted from:"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"1",
"v"
],
"node_type": "regtext",
"text": "(v) The sender's request for documentation required by \u00a7 1005.31 or for additional information or clarification concerning a remittance transfer, including a request a sender makes to determine whether an error exists under paragraphs (a)(1)(i) through (iv) of this section."
}
],
"label": [
"1005",
"33",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) Types of transfers or inquiries covered. For purposes of this section, the term error means:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"a",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) An inquiry about the status of a remittance transfer, except where the funds from the transfer were not made available to a designated recipient by the disclosed date of availability as described in paragraph (a)(1)(iv) of this section;"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) A request for information for tax or other recordkeeping purposes;"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) A change requested by the designated recipient; or"
},
{
"children": [],
"label": [
"1005",
"33",
"a",
"2",
"iv"
],
"node_type": "regtext",
"text": "(iv) A change in the amount or type of currency received by the designated recipient from the amount or type of currency stated in the disclosure provided to the sender under \u00a7 1005.31(b)(2) or (3) if the remittance transfer provider relied on information provided by the sender as permitted under \u00a7 1005.31 in making such disclosure."
}
],
"label": [
"1005",
"33",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) Types of transfers or inquiries not covered. The term error does not include:"
}
],
"label": [
"1005",
"33",
"a"
],
"node_type": "regtext",
"text": "(a) Definition of error. "
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"b",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Is received by the remittance transfer provider no later than 180 days after the disclosed date of availability of the remittance transfer;"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"b",
"1",
"ii",
"A"
],
"node_type": "regtext",
"text": "(A) The sender's name and telephone number or address;"
},
{
"children": [],
"label": [
"1005",
"33",
"b",
"1",
"ii",
"B"
],
"node_type": "regtext",
"text": "(B) The recipient's name, and if known, the telephone number or address of the recipient; and"
},
{
"children": [],
"label": [
"1005",
"33",
"b",
"1",
"ii",
"C"
],
"node_type": "regtext",
"text": "(C) The remittance transfer to which the notice of error applies; and"
}
],
"label": [
"1005",
"33",
"b",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) Enables the provider to identify:"
},
{
"children": [],
"label": [
"1005",
"33",
"b",
"1",
"iii"
],
"node_type": "regtext",
"text": "(iii) Indicates why the sender believes an error exists and includes to the extent possible the type, date, and amount of the error, except for requests for documentation, additional information, or clarification described in paragraph (a)(1)(v) of this section."
}
],
"label": [
"1005",
"33",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) Timing; contents. A remittance transfer provider shall comply with the requirements of this section with respect to any oral or written notice of error from a sender that:"
},
{
"children": [],
"label": [
"1005",
"33",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) Request for documentation or clarification. When a notice of error is based on documentation, additional information, or clarification that the sender previously requested under paragraph (a)(1)(v) of this section, the sender's notice of error is timely if received by the remittance transfer provider the later of 180 days after the disclosed date of availability of the remittance transfer or 60 days after the provider sent the documentation, information, or clarification that had been requested."
}
],
"label": [
"1005",
"33",
"b"
],
"node_type": "regtext",
"text": "(b) Notice of error from sender. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Time limits for investigation and report to consumer of error. A remittance transfer provider shall investigate promptly and determine whether an error occurred within 90 days of receiving a notice of error. The remittance transfer provider shall report the results to the sender, including notice of any remedies available for correcting any error that the provider determines has occurred, within three business days after completing its investigation."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) Refunding to the sender the amount of funds provided by the sender in connection with a remittance transfer which was not properly transmitted, or the amount appropriate to resolve the error; or"
},
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) Making available to the designated recipient, without additional cost to the sender or to the designated recipient, the amount appropriate to resolve the error;"
}
],
"label": [
"1005",
"33",
"c",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) In the case of any error under paragraphs (a)(1)(i) through (iii) of this section, as applicable, either:"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"ii",
"A",
"1"
],
"node_type": "regtext",
"text": "(1) Refunding to the sender the amount of funds provided by the sender in connection with a remittance transfer which was not properly transmitted, or the amount appropriate to resolve the error; or"
},
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"ii",
"A",
"2"
],
"node_type": "regtext",
"text": "(2) Making available to the designated recipient the amount appropriate to resolve the error. Such amount must be made available to the designated recipient without additional cost to the sender or to the designated recipient; and"
}
],
"label": [
"1005",
"33",
"c",
"2",
"ii",
"A"
],
"node_type": "regtext",
"text": "(A) As applicable, either:"
},
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"ii",
"B"
],
"node_type": "regtext",
"text": "(B) Refunding to the sender any fees imposed and, to the extent not prohibited by law, taxes collected on the remittance transfer;"
}
],
"label": [
"1005",
"33",
"c",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Except as provided in paragraph (c)(2)(iii) of this section, in the case of an error under paragraph (a)(1)(iv) of this section"
},
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) In the case of an error under paragraph (a)(1)(iv) of this section that occurred because the sender provided incorrect or insufficient information in connection with the remittance transfer, the remittance transfer provider shall provide the remedies required by paragraphs (c)(2)(ii)(A)(1) and (c)(2)(ii)(B) of this section within three business days of providing the report required by paragraph (c)(1) or (d)(1) of this section except that the provider may agree to the sender's request, upon receiving the results of the error investigation, that the funds be applied towards a new remittance transfer, rather than be refunded, if the provider has not yet processed a refund. The provider may deduct from the amount refunded or applied towards a new transfer any fees actually imposed on or, to the extent not prohibited by law, taxes actually collected on the remittance transfer as part of the first unsuccessful remittance transfer attempt except that the provider shall not deduct its own fee."
},
{
"children": [],
"label": [
"1005",
"33",
"c",
"2",
"iv"
],
"node_type": "regtext",
"text": "(iv) In the case of a request under paragraph (a)(1)(v) of this section, providing the requested documentation, information, or clarification."
}
],
"label": [
"1005",
"33",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Remedies. Except as provided in paragraph (c)(2)(iii) of this section, if, following an assertion of an error by a sender, the remittance transfer provider determines an error occurred, the provider shall, within one business day of, or as soon as reasonably practicable after, receiving the sender's instructions regarding the appropriate remedy, correct the error as designated by the sender by:"
}
],
"label": [
"1005",
"33",
"c"
],
"node_type": "regtext",
"text": "(c) Time limits and extent of investigation. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) Explanation of results of investigation. The remittance transfer provider's report of the results of the investigation shall include a written explanation of the provider's findings and shall note the sender's right to request the documents on which the provider relied in making its determination. The explanation shall also address the specific complaint of the sender."
},
{
"children": [],
"label": [
"1005",
"33",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) Copies of documentation. Upon the sender's request, the remittance transfer provider shall promptly provide copies of the documents on which the provider relied in making its error determination."
}
],
"label": [
"1005",
"33",
"d"
],
"node_type": "regtext",
"text": "(d) Procedures if remittance transfer provider determines no error or different error occurred. In addition to following the procedures specified in paragraph (c) of this section, the remittance transfer provider shall follow the procedures set forth in this paragraph (d) if it determines that no error occurred or that an error occurred in a manner or amount different from that described by the sender."
},
{
"children": [],
"label": [
"1005",
"33",
"e"
],
"node_type": "regtext",
"text": "(e) Reassertion of error. A remittance transfer provider that has fully complied with the error resolution requirements of this section has no further responsibilities under this section should the sender later reassert the same error, except in the case of an error asserted by the sender following receipt of information provided under paragraph (a)(1)(v) of this section."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"f",
"1"
],
"node_type": "regtext",
"text": "(1) Relation to Regulation E \u00a7 1005.11 for incorrect EFTs from a sender's account. If an alleged error involves an incorrect electronic fund transfer from a sender's account in connection with a remittance transfer, and the sender provides a notice of error to the account-holding institution, the account-holding institution shall comply with the requirements of \u00a7 1005.11 governing error resolution rather than the requirements of this section, provided that the account-holding institution is not also the remittance transfer provider. If the remittance transfer provider is also the financial institution that holds the consumer's account, then the error-resolution provisions of this section apply when the sender provides such notice of error."
},
{
"children": [],
"label": [
"1005",
"33",
"f",
"2"
],
"node_type": "regtext",
"text": "(2) Relation to Truth in Lending Act and Regulation Z. If an alleged error involves an incorrect extension of credit in connection with a remittance transfer, an incorrect amount received by the designated recipient under paragraph (a)(1)(iii) of this section that is an extension of credit for property or services not delivered as agreed, or the failure to make funds available by the disclosed date of availability under paragraph (a)(1)(iv) of this section that is an extension of credit for property or services not delivered as agreed, and the sender provides a notice of error to the creditor extending the credit, the provisions of Regulation Z, 12 CFR 1026.13, governing error resolution apply to the creditor, rather than the requirements of this section, even if the creditor is the remittance transfer provider. However, if the creditor is the remittance transfer provider, paragraph (b) of this section will apply instead of 12 CFR 1026.13(b). If the sender instead provides a notice of error to the remittance transfer provider that is not also the creditor, then the error-resolution provisions of this section apply to the remittance transfer provider."
},
{
"children": [],
"label": [
"1005",
"33",
"f",
"3"
],
"node_type": "regtext",
"text": "(3) Unauthorized remittance transfers. If an alleged error involves an unauthorized electronic fund transfer for payment in connection with a remittance transfer, \u00a7\u00a7 1005.6 and 1005.11 apply with respect to the account-holding institution. If an alleged error involves an unauthorized use of a credit account for payment in connection with a remittance transfer, the provisions of Regulation Z, 12 CFR 1026.12(b), if applicable, and \u00a7 1026.13, apply with respect to the creditor."
}
],
"label": [
"1005",
"33",
"f"
],
"node_type": "regtext",
"text": "(f) Relation to other laws\u2014 "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"g",
"1"
],
"node_type": "regtext",
"text": "(1) Compliance program. A remittance transfer provider shall develop and maintain written policies and procedures that are designed to ensure compliance with the error resolution requirements applicable to remittance transfers under this section."
},
{
"children": [],
"label": [
"1005",
"33",
"g",
"2"
],
"node_type": "regtext",
"text": "(2) Retention of error-related documentation. The remittance transfer provider's policies and procedures required under paragraph (g)(1) of this section shall include policies and procedures regarding the retention of documentation related to error investigations. Such policies and procedures must ensure, at a minimum, the retention of any notices of error submitted by a sender, documentation provided by the sender to the provider with respect to the alleged error, and the findings of the remittance transfer provider regarding the investigation of the alleged error. Remittance transfer providers are subject to the record retention requirements under \u00a7 1005.13."
}
],
"label": [
"1005",
"33",
"g"
],
"node_type": "regtext",
"text": "(g) Error resolution standards and recordkeeping requirements\u2014 "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"33",
"h",
"1"
],
"node_type": "regtext",
"text": "(1) The remittance transfer provider can demonstrate that the sender provided an incorrect account number or recipient institution identifier to the provider in connection with the remittance transfer;"
},
{
"children": [],
"label": [
"1005",
"33",
"h",
"2"
],
"node_type": "regtext",
"text": "(2) For any instance in which the sender provided the incorrect recipient institution identifier, prior to or when sending the transfer, the provider used reasonably available means to verify that the recipient institution identifier provided by the sender corresponded to the recipient institution name provided by the sender;"
},
{
"children": [],
"label": [
"1005",
"33",
"h",
"3"
],
"node_type": "regtext",
"text": "(3) The provider provided notice to the sender before the sender made payment for the remittance transfer that, in the event the sender provided an incorrect account number or recipient institution identifier, the sender could lose the transfer amount. For purposes of providing this disclosure, \u00a7 1005.31(a)(2) applies to this notice unless the notice is given at the same time as other disclosures required by this subpart for which information is permitted to be disclosed orally or via mobile application or text message, in which case this disclosure may be given in the same medium as those other disclosures;"
},
{
"children": [],
"label": [
"1005",
"33",
"h",
"4"
],
"node_type": "regtext",
"text": "(4) The incorrect account number or recipient institution identifier resulted in the deposit of the remittance transfer into a customer's account that is not the designated recipient's account; and"
},
{
"children": [],
"label": [
"1005",
"33",
"h",
"5"
],
"node_type": "regtext",
"text": "(5) The provider promptly used reasonable efforts to recover the amount that was to be received by the designated recipient."
}
],
"label": [
"1005",
"33",
"h"
],
"node_type": "regtext",
"text": "(h) Incorrect account number or recipient institution identifier provided by the sender. The exception in paragraph (a)(1)(iv)(D) of this section applies if:"
}
],
"label": [
"1005",
"33"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.33 Procedures for resolving errors."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"34",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) The request to cancel enables the provider to identify the sender's name and address or telephone number and the particular transfer to be cancelled; and"
},
{
"children": [],
"label": [
"1005",
"34",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) The transferred funds have not been picked up by the designated recipient or deposited into an account of the designated recipient."
}
],
"label": [
"1005",
"34",
"a"
],
"node_type": "regtext",
"text": "(a) Sender right of cancellation and refund. Except as provided in \u00a7 1005.36(c), a remittance transfer provider shall comply with the requirements of this section with respect to any oral or written request to cancel a remittance transfer from the sender that is received by the provider no later than 30 minutes after the sender makes payment in connection with the remittance transfer if:"
},
{
"children": [],
"label": [
"1005",
"34",
"b"
],
"node_type": "regtext",
"text": "(b) Time limits and refund requirements. A remittance transfer provider shall refund, at no additional cost to the sender, the total amount of funds provided by the sender in connection with a remittance transfer, including any fees and, to the extent not prohibited by law, taxes imposed in connection with the remittance transfer, within three business days of receiving a sender's request to cancel the remittance transfer."
}
],
"label": [
"1005",
"34"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.34 Procedures for cancellation and refund of remittance transfers."
},
{
"children": [],
"label": [
"1005",
"35"
],
"node_type": "regtext",
"text": "\n A remittance transfer provider is liable for any violation of this subpart by an agent when such agent acts for the provider.",
"title": "\u00a7 1005.35 Acts of agents."
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"a",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) Provide either the pre-payment disclosure described in \u00a7 1005.31(b)(1) and the receipt described in \u00a7 1005.31(b)(2) or the combined disclosure described in \u00a7 1005.31(b)(3), in accordance with the timing requirements set forth in \u00a7 1005.31(e); and"
},
{
"children": [],
"label": [
"1005",
"36",
"a",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) If any of the disclosures provided pursuant to paragraph (a)(1)(i) of this section contain estimates as permitted by \u00a7 1005.32(b)(2), mail or deliver to the sender an additional receipt meeting the requirements described in \u00a7 1005.31(b)(2) no later than one business day after the date of the transfer. If the transfer involves the transfer of funds from the sender's account held by the provider, the receipt required by this paragraph may be provided on or with the next periodic statement for that account, or within 30 days after the date of the transfer if a periodic statement is not provided."
}
],
"label": [
"1005",
"36",
"a",
"1"
],
"node_type": "regtext",
"text": "(1) For a one-time transfer scheduled five or more business days before the date of transfer or for the first in a series of preauthorized remittance transfers, the remittance transfer provider must:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"a",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) If any of the information on the most recent receipt provided pursuant to paragraph (a)(1)(i) of this section, or by this paragraph (a)(2)(i), other than the temporal disclosures required by \u00a7 1005.31(b)(2)(ii) and (b)(2)(vii), is no longer accurate with respect to a subsequent preauthorized remittance transfer for reasons other than as permitted by \u00a7 1005.32, then the remittance transfer provider must provide an updated receipt meeting the requirements described in \u00a7 1005.31(b)(2) to the sender. The provider must mail or deliver this receipt to the sender within a reasonable time prior to the scheduled date of the next subsequent preauthorized remittance transfer. Such receipt must clearly and conspicuously indicate that it contains updated disclosures."
},
{
"children": [],
"label": [
"1005",
"36",
"a",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) Unless a receipt was provided in accordance with paragraph (a)(2)(i) of this section that contained no estimates pursuant to \u00a7 1005.32, the remittance transfer provider must mail or deliver to the sender a receipt meeting the requirements described in \u00a7 1005.31(b)(2) no later than one business day after the date of the transfer. If the remittance transfer involves the transfer of funds from the sender's account held by the provider, the receipt required by this paragraph may be provided on or with the next periodic statement for that account, or within 30 days after the date of the transfer if a periodic statement is not provided."
},
{
"children": [],
"label": [
"1005",
"36",
"a",
"2",
"iii"
],
"node_type": "regtext",
"text": "(iii) A remittance transfer provider must provide the disclosures required by paragraph (d) of this section in accordance with the timing requirements of that section."
}
],
"label": [
"1005",
"36",
"a",
"2"
],
"node_type": "regtext",
"text": "(2) For each subsequent preauthorized remittance transfer:"
}
],
"label": [
"1005",
"36",
"a"
],
"node_type": "regtext",
"text": "(a) Timing. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"b",
"1"
],
"node_type": "regtext",
"text": "(1) For a one-time transfer scheduled five or more business days in advance or for the first in a series of preauthorized remittance transfers, disclosures provided pursuant to paragraph (a)(1)(i) of this section must comply with \u00a7 1005.31(f) by being accurate when a sender makes payment except to the extent estimates are permitted by \u00a7 1005.32."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"b",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) The temporal elements required by \u00a7 1005.31(b)(2)(ii) and (b)(2)(vii) must be accurate only if the transfer is the first transfer to occur after the disclosure was provided; and"
},
{
"children": [],
"label": [
"1005",
"36",
"b",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) To the extent estimates are permitted by \u00a7 1005.32."
}
],
"label": [
"1005",
"36",
"b",
"2"
],
"node_type": "regtext",
"text": "(2) For each subsequent preauthorized remittance transfer, the most recent receipt provided pursuant to paragraph (a)(1)(i) or (a)(2)(i) of this section must be accurate as of when such transfer is made, except:"
},
{
"children": [],
"label": [
"1005",
"36",
"b",
"3"
],
"node_type": "regtext",
"text": "(3) Disclosures provided pursuant to paragraph (a)(1)(ii) or (a)(2)(ii) of this section must be accurate as of when the remittance transfer to which it pertains is made, except to the extent estimates are permitted by \u00a7 1005.32(a) or (b)(1)."
}
],
"label": [
"1005",
"36",
"b"
],
"node_type": "regtext",
"text": "(b) Accuracy. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"c",
"1"
],
"node_type": "regtext",
"text": "(1) Enables the provider to identify the sender's name and address or telephone number and the particular transfer to be cancelled; and"
},
{
"children": [],
"label": [
"1005",
"36",
"c",
"2"
],
"node_type": "regtext",
"text": "(2) Is received by the provider at least three business days before the scheduled date of the remittance transfer."
}
],
"label": [
"1005",
"36",
"c"
],
"node_type": "regtext",
"text": "(c) Cancellation. For any remittance transfer scheduled by the sender at least three business days before the date of the transfer, a remittance transfer provider shall comply with any oral or written request to cancel the remittance transfer from the sender if the request to cancel:"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"d",
"1",
"i",
"A"
],
"node_type": "regtext",
"text": "(A) The date the provider will make the subsequent transfer, using the term \u201cFuture Transfer Date,\u201d or a substantially similar term;"
},
{
"children": [],
"label": [
"1005",
"36",
"d",
"1",
"i",
"B"
],
"node_type": "regtext",
"text": "(B) A statement about the rights of the sender regarding cancellation as described in \u00a7 1005.31(b)(2)(iv); and"
},
{
"children": [],
"label": [
"1005",
"36",
"d",
"1",
"i",
"C"
],
"node_type": "regtext",
"text": "(C) The name, telephone number(s), and Web site of the remittance transfer provider."
}
],
"label": [
"1005",
"36",
"d",
"1",
"i"
],
"node_type": "regtext",
"text": "(i) For any subsequent transfer in a series of preauthorized remittance transfers, the remittance transfer provider must disclose to the sender:"
},
{
"children": [],
"label": [
"1005",
"36",
"d",
"1",
"ii"
],
"node_type": "regtext",
"text": "(ii) If the future date or dates of transfer are described as occurring in regular periodic intervals, e.g., the 15th of every month, rather than as a specific calendar date or dates, the remittance transfer provider must disclose any future date or dates of transfer that do not conform to the described interval."
}
],
"label": [
"1005",
"36",
"d",
"1"
],
"node_type": "regtext",
"text": "(1) Disclosure requirement. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"36",
"d",
"2",
"i"
],
"node_type": "regtext",
"text": "(i) Except as described in paragraph (d)(2)(ii) of this section, the disclosures required by paragraph (d)(1) of this section must be received by the sender no more than 12 months, and no less than five business days prior to the date of any subsequent transfer to which it pertains. The disclosures required by paragraph (d)(1) of this section may be provided in a separate disclosure or may be provided on one or more disclosures required by this subpart related to the same series of preauthorized transfers, so long as the consumer receives the required information for each subsequent preauthorized remittance transfer in accordance with the timing requirements of this paragraph (d)(2)(i)."
},
{
"children": [],
"label": [
"1005",
"36",
"d",
"2",
"ii"
],
"node_type": "regtext",
"text": "(ii) For any subsequent preauthorized remittance transfer for which the date of transfer is four or fewer business days after the date payment is made for that transfer, the information required by paragraph (d)(1) of this section must be provided on or with the receipt described in \u00a7 1005.31(b)(2), or disclosed as permitted by \u00a7 1005.31(a)(3) or (a)(5), for the initial transfer in that series in accordance with paragraph (a)(1)(i) of this section."
}
],
"label": [
"1005",
"36",
"d",
"2"
],
"node_type": "regtext",
"text": "(2) Notice requirements. "
},
{
"children": [],
"label": [
"1005",
"36",
"d",
"3"
],
"node_type": "regtext",
"text": "(3) Specific format requirement. The information required by paragraph (d)(1)(i)(A) of this section generally must be disclosed in close proximity to the other information required by paragraph (d)(1)(i)(B) of this section."
},
{
"children": [],
"label": [
"1005",
"36",
"d",
"4"
],
"node_type": "regtext",
"text": "(4) Accuracy. Any disclosure required by paragraph (d)(1) of this section must be accurate as of the date the preauthorized remittance transfer to which it pertains is made."
}
],
"label": [
"1005",
"36",
"d"
],
"node_type": "regtext",
"text": "(d) Additional requirements for subsequent preauthorized remittance transfers \u2014"
}
],
"label": [
"1005",
"36"
],
"node_type": "regtext",
"text": "\n ",
"title": "\u00a7 1005.36 Transfers scheduled before the date of transfer."
}
],
"label": [
"1005",
"Subpart",
"B"
],
"node_type": "subpart",
"text": "",
"title": "Requirements for Remittance Transfers"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"1",
"a"
],
"node_type": "appendix",
"text": "(a) Accounts using cards. You cannot use the enclosed card to transfer money into or out of your account until we have validated it. If you do not want to use the card, please (destroy it at once by cutting it in half)."
},
{
"children": [],
"label": [
"1005",
"A",
"1",
"p1"
],
"node_type": "appendix",
"text": "[Financial institution may add validation instructions here.]"
},
{
"children": [],
"label": [
"1005",
"A",
"1",
"b"
],
"node_type": "appendix",
"text": "(b) Accounts using codes. You cannot use the enclosed code to transfer money into or out of your account until we have validated it. If you do not want to use the code, please (destroy this notice at once)."
},
{
"children": [],
"label": [
"1005",
"A",
"1",
"p2"
],
"node_type": "appendix",
"text": "[Financial institution may add validation instructions here.]"
}
],
"label": [
"1005",
"A",
"1"
],
"node_type": "appendix",
"text": "",
"title": "A-1\u2014Model Clauses for Unsolicited Issuance (\u00a7 1005.5(b)(2))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"a"
],
"node_type": "appendix",
"text": "(a) Consumer Liability (\u00a7 1005.7(b)(1))."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"p3"
],
"node_type": "appendix",
"text": "(Tell us AT ONCE if you believe your [card] [code] has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your [card] [code], you can lose no more than $50 if someone used your [card][code] without your permission.)"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"p4"
],
"node_type": "appendix",
"text": "If you do NOT tell us within 2 business days after you learn of the loss or theft of your [card] [code], and we can prove we could have stopped someone from using your [card] [code] without your permission if you had told us, you could lose as much as $500."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"p5"
],
"node_type": "appendix",
"text": "Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"b"
],
"node_type": "appendix",
"text": "(b) Contact in event of unauthorized transfer (\u00a7 1005.7(b)(2)). If you believe your [card] [code] has been lost or stolen, call: [Telephone number] or write: [Name of person or office to be notified] [Address]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"p6"
],
"node_type": "appendix",
"text": "You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"c"
],
"node_type": "appendix",
"text": "(c) Business days (\u00a7 1005.7(b)(3)). For purposes of these disclosures, our business days are (Monday through Friday) (Monday through Saturday) (any day including Saturdays and Sundays). Holidays are (not) included."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"1",
"i"
],
"node_type": "appendix",
"text": "(i) Withdraw cash from your [checking] [or] [savings] account."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"1",
"ii"
],
"node_type": "appendix",
"text": "(ii) Make deposits to your [checking] [or] [savings] account."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"1",
"iii"
],
"node_type": "appendix",
"text": "(iii) Transfer funds between your checking and savings accounts whenever you request."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"1",
"iv"
],
"node_type": "appendix",
"text": "(iv) Pay for purchases at places that have agreed to accept the [card] [code]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"1",
"v"
],
"node_type": "appendix",
"text": "(v) Pay bills directly [by telephone] from your [checking] [or] [savings] account in the amounts and on the days you request."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"1",
"p7"
],
"node_type": "appendix",
"text": "Some of these services may not be available at all terminals."
}
],
"label": [
"1005",
"A",
"2",
"d",
"1"
],
"node_type": "appendix",
"text": "(1) Account access. You may use your [card][code] to:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"2",
"i"
],
"node_type": "appendix",
"text": "(i) Pay for purchases."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"2",
"ii"
],
"node_type": "appendix",
"text": "(ii) Pay bills."
}
],
"label": [
"1005",
"A",
"2",
"d",
"2"
],
"node_type": "appendix",
"text": "(2) Electronic check conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"3",
"i"
],
"node_type": "appendix",
"text": "(i) You may make only [insert number, e.g., 3] cash withdrawals from our terminals each [insert time period, e.g., week]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"3",
"ii"
],
"node_type": "appendix",
"text": "(ii) You can use your telephone bill-payment service to pay [insert number] bills each [insert time period] [telephone call]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"3",
"iii"
],
"node_type": "appendix",
"text": "(iii) You can use our point-of-sale transfer service for [insert number] transactions each [insert time period]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"3",
"iv"
],
"node_type": "appendix",
"text": "(iv) For security reasons, there are limits on the number of transfers you can make using our [terminals] [telephone bill-payment service] [point-of-sale transfer service]."
}
],
"label": [
"1005",
"A",
"2",
"d",
"3"
],
"node_type": "appendix",
"text": "(3) Limitations on frequency of transfers. "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"4",
"i"
],
"node_type": "appendix",
"text": "(i) You may withdraw up to [insert dollar amount] from our terminals each [insert time period] time you use the [card] [code]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"d",
"4",
"ii"
],
"node_type": "appendix",
"text": "(ii) You may buy up to [insert dollar amount] worth of goods or services each [insert time period] time you use the [card] [code] in our point-of-sale transfer service."
}
],
"label": [
"1005",
"A",
"2",
"d",
"4"
],
"node_type": "appendix",
"text": "(4) Limitations on dollar amounts of transfers "
}
],
"label": [
"1005",
"A",
"2",
"d"
],
"node_type": "appendix",
"text": "(d) Transfer types and limitations (\u00a7 1005.7(b)(4)) "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"e",
"1"
],
"node_type": "appendix",
"text": "(1) Per transfer charge. We will charge you [insert dollar amount] for each transfer you make using our [automated teller machines] [telephone bill-payment service] [point-of-sale transfer service]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"e",
"2"
],
"node_type": "appendix",
"text": "(2) Fixed charge. We will charge you [insert dollar amount] each [insert time period] for our [automated teller machine service] [telephone bill-payment service] [point-of-sale transfer service]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"e",
"3"
],
"node_type": "appendix",
"text": "(3) Average or minimum balance charge. We will only charge you for using our [automated teller machines] [telephone bill-payment service] [point-of-sale transfer service] if the [average] [minimum] balance in your [checking account] [savings account] [accounts] falls below [insert dollar amount]. If it does, we will charge you [insert dollar amount] each [transfer] [insert time period]."
}
],
"label": [
"1005",
"A",
"2",
"e"
],
"node_type": "appendix",
"text": "(e) Fees (\u00a7 1005.7(b)(5)) "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"f",
"i"
],
"node_type": "appendix",
"text": "(i) Where it is necessary for completing transfers, or"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"f",
"ii"
],
"node_type": "appendix",
"text": "(ii) In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"f",
"iii"
],
"node_type": "appendix",
"text": "(iii) In order to comply with government agency or court orders, or"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"f",
"iv"
],
"node_type": "appendix",
"text": "(iv) If you give us your written permission."
}
],
"label": [
"1005",
"A",
"2",
"f"
],
"node_type": "appendix",
"text": "(f) Confidentiality (\u00a7 1005.7(b)(9)). We will disclose information to third parties about your account or the transfers you make:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"g",
"1"
],
"node_type": "appendix",
"text": "(1) Terminal transfers. You can get a receipt at the time you make any transfer to or from your account using one of our [automated teller machines] [or] [point-of-sale terminals]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"g",
"2"
],
"node_type": "appendix",
"text": "(2) Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, (we will let you know if the deposit is [not] made.) [the person or company making the deposit will tell you every time they send us the money] [you can call us at (insert telephone number) to find out whether or not the deposit has been made]."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"g",
"3"
],
"node_type": "appendix",
"text": "(3) Periodic statements. You will get a [monthly] [quarterly] account statement (unless there are no transfers in a particular month. In any case you will get the statement at least quarterly)."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"g",
"4"
],
"node_type": "appendix",
"text": "(4) Passbook account where the only possible electronic fund transfers are preauthorized credits. If you bring your passbook to us, we will record any electronic deposits that were made to your account since the last time you brought in your passbook."
}
],
"label": [
"1005",
"A",
"2",
"g"
],
"node_type": "appendix",
"text": "(g) Documentation (\u00a7 1005.7(b)(6)) "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"h",
"1"
],
"node_type": "appendix",
"text": "(1) Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how:"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"h",
"p8"
],
"node_type": "appendix",
"text": "Call us at [insert telephone number], or write us at [insert address], in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. (We will charge you [insert amount] for each stop-payment order you give.)"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"h",
"2"
],
"node_type": "appendix",
"text": "(2) Notice of varying amounts. If these regular payments may vary in amount, [we] [the person you are going to pay] will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"h",
"3"
],
"node_type": "appendix",
"text": "(3) Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages."
}
],
"label": [
"1005",
"A",
"2",
"h"
],
"node_type": "appendix",
"text": "(h) Preauthorized payments (\u00a7 1005.7(b) (6), (7) and (8); \u00a7 1005.10(d)) "
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"2",
"i",
"1"
],
"node_type": "appendix",
"text": "(1) If, through no fault of ours, you do not have enough money in your account to make the transfer."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"i",
"2"
],
"node_type": "appendix",
"text": "(2) If the transfer would go over the credit limit on your overdraft line."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"i",
"3"
],
"node_type": "appendix",
"text": "(3) If the automated teller machine where you are making the transfer does not have enough cash."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"i",
"4"
],
"node_type": "appendix",
"text": "(4) If the [terminal] [system] was not working properly and you knew about the breakdown when you started the transfer."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"i",
"5"
],
"node_type": "appendix",
"text": "(5) If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken."
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"i",
"6"
],
"node_type": "appendix",
"text": "(6) There may be other exceptions stated in our agreement with you."
}
],
"label": [
"1005",
"A",
"2",
"i"
],
"node_type": "appendix",
"text": "(i) Financial institution's liability (\u00a7 1005.7(b)(8)). If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:"
},
{
"children": [],
"label": [
"1005",
"A",
"2",
"j"
],
"node_type": "appendix",
"text": "(j) ATM fees (\u00a7 1005.7(b)(11)). When you use an ATM not owned by us, you may be charged a fee by the ATM operator [or any network used] (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer)."
}
],
"label": [
"1005",
"A",
"2"
],
"node_type": "appendix",
"text": "",
"title": "A-2\u2014Model Clauses for Initial Disclosures (\u00a7 1005.7(b))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"3",
"a"
],
"node_type": "appendix",
"text": "(a) Initial and annual error resolution notice (\u00a7\u00a7 1005.7(b)(10) and 1005.8(b))."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"1"
],
"node_type": "appendix",
"text": "(1) Tell us your name and account number (if any)."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"2"
],
"node_type": "appendix",
"text": "(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"3"
],
"node_type": "appendix",
"text": "(3) Tell us the dollar amount of the suspected error."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"p10"
],
"node_type": "appendix",
"text": "If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"p11"
],
"node_type": "appendix",
"text": "We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"p12"
],
"node_type": "appendix",
"text": "For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p9",
"p13"
],
"node_type": "appendix",
"text": "We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation."
}
],
"label": [
"1005",
"A",
"3",
"p9"
],
"node_type": "appendix",
"text": "In Case of Errors or Questions About Your Electronic Transfers Telephone us at [insert telephone number] Write us at [insert address] [or email us at [insert email address]] as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"b"
],
"node_type": "appendix",
"text": "(b) Error resolution notice on periodic statements (\u00a7 1005.8(b))."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"3",
"p14",
"1"
],
"node_type": "appendix",
"text": "(1) Tell us your name and account number (if any)."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p14",
"2"
],
"node_type": "appendix",
"text": "(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p14",
"3"
],
"node_type": "appendix",
"text": "(3) Tell us the dollar amount of the suspected error."
},
{
"children": [],
"label": [
"1005",
"A",
"3",
"p14",
"p15"
],
"node_type": "appendix",
"text": "We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation."
}
],
"label": [
"1005",
"A",
"3",
"p14"
],
"node_type": "appendix",
"text": "In Case of Errors or Questions About Your Electronic Transfers Telephone us at [insert telephone number] or Write us at [insert address] as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared."
}
],
"label": [
"1005",
"A",
"3"
],
"node_type": "appendix",
"text": "",
"title": "A-3\u2014Model Forms for Error Resolution Notice (\u00a7\u00a7 1005.7(b)(10) and 1005.8(b))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"4",
"p16"
],
"node_type": "appendix",
"text": "ALL QUESTIONS ABOUT TRANSACTIONS MADE WITH YOUR (NAME OF CARD) CARD MUST BE DIRECTED TO US (NAME OF SERVICE PROVIDER), AND NOT TO THE BANK OR OTHER FINANCIAL INSTITUTION WHERE YOU HAVE YOUR ACCOUNT. We are responsible for the [name of service] service and for resolving any errors in transactions made with your [name of card] card."
},
{
"children": [],
"label": [
"1005",
"A",
"4",
"p17"
],
"node_type": "appendix",
"text": "We will not send you a periodic statement listing transactions that you make using your [name of card] card. The transactions will appear only on the statement issued by your bank or other financial institution. SAVE THE RECEIPTS YOU ARE GIVEN WHEN YOU USE YOUR [NAME OF CARD] CARD, AND CHECK THEM AGAINST THE ACCOUNT STATEMENT YOU RECEIVE FROM YOUR BANK OR OTHER FINANCIAL INSTITUTION. If you have any questions about one of these transactions, call or write us at [telephone number and address] [the telephone number and address indicated below]."
},
{
"children": [],
"label": [
"1005",
"A",
"4",
"p18"
],
"node_type": "appendix",
"text": "IF YOUR [NAME OF CARD] CARD IS LOST OR STOLEN, NOTIFY US AT ONCE by calling or writing to us at [telephone number and address]."
}
],
"label": [
"1005",
"A",
"4"
],
"node_type": "appendix",
"text": "",
"title": "A-4\u2014Model Form for Service-Providing Institutions (\u00a7 1005.14(b)(1)(ii))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"5",
"a"
],
"node_type": "appendix",
"text": "(a) Disclosure by government agencies of information about obtaining account balances and account histories (\u00a7 1005.15(d)(1)(i) and (ii))."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p19"
],
"node_type": "appendix",
"text": "You may obtain information about the amount of benefits you have remaining by calling [telephone number]. That information is also available [on the receipt you get when you make a transfer with your card at (an ATM)(a POS terminal)][when you make a balance inquiry at an ATM][when you make a balance inquiry at specified locations]."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p20"
],
"node_type": "appendix",
"text": "You also have the right to receive a written summary of transactions for the 60 days preceding your request by calling [telephone number]. [Optional: Or you may request the summary by contacting your caseworker.]"
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"b"
],
"node_type": "appendix",
"text": "(b) Disclosure of error resolution procedures for government agencies that do not provide periodic statements (\u00a7 1005.15(d)(1)(iii) and (d)(2))."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p21"
],
"node_type": "appendix",
"text": "In Case of Errors or Questions About Your Electronic Transfers Telephone us at [telephone number] Write us at [insert address] [or email us at [insert email address]] as soon as you can, if you think an error has occurred in your [EBT][agency's name for program] account. We must hear from you no later than 60 days after you learn of the error. You will need to tell us:"
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p22"
],
"node_type": "appendix",
"text": "\u2022 Your name and [case] [file] number."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p23"
],
"node_type": "appendix",
"text": "\u2022 Why you believe there is an error, and the dollar amount involved."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p24"
],
"node_type": "appendix",
"text": "\u2022 Approximately when the error took place."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p25"
],
"node_type": "appendix",
"text": "If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p26"
],
"node_type": "appendix",
"text": "We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p27"
],
"node_type": "appendix",
"text": "For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p28"
],
"node_type": "appendix",
"text": "We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation."
},
{
"children": [],
"label": [
"1005",
"A",
"5",
"p29"
],
"node_type": "appendix",
"text": "If you need more information about our error resolution procedures, call us at [telephone number][the telephone number shown above]."
}
],
"label": [
"1005",
"A",
"5"
],
"node_type": "appendix",
"text": "",
"title": "A-5\u2014Model Forms for Government Agencies (\u00a7 1005.15(d)(1) and (2))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"6",
"a"
],
"node_type": "appendix",
"text": "(a) Notice About Electronic Check Conversion."
},
{
"children": [],
"label": [
"1005",
"A",
"6",
"p30"
],
"node_type": "appendix",
"text": "When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction."
},
{
"children": [],
"label": [
"1005",
"A",
"6",
"b"
],
"node_type": "appendix",
"text": "(b) Alternative Notice About Electronic Check Conversion (Optional)."
},
{
"children": [],
"label": [
"1005",
"A",
"6",
"p31"
],
"node_type": "appendix",
"text": "When you provide a check as payment, you authorize us to use information from your check to make a one-time electronic fund transfer from your account. In certain circumstances, such as for technical or processing reasons, we may process your payment as a check transaction."
},
{
"children": [],
"label": [
"1005",
"A",
"6",
"p32"
],
"node_type": "appendix",
"text": "[Specify other circumstances (at payee's option).]"
},
{
"children": [],
"label": [
"1005",
"A",
"6",
"c"
],
"node_type": "appendix",
"text": "(c) Notice For Providing Additional Information About Electronic Check Conversion."
},
{
"children": [],
"label": [
"1005",
"A",
"6",
"p33"
],
"node_type": "appendix",
"text": "When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day [you make] [we receive] your payment[, and you will not receive your check back from your financial institution]."
}
],
"label": [
"1005",
"A",
"6"
],
"node_type": "appendix",
"text": "",
"title": "A-6\u2014Model Clauses for Authorizing One-Time Electronic Fund Transfers Using Information From a Check (\u00a7 1005.3(b)(2))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"7",
"a"
],
"node_type": "appendix",
"text": "(a) Disclosure by financial institutions of information about obtaining account information for payroll card accounts. \u00a7 1005.18(c)(1)."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p34"
],
"node_type": "appendix",
"text": "You may obtain information about the amount of money you have remaining in your payroll card account by calling [telephone number]. This information, along with a 60-day history of account transactions, is also available online at [internet address]."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p35"
],
"node_type": "appendix",
"text": "You also have the right to obtain a 60-day written history of account transactions by calling [telephone number], or by writing us at [address]."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"b"
],
"node_type": "appendix",
"text": "(b) Disclosure of error-resolution procedures for financial institutions that provide alternative means of obtaining payroll card account information (\u00a7 1005.18(c)(1)(ii) and (c)(2))."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p36"
],
"node_type": "appendix",
"text": "In Case of Errors or Questions About Your Payroll Card Account Telephone us at [telephone number] or Write us at [address] [or email us at [email address]] as soon as you can, if you think an error has occurred in your payroll card account. We must allow you to report an error until 60 days after the earlier of the date you electronically access your account, if the error could be viewed in your electronic history, or the date we sent the FIRST written history on which the error appeared. You may request a written history of your transactions at any time by calling us at [telephone number] or writing us at [address]. You will need to tell us:"
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p37"
],
"node_type": "appendix",
"text": "Your name and [payroll card account] number."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p38"
],
"node_type": "appendix",
"text": "Why you believe there is an error, and the dollar amount involved."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p39"
],
"node_type": "appendix",
"text": "Approximately when the error took place."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p40"
],
"node_type": "appendix",
"text": "If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p41"
],
"node_type": "appendix",
"text": "We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p42"
],
"node_type": "appendix",
"text": "For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p43"
],
"node_type": "appendix",
"text": "We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p44"
],
"node_type": "appendix",
"text": "You may ask for copies of the documents that we used in our investigation."
},
{
"children": [],
"label": [
"1005",
"A",
"7",
"p45"
],
"node_type": "appendix",
"text": "If you need more information about our error-resolution procedures, call us at [telephone number] [the telephone number shown above] [or visit [internet address]]."
}
],
"label": [
"1005",
"A",
"7"
],
"node_type": "appendix",
"text": "",
"title": "A-7\u2014Model Clauses for Financial Institutions Offering Payroll Card Accounts (\u00a7 1005.18(c))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"8",
"p46"
],
"node_type": "appendix",
"text": "If your payment is returned unpaid, you authorize [us/name of person collecting the fee electronically] to make a one-time electronic fund transfer from your account to collect a fee of [$____]. [If your payment is returned unpaid, you authorize [us/name of person collecting the fee electronically] to make a one-time electronic fund transfer from your account to collect a fee. The fee will be determined [by]/[as follows]: [____].]"
}
],
"label": [
"1005",
"A",
"8"
],
"node_type": "appendix",
"text": "",
"title": "A-8\u2014Model Clause for Electronic Collection of Returned Item Fees (\u00a7 1005.3(b)(3))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"9",
"p47"
],
"node_type": "appendix",
"text": "![](ER27DE11.000-1)"
}
],
"label": [
"1005",
"A",
"9"
],
"node_type": "appendix",
"text": "",
"title": "A-9 Model Consent Form for Overdraft Services \u00a7 1005.17"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"30(a)",
"p1"
],
"node_type": "appendix",
"text": "![](ER22MY13.242)"
}
],
"label": [
"1005",
"A",
"30(a)"
],
"node_type": "appendix",
"text": "",
"title": "A-30(a)\u2014Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (\u00a7 1005.31(b)(1))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"30(b)",
"p2"
],
"node_type": "appendix",
"text": "![](ER22MY13.243)"
}
],
"label": [
"1005",
"A",
"30(b)"
],
"node_type": "appendix",
"text": "",
"title": "A-30(b)\u2014Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (\u00a7 1005.31(b)(1))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"30(c)",
"p3"
],
"node_type": "appendix",
"text": "![](ER22MY13.244)"
}
],
"label": [
"1005",
"A",
"30(c)"
],
"node_type": "appendix",
"text": "",
"title": "A-30(c)\u2014Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (\u00a7 1005.31(b)(1))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"30(d)",
"p4"
],
"node_type": "appendix",
"text": "![](ER22MY13.245)"
}
],
"label": [
"1005",
"A",
"30(d)"
],
"node_type": "appendix",
"text": "",
"title": "A-30(d)\u2014Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (\u00a7 1005.31(b)(1))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"31",
"p5"
],
"node_type": "appendix",
"text": "![](ER22MY13.246)"
}
],
"label": [
"1005",
"A",
"31"
],
"node_type": "appendix",
"text": "",
"title": "A-31\u2014Model Form for Receipts for Remittance Transfers Exchanged into Local Currency (\u00a7 1005.31(b)(2))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"32",
"p6"
],
"node_type": "appendix",
"text": "![](ER22MY13.247)"
},
{
"children": [],
"label": [
"1005",
"A",
"32",
"p7"
],
"node_type": "appendix",
"text": "![](ER22MY13.248)"
}
],
"label": [
"1005",
"A",
"32"
],
"node_type": "appendix",
"text": "",
"title": "A-32\u2014Model Form for Combined Disclosures for Remittance Transfers Exchanged into Local Currency (\u00a7 1005.31(b)(3))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"33",
"p8"
],
"node_type": "appendix",
"text": "![](ER22MY13.249)"
}
],
"label": [
"1005",
"A",
"33"
],
"node_type": "appendix",
"text": "",
"title": "A-33\u2014Model Form for Pre-Payment Disclosures for Dollar-to-Dollar Remittance Transfers (\u00a7 1005.31(b)(1))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"34",
"p9"
],
"node_type": "appendix",
"text": "![](ER22MY13.250)"
}
],
"label": [
"1005",
"A",
"34"
],
"node_type": "appendix",
"text": "",
"title": "A-34\u2014Model Form for Receipts for Dollar-to-Dollar Remittance Transfers (\u00a7 1005.31(b)(2))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"35",
"p10"
],
"node_type": "appendix",
"text": "![](ER22MY13.251)"
}
],
"label": [
"1005",
"A",
"35"
],
"node_type": "appendix",
"text": "",
"title": "A-35\u2014Model Form for Combined Disclosures for Dollar-to-Dollar Remittance Transfers (\u00a7 1005.31(b)(3))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"36",
"p11"
],
"node_type": "appendix",
"text": "![](ER22MY13.252)"
}
],
"label": [
"1005",
"A",
"36"
],
"node_type": "appendix",
"text": "",
"title": "A-36\u2014Model Form for Error Resolution and Cancellation Disclosures (Long) (\u00a7 1005.31(b)(4))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"37",
"p12"
],
"node_type": "appendix",
"text": "![](ER22MY13.253)"
}
],
"label": [
"1005",
"A",
"37"
],
"node_type": "appendix",
"text": "",
"title": "A-37\u2014Model Form for Error Resolution and Cancellation Disclosures (Short) (\u00a7 1005.31(b)(2)(iv) and (b)(2)(vi))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"38",
"p13"
],
"node_type": "appendix",
"text": "![](ER22MY13.254)"
}
],
"label": [
"1005",
"A",
"38"
],
"node_type": "appendix",
"text": "",
"title": "A-38\u2014Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency\u2014Spanish (\u00a7 1005.31(b)(1))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"39",
"p14"
],
"node_type": "appendix",
"text": "![](ER22MY13.255)"
},
{
"children": [],
"label": [
"1005",
"A",
"39",
"p15"
],
"node_type": "appendix",
"text": "![](ER22MY13.256)"
}
],
"label": [
"1005",
"A",
"39"
],
"node_type": "appendix",
"text": "",
"title": "A-39\u2014Model Form for Receipts for Remittance Transfers Exchanged into Local Currency\u2014Spanish (\u00a7 1005.31(b)(2))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"40",
"p16"
],
"node_type": "appendix",
"text": "![](ER22MY13.257)"
}
],
"label": [
"1005",
"A",
"40"
],
"node_type": "appendix",
"text": "",
"title": "A-40\u2014Model Form for Combined Disclosures for Remittance Transfers Exchanged into Local Currency\u2014Spanish (\u00a7 1005.31(b)(3))"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"A",
"41",
"p17"
],
"node_type": "appendix",
"text": "![](ER22MY13.258)"
}
],
"label": [
"1005",
"A",
"41"
],
"node_type": "appendix",
"text": "",
"title": "A-41\u2014Model Form for Error Resolution and Cancellation Disclosures (Long)\u2014Spanish (\u00a7 1005.31(b)(4))"
}
],
"label": [
"1005",
"A"
],
"node_type": "appendix",
"text": "",
"title": "Appendix A to Part 1005\u2014Model Disclosure Clauses and Forms"
},
{
"children": [],
"label": [
"1005",
"B"
],
"node_type": "appendix",
"text": "",
"title": "Appendix B to Part 1005\u2014[Reserved]"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"C",
"h1",
"p1"
],
"node_type": "appendix",
"text": "Pursuant to section 916(d) of the Act, the Bureau has designated the Associate Director and other officials of the Division of Research, Markets, and Regulations as officials \u201cduly authorized\u201d to issue, at their discretion, official interpretations of this part. Except in unusual circumstances, such interpretations will not be issued separately but will be incorporated in an official commentary to this part, which will be amended periodically."
}
],
"label": [
"1005",
"C",
"h1"
],
"node_type": "appendix",
"text": "",
"title": "Official Interpretations"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"C",
"h2",
"p2"
],
"node_type": "appendix",
"text": "A request for an official interpretation shall be in writing and addressed to the Bureau of Consumer Financial Protection, 1700 G Street NW., Washington, DC 20006. The request shall contain a complete statement of all relevant facts concerning the issue, including copies of all pertinent documents."
}
],
"label": [
"1005",
"C",
"h2"
],
"node_type": "appendix",
"text": "",
"title": "Requests for Issuance of Official Interpretations"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"C",
"h3",
"p3"
],
"node_type": "appendix",
"text": "No interpretations will be issued approving financial institutions' forms or statements. This restriction does not apply to forms or statements whose use is required or sanctioned by a government agency."
}
],
"label": [
"1005",
"C",
"h3"
],
"node_type": "appendix",
"text": "",
"title": "Scope of Interpretations"
}
],
"label": [
"1005",
"C"
],
"node_type": "appendix",
"text": "",
"title": "Appendix C to Part 1005\u2014Issuance of Official Interpretations"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Examples. The term \u201caccess device\u201d includes debit cards, personal identification numbers (PINs), telephone transfer and telephone bill payment codes, and other means that may be used by a consumer to initiate an electronic fund transfer (EFT) to or from a consumer account. The term does not include magnetic tape or other devices used internally by a financial institution to initiate electronic transfers."
},
{
"children": [],
"label": [
"1005",
"2",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Checks used to capture information. The term \u201caccess device\u201d does not include a check or draft used to capture the Magnetic Ink Character Recognition (MICR) encoding to initiate a one-time automated clearinghouse (ACH) debit. For example, if a consumer authorizes a one-time ACH debit from the consumer's account using a blank, partially completed, or fully completed and signed check for the merchant to capture the routing, account, and serial numbers to initiate the debit, the check is not an access device. (Although the check is not an access device under Regulation E, the transaction is nonetheless covered by the regulation. See comment 3(b)(1)-1.v.)"
}
],
"label": [
"1005",
"2",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "2(a) Access Device"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"b",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. Club accounts, such as vacation clubs. In many cases, however, these accounts are exempt from the regulation under \u00a7 1005.3(c)(5) because all electronic transfers to or from the account have been preauthorized by the consumer and involve another account of the consumer at the same institution."
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. A retail repurchase agreement (repo), which is a loan made to a financial institution by a consumer that is collateralized by government or government-insured securities."
}
],
"label": [
"1005",
"2",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Consumer asset account. The term \u201cconsumer asset account\u201d includes:"
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Certain employment-related cards not covered. The term \u201cpayroll card account\u201d does not include a card used solely to disburse incentive-based payments (other than commissions which can represent the primary means through which a consumer is paid), such as bonuses, which are unlikely to be a consumer's primary source of salary or other compensation. The term also does not include a card used solely to make disbursements unrelated to compensation, such as petty cash reimbursements or travel per diem payments. Similarly, a payroll card account does not include a card that is used in isolated instances to which an employer typically does not make recurring payments, such as when providing final payments or in emergency situations when other payment methods are unavailable. However, all transactions involving the transfer of funds to or from a payroll card account are covered by the regulation, even if a particular transaction involves payment of a bonus, other incentive-based payment, or reimbursement, or the transaction does not represent a transfer of wages, salary, or other employee compensation."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"b",
"Interp",
"3",
"i"
],
"node_type": "interp",
"text": "i. Profit-sharing and pension accounts established under a trust agreement, which are exempt under \u00a7 1005.2(b)(2)."
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"Interp",
"3",
"ii"
],
"node_type": "interp",
"text": "ii. Escrow accounts, such as those established to ensure payment of items such as real estate taxes, insurance premiums, or completion of repairs or improvements."
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"Interp",
"3",
"iii"
],
"node_type": "interp",
"text": "iii. Accounts for accumulating funds to purchase U.S. savings bonds."
}
],
"label": [
"1005",
"2",
"b",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Examples of accounts not covered by Regulation E (12 CFR Part 1005) include:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"b",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Bona fide trust agreements. The term \u201cbona fide trust agreement\u201d is not defined by the Act or regulation; therefore, financial institutions must look to state or other applicable law for interpretation."
},
{
"children": [],
"label": [
"1005",
"2",
"b",
"2",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Custodial agreements. An account held under a custodial agreement that qualifies as a trust under the Internal Revenue Code, such as an individual retirement account, is considered to be held under a trust agreement for purposes of Regulation E."
}
],
"label": [
"1005",
"2",
"b",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 2(b)(2)"
}
],
"label": [
"1005",
"2",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "2(b) Account"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"d",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Duration. A business day includes the entire 24-hour period ending at midnight, and a notice required by the regulation is effective even if given outside normal business hours. The regulation does not require, however, that a financial institution make telephone lines available on a 24-hour basis."
},
{
"children": [],
"label": [
"1005",
"2",
"d",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Substantially all business functions. Substantially all business functions include both the public and the back-office operations of the institution. For example, if the offices of an institution are open on Saturdays for handling some consumer transactions (such as deposits, withdrawals, and other teller transactions), but not for performing internal functions (such as investigating account errors), then Saturday is not a business day for that institution. In this case, Saturday does not count toward the business-day standard set by the regulation for reporting lost or stolen access devices, resolving errors, etc."
},
{
"children": [],
"label": [
"1005",
"2",
"d",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Short hours. A financial institution may determine, at its election, whether an abbreviated day is a business day. For example, if an institution engages in substantially all business functions until noon on Saturdays instead of its usual 3 p.m. closing, it may consider Saturday a business day."
},
{
"children": [],
"label": [
"1005",
"2",
"d",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Telephone line. If a financial institution makes a telephone line available on Sundays for reporting the loss or theft of an access device, but performs no other business functions, Sunday is not a business day under the substantially all business functions standard."
}
],
"label": [
"1005",
"2",
"d",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "2(d) Business Day"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"h",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. A consumer uses a debit card at a public telephone to pay for the call."
},
{
"children": [],
"label": [
"1005",
"2",
"h",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. A consumer initiates a transfer by a means analogous in function to a telephone, such as by home banking equipment or a facsimile machine."
}
],
"label": [
"1005",
"2",
"h",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Point-of-sale (POS) payments initiated by telephone. Because the term \u201celectronic terminal\u201d excludes a telephone operated by a consumer, a financial institution need not provide a terminal receipt when:"
},
{
"children": [],
"label": [
"1005",
"2",
"h",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. POS terminals. A POS terminal that captures data electronically, for debiting or crediting to a consumer's asset account, is an electronic terminal for purposes of Regulation E even if no access device is used to initiate the transaction. See \u00a7 1005.9 for receipt requirements."
},
{
"children": [],
"label": [
"1005",
"2",
"h",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Teller-operated terminals. A terminal or other computer equipment operated by an employee of a financial institution is not an electronic terminal for purposes of the regulation. However, transfers initiated at such terminals by means of a consumer's access device (using the consumer's PIN, for example) are EFTs and are subject to other requirements of the regulation. If an access device is used only for identification purposes or for determining the account balance, the transfers are not EFTs for purposes of the regulation."
}
],
"label": [
"1005",
"2",
"h",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "2(h) Electronic Terminal"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"k",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Advance authorization. A preauthorized electronic fund transfer under Regulation E is one authorized by the consumer in advance of a transfer that will take place on a recurring basis, at substantially regular intervals, and will require no further action by the consumer to initiate the transfer. In a bill-payment system, for example, if the consumer authorizes a financial institution to make monthly payments to a payee by means of EFTs, and the payments take place without further action by the consumer, the payments are preauthorized EFTs. In contrast, if the consumer must take action each month to initiate a payment (such as by entering instructions on a touch-tone telephone or home computer), the payments are not preauthorized EFTs."
}
],
"label": [
"1005",
"2",
"k",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "2(k) Preauthorized Electronic Fund Transfer"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Transfer by institution's employee. A consumer has no liability for erroneous or fraudulent transfers initiated by an employee of a financial institution."
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Authority. If a consumer furnishes an access device and grants authority to make transfers to a person (such as a family member or co-worker) who exceeds the authority given, the consumer is fully liable for the transfers unless the consumer has notified the financial institution that transfers by that person are no longer authorized."
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Access device obtained through robbery or fraud. An unauthorized EFT includes a transfer initiated by a person who obtained the access device from the consumer through fraud or robbery."
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Forced initiation. An EFT at an ATM is an unauthorized transfer if the consumer has been induced by force to initiate the transfer."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"5",
"i"
],
"node_type": "interp",
"text": "i. A credit made to the wrong consumer's account;"
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"5",
"ii"
],
"node_type": "interp",
"text": "ii. A duplicate credit made to a consumer's account; or"
},
{
"children": [],
"label": [
"1005",
"2",
"m",
"Interp",
"5",
"iii"
],
"node_type": "interp",
"text": "iii. A credit in the wrong amount (for example, when the amount credited to the consumer's account differs from the amount in the transmittal instructions)."
}
],
"label": [
"1005",
"2",
"m",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Reversal of direct deposits. The reversal of a direct deposit made in error is not an unauthorized EFT when it involves:"
}
],
"label": [
"1005",
"2",
"m",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "2(m) Unauthorized Electronic Fund Transfer"
}
],
"label": [
"1005",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.2 Definitions"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"a",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. The consumer and the financial institution (including an account for which an access device has been issued to the consumer, for example);"
},
{
"children": [],
"label": [
"1005",
"3",
"a",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. The consumer and a third party (for preauthorized debits or credits, for example), when the account-holding institution has received notice of the agreement and the fund transfers have begun."
}
],
"label": [
"1005",
"3",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Accounts covered. The requirements of the regulation apply only to an account for which an agreement for EFT services to or from the account has been entered into between:"
},
{
"children": [],
"label": [
"1005",
"3",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Automated clearing house (ACH) membership. The fact that membership in an ACH requires a financial institution to accept EFTs to accounts at the institution does not make every account of that institution subject to the regulation."
},
{
"children": [],
"label": [
"1005",
"3",
"a",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Foreign applicability. Regulation E applies to all persons (including branches and other offices of foreign banks located in the United States) that offer EFT services to residents of any state, including resident aliens. It covers any account located in the United States through which EFTs are offered to a resident of a state. This is the case whether or not a particular transfer takes place in the United States and whether or not the financial institution is chartered in the United States or a foreign country. The regulation does not apply to a foreign branch of a U.S. bank unless the EFT services are offered in connection with an account in a state as defined in \u00a7 1005.2(l)."
}
],
"label": [
"1005",
"3",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(a) General"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. A deposit made at an ATM or other electronic terminal (including a deposit in cash or by check) provided a specific agreement exists between the financial institution and the consumer for EFTs to or from the account to which the deposit is made."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. A transfer sent via ACH. For example, social security benefits under the U.S. Treasury's direct-deposit program are covered, even if the listing of payees and payment amounts reaches the account-holding institution by means of a computer printout from a correspondent bank."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1",
"iii"
],
"node_type": "interp",
"text": "iii. A preauthorized transfer credited or debited to an account in accordance with instructions contained on magnetic tape, even if the financial institution holding the account sends or receives a composite check."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1",
"iv"
],
"node_type": "interp",
"text": "iv. A transfer from the consumer's account resulting from a debit-card transaction at a merchant location, even if no electronic terminal is involved at the time of the transaction, if the consumer's asset account is subsequently debited for the amount of the transfer."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1",
"v"
],
"node_type": "interp",
"text": "v. A transfer via ACH where a consumer has provided a check to enable the merchant or other payee to capture the routing, account, and serial numbers to initiate the transfer, whether the check is blank, partially completed, or fully completed and signed; whether the check is presented at POS or is mailed to a merchant or other payee or lockbox and later converted to an EFT; or whether the check is retained by the consumer, the merchant or other payee, or the payee's financial institution."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1",
"vi"
],
"node_type": "interp",
"text": "vi. A payment made by a bill payer under a bill-payment service available to a consumer via computer or other electronic means, unless the terms of the bill-payment service explicitly state that all payments, or all payments to a particular payee or payees, will be solely by check, draft, or similar paper instrument drawn on the consumer's account, and the payee or payees that will be paid in this manner are identified to the consumer."
}
],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Fund transfers covered. The term \u201celectronic fund transfer\u201d includes:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"2",
"i"
],
"node_type": "interp",
"text": "i. A payment that does not debit or credit a consumer asset account, such as a payroll allotment to a creditor to repay a credit extension (which is deducted from salary)."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"2",
"ii"
],
"node_type": "interp",
"text": "ii. A payment made in currency by a consumer to another person at an electronic terminal."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"2",
"iii"
],
"node_type": "interp",
"text": "iii. A preauthorized check drawn by the financial institution on the consumer's account (such as an interest or other recurring payment to the consumer or another party), even if the check is computer-generated."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"2",
"iv"
],
"node_type": "interp",
"text": "iv. Transactions arising from the electronic collection, presentment, or return of checks through the check collection system, such as through transmission of electronic check images."
}
],
"label": [
"1005",
"3",
"b",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Fund transfers not covered. The term \u201celectronic fund transfer\u201d does not include:"
}
],
"label": [
"1005",
"3",
"b",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(b)(1) Definition"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Notice at POS not furnished due to inadvertent error. If the copy of the notice under section 1005.3(b)(2)(ii) for electronic check conversion (ECK) transactions is not provided to the consumer at POS because of a bona fide unintentional error, such as when a terminal printing mechanism jams, no violation results if the payee maintains procedures reasonably adapted to avoid such occurrences."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Authorization to process a transaction as an EFT or as a check. In order to process a transaction as an EFT, or alternatively as a check, the payee must obtain the consumer's authorization to do so. A payee may, at its option, specify the circumstances under which a check may not be converted to an EFT. See model clauses in Appendix A-6."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Notice for each transfer. Generally, a notice to authorize an electronic check conversion transaction must be provided for each transaction. For example, a consumer must receive a notice that the transaction will be processed as an EFT for each transaction at POS or each time a consumer mails a check in an accounts receivable (ARC) transaction to pay a bill, such as a utility bill, if the payee intends to convert a check received as payment. Similarly, the consumer must receive notice if the payee intends to collect a service fee for insufficient or uncollected funds via an EFT for each transaction whether at POS or if the consumer mails a check to pay a bill. The notice about when funds may be debited from a consumer's account and the non-return of consumer checks by the consumer's financial institution must also be provided for each transaction. However, if in an ARC transaction, a payee provides a coupon book to a consumer, for example, for mortgage loan payments, and the payment dates and amounts are set out in the coupon book, the payee may provide a single notice on the coupon book stating all of the required disclosures under paragraph (b)(2) of this section in order to obtain authorization for each conversion of a check and any debits via EFT to the consumer's account to collect any service fees imposed by the payee for insufficient or uncollected funds in the consumer's account. The notice must be placed on a conspicuous location of the coupon book that a consumer can retain\u2014for example, on the first page, or inside the front cover."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Multiple payments/multiple consumers. If a merchant or other payee will use information from a consumer's check to initiate an EFT from the consumer's account, notice to a consumer listed on the billing account that a check provided as payment during a single billing cycle or after receiving an invoice or statement will be processed as a one-time EFT or as a check transaction constitutes notice for all checks provided in payment for the billing cycle or the invoice for which notice has been provided, whether the check(s) is submitted by the consumer or someone else. The notice applies to all checks provided in payment for the billing cycle or invoice until the provision of notice on or with the next invoice or statement. Thus, if a merchant or other payee receives a check as payment for the consumer listed on the billing account after providing notice that the check will be processed as a one-time EFT, the authorization from that consumer constitutes authorization to convert any other checks provided for that invoice or statement. Other notices required under this paragraph (b)(2) (for example, to collect a service fee for insufficient or uncollected funds via an EFT) provided to the consumer listed on the billing account also constitutes notice to any other consumer who may provide a check for the billing cycle or invoice."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"2",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Additional disclosures about ECK transactions at POS. When a payee initiates an EFT at POS using information from the consumer's check, and returns the check to the consumer at POS, the payee need not provide a notice to the consumer that the check will not be returned by the consumer's financial institution."
}
],
"label": [
"1005",
"3",
"b",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(b)(2) Electronic Fund Transfer Using Information From a Check"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"b",
"3",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Fees imposed by account-holding institution. The requirement to obtain a consumer's authorization to collect a fee via EFT for the return of an EFT or check unpaid applies only to the person that intends to initiate an EFT to collect the returned item fee from the consumer's account. The authorization requirement does not apply to any fees assessed by the consumer's account-holding financial institution when it returns the unpaid underlying EFT or check or pays the amount of an overdraft."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"3",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Accounts receivable transactions. In an ARC transaction where a consumer sends in a payment for amounts owed (or makes an in-person payment at a biller's physical location, such as when a consumer makes a loan payment at a bank branch or places a payment in a drop box), a person seeking to electronically collect a fee for items returned unpaid must obtain the consumer's authorization to collect the fee in this manner. A consumer authorizes a person to electronically collect a returned item fee when the consumer receives notice, typically on an invoice or statement, that the person may collect the fee through an EFT to the consumer's account, and the consumer goes forward with the underlying transaction by providing payment. The notice must also state the dollar amount of the fee. However, an explanation of how that fee will be determined may be provided in place of the dollar amount of the fee if the fee may vary due to the amount of the transaction or due to other factors, such as the number of days the underlying transaction is left outstanding. For example, if a state law permits a maximum fee of $30 or 10% of the underlying transaction, whichever is greater, the person collecting the fee may explain how the fee is determined, rather than state a specific dollar amount for the fee."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"3",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Disclosure of dollar amount of fee for POS transactions. The notice provided to the consumer in connection with a POS transaction under \u00a7 1005.3(b)(3)(ii) must state the amount of the fee for a returned item if the dollar amount of the fee can be calculated at the time the notice is provided or mailed. For example, if notice is provided to the consumer at the time of the transaction, if the applicable state law sets a maximum fee that may be collected for a returned item based on the amount of the underlying transaction (such as where the amount of the fee is expressed as a percentage of the underlying transaction), the person collecting the fee must state the actual dollar amount of the fee on the notice provided to the consumer. Alternatively, if the amount of the fee to be collected cannot be calculated at the time of the transaction (for example, where the amount of the fee will depend on the number of days a debt continues to be owed), the person collecting the fee may provide a description of how the fee will be determined on both the posted notice as well as on the notice provided at the time of the transaction. However, if the person collecting the fee elects to send the consumer notice after the person has initiated an EFT to collect the fee, that notice must state the amount of the fee to be collected."
},
{
"children": [],
"label": [
"1005",
"3",
"b",
"3",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Third party providing notice. The person initiating an EFT to a consumer's account to electronically collect a fee for an item returned unpaid may obtain the authorization and provide the notices required under \u00a7 1005.3(b)(3) through third parties, such as merchants."
}
],
"label": [
"1005",
"3",
"b",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(b)(3) Collection of Returned Item Fees via Electronic Fund Transfer"
}
],
"label": [
"1005",
"3",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(b) Electronic Fund Transfer"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Re-presented checks. The electronic re-presentment of a returned check is not covered by Regulation E because the transaction originated by check. Regulation E does apply, however, to any fee debited via an EFT from a consumer's account by the payee because the check was returned for insufficient or uncollected funds. The person debiting the fee electronically must obtain the consumer's authorization."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Check used to capture information for a one-time EFT. See comment 3(b)(1)-1.v."
}
],
"label": [
"1005",
"3",
"c",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(1) Checks"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Memo posting. Under a check guarantee or check authorization service, debiting of the consumer's account occurs when the check or draft is presented for payment. These services are exempt from coverage, even when a temporary hold on the account is memo-posted electronically at the time of authorization."
}
],
"label": [
"1005",
"3",
"c",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(2) Check Guarantee or Authorization"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"3",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Fedwire and ACH. If a financial institution makes a fund transfer to a consumer's account after receiving funds through Fedwire or a similar network, the transfer by ACH is covered by the regulation even though the Fedwire or network transfer is exempt."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"3",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Article 4A. Financial institutions that offer telephone-initiated Fedwire payments are subject to the requirements of UCC section 4A-202, which encourages verification of Fedwire payment orders pursuant to a security procedure established by agreement between the consumer and the receiving bank. These transfers are not subject to Regulation E and the agreement is not considered a telephone plan if the service is offered separately from a telephone bill-payment or other prearranged plan subject to Regulation E. Regulation J of the Board of Governors of the Federal Reserve System (12 CFR part 210) specifies the rules applicable to funds handled by Federal Reserve Banks. To ensure that the rules for all fund transfers through Fedwire are consistent, the Board of Governors used its preemptive authority under UCC section 4A-107 to determine that subpart B of the Board's Regulation J, including the provisions of Article 4A, applies to all fund transfers through Fedwire, even if a portion of the fund transfer is governed by the EFTA. The portion of the fund transfer that is governed by the EFTA is not governed by subpart B of the Board's Regulation J."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"3",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Similar fund transfer systems. Fund transfer systems that are similar to Fedwire include the Clearing House Interbank Payments System (CHIPS), Society for Worldwide Interbank Financial Telecommunication (SWIFT), Telex, and transfers made on the books of correspondent banks."
}
],
"label": [
"1005",
"3",
"c",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(3) Wire or Other Similar Transfers"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Coverage. The securities exemption applies to securities and commodities that may be sold by a registered broker-dealer or futures commission merchant, even when the security or commodity itself is not regulated by the Securities and Exchange Commission or the Commodity Futures Trading Commission."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Example of exempt transfer. The exemption applies to a transfer involving a transfer initiated by a telephone order to a stockbroker to buy or sell securities or to exercise a margin call."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"Interp",
"3",
"i"
],
"node_type": "interp",
"text": "i. A debit card or other access device that accesses a securities or commodities account such as a money market mutual fund and that the consumer uses for purchasing goods or services or for obtaining cash."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"4",
"Interp",
"3",
"ii"
],
"node_type": "interp",
"text": "ii. A payment of interest or dividends into the consumer's account (for example, from a brokerage firm or from a Federal Reserve Bank for government securities)."
}
],
"label": [
"1005",
"3",
"c",
"4",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Examples of nonexempt transfers. The exemption does not apply to a transfer involving:"
}
],
"label": [
"1005",
"3",
"c",
"4",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(4) Securities and Commodities Transfers"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. Electronic debits or credits to consumer accounts for check charges, stop-payment charges, non-sufficient funds (NSF) charges, overdraft charges, provisional credits, error adjustments, and similar items that are initiated automatically on the occurrence of certain events."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. Debits to consumer accounts for group insurance available only through the financial institution and payable only by means of an aggregate payment from the institution to the insurer."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"Interp",
"1",
"iii"
],
"node_type": "interp",
"text": "iii. EFTs between a thrift institution and its paired commercial bank in the state of Rhode Island, which are deemed under state law to be intra-institutional."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"Interp",
"1",
"iv"
],
"node_type": "interp",
"text": "iv. Automatic transfers between a consumer's accounts within the same financial institution, even if the account holders on the two accounts are not identical."
}
],
"label": [
"1005",
"3",
"c",
"5",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Automatic transfers exempted. The exemption applies to:"
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"5",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Automatic transfers not exempted. Transfers between accounts of the consumer at affiliated institutions (such as between a bank and its subsidiary or within a holding company) are not intra-institutional transfers, and thus do not qualify for the exemption."
}
],
"label": [
"1005",
"3",
"c",
"5",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(5) Automatic Transfers by Account-Holding Institution"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. A hold-harmless agreement on a signature card that protects the institution if the consumer requests a transfer."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. A legend on a signature card, periodic statement, or passbook that limits the number of telephone-initiated transfers the consumer can make from a savings account because of reserve requirements under Regulation D of the Board of Governors of the Federal Reserve System (12 CFR part 204)."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"1",
"iii"
],
"node_type": "interp",
"text": "iii. An agreement permitting the consumer to approve by telephone the rollover of funds at the maturity of an instrument."
}
],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Written plan or agreement. A transfer that the consumer initiates by telephone is covered by Regulation E if the transfer is made under a written plan or agreement between the consumer and the financial institution making the transfer. A written statement available to the public or to account holders that describes a service allowing a consumer to initiate transfers by telephone constitutes a plan; for example, a brochure, or material included with periodic statements. The following, however, do not by themselves constitute a written plan or agreement:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"2",
"i"
],
"node_type": "interp",
"text": "i. An employee of the financial institution completes the transfer manually (for example, by means of a debit memo or deposit slip)."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"2",
"ii"
],
"node_type": "interp",
"text": "ii. The consumer is required to make a separate request for each transfer."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"2",
"iii"
],
"node_type": "interp",
"text": "iii. The consumer uses the plan infrequently."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"2",
"iv"
],
"node_type": "interp",
"text": "iv. The consumer initiates the transfer via a facsimile machine."
},
{
"children": [],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"2",
"v"
],
"node_type": "interp",
"text": "v. The consumer initiates the transfer using a financial institution's audio-response or voice-response telephone system."
}
],
"label": [
"1005",
"3",
"c",
"6",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Examples of covered transfers. When a written plan or agreement has been entered into, a transfer initiated by a telephone call from a consumer is covered even though:"
}
],
"label": [
"1005",
"3",
"c",
"6",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(6) Telephone-Initiated Transfers"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"3",
"c",
"7",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Coverage. This exemption is limited to preauthorized transfers; institutions that offer other EFTs must comply with the applicable sections of the regulation as to such services. The preauthorized transfers remain subject to sections 913, 916, and 917 of the Act and \u00a7 1005.10(e), and are therefore exempt from UCC Article 4A."
}
],
"label": [
"1005",
"3",
"c",
"7",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c)(7) Small Institutions"
}
],
"label": [
"1005",
"3",
"c",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "3(c) Exclusions From Coverage"
}
],
"label": [
"1005",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.3 Coverage"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"4",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. General. Although no particular rules govern type size, number of pages, or the relative conspicuousness of various terms, the disclosures must be in a clear and readily understandable written form that the consumer may retain. Numbers or codes are considered readily understandable if explained elsewhere on the disclosure form."
},
{
"children": [],
"label": [
"1005",
"4",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Foreign language disclosures. Disclosures may be made in languages other than English, provided they are available in English upon request."
}
],
"label": [
"1005",
"4",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "4(a) Form of Disclosures"
}
],
"label": [
"1005",
"4",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.4 General Disclosure Requirements; Jointly Offered Services"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"5",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Coverage. The provisions of this section limit the circumstances under which a financial institution may issue an access device to a consumer. Making an additional account accessible through an existing access device is equivalent to issuing an access device and is subject to the limitations of this section."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"5",
"a",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Joint account. For a joint account, a financial institution may issue an access device to each account holder if the requesting holder specifically authorizes the issuance."
},
{
"children": [],
"label": [
"1005",
"5",
"a",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Permissible forms of request. The request for an access device may be written or oral (for example, in response to a telephone solicitation by a card issuer)."
}
],
"label": [
"1005",
"5",
"a",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 5(a)(1)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"5",
"a",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. One-for-one rule. In issuing a renewal or substitute access device, only one renewal or substitute device may replace a previously issued device. For example, only one new card and PIN may replace a card and PIN previously issued. A financial institution may provide additional devices at the time it issues the renewal or substitute access device, however, provided the institution complies with \u00a7 1005.5(b). See comment 5(b)-5. If the replacement device or the additional device permits either fewer or additional types of electronic fund transfer services, a change-in-terms notice or new disclosures are required."
},
{
"children": [],
"label": [
"1005",
"5",
"a",
"2",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Renewal or substitution by a successor institution. A successor institution is an entity that replaces the original financial institution (for example, following a corporate merger or acquisition) or that acquires accounts or assumes the operation of an EFT system."
}
],
"label": [
"1005",
"5",
"a",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 5(a)(2)"
}
],
"label": [
"1005",
"5",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "5(a) Solicited Issuance"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"5",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Compliance. A financial institution may issue an unsolicited access device (such as the combination of a debit card and PIN) if the institution's ATM system has been programmed not to accept the access device until after the consumer requests and the institution validates the device. Merely instructing a consumer not to use an unsolicited debit card and PIN until after the institution verifies the consumer's identity does not comply with the regulation."
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. PINs. A financial institution may impose no liability on a consumer for unauthorized transfers involving an unsolicited access device until the device becomes an \u201caccepted access device\u201d under the regulation. A card and PIN combination may be treated as an accepted access device once the consumer has used it to make a transfer."
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Functions of PIN. If an institution issues a PIN at the consumer's request, the issuance may constitute both a way of validating the debit card and the means to identify the consumer (required as a condition of imposing liability for unauthorized transfers)."
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Verification of identity. To verify the consumer's identity, a financial institution may use any reasonable means, such as a photograph, fingerprint, personal visit, signature comparison, or personal information about the consumer. However, even if reasonable means were used, if an institution fails to verify correctly the consumer's identity and an imposter succeeds in having the device validated, the consumer is not liable for any unauthorized transfers from the account."
},
{
"children": [],
"label": [
"1005",
"5",
"b",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Additional access devices in a renewal or substitution. A financial institution may issue more than one access device in connection with the renewal or substitution of a previously issued accepted access device, provided that any additional access device (beyond the device replacing the accepted access device) is not validated at the time it is issued, and the institution complies with the other requirements of \u00a7 1005.5(b). The institution may, if it chooses, set up the validation procedure such that both the device replacing the previously issued device and the additional device are not validated at the time they are issued, and validation will apply to both devices. If the institution sets up the validation procedure in this way, the institution should provide a clear and readily understandable disclosure to the consumer that both devices are unvalidated and that validation will apply to both devices."
}
],
"label": [
"1005",
"5",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "5(b) Unsolicited Issuance"
}
],
"label": [
"1005",
"5",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.5 Issuance of Access Devices"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"a",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. Electronic or mechanical confirmation (such as a PIN)."
},
{
"children": [],
"label": [
"1005",
"6",
"a",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. Comparison of the consumer's signature, fingerprint, or photograph."
}
],
"label": [
"1005",
"6",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Means of identification. A financial institution may use various means for identifying the consumer to whom the access device is issued, including but not limited to:"
},
{
"children": [],
"label": [
"1005",
"6",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Multiple users. When more than one access device is issued for an account, the financial institution may, but need not, provide a separate means to identify each user of the account."
}
],
"label": [
"1005",
"6",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(a) Conditions for Liability"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Application of liability provisions. There are three possible tiers of consumer liability for unauthorized EFTs depending on the situation. A consumer may be liable for: (1) up to $50; (2) up to $500; or (3) an unlimited amount depending on when the unauthorized EFT occurs. More than one tier may apply to a given situation because each corresponds to a different (sometimes overlapping) time period or set of conditions."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Consumer negligence. Negligence by the consumer cannot be used as the basis for imposing greater liability than is permissible under Regulation E. Thus, consumer behavior that may constitute negligence under state law, such as writing the PIN on a debit card or on a piece of paper kept with the card, does not affect the consumer's liability for unauthorized transfers. (However, refer to comment 2(m)-2 regarding termination of the authority of given by the consumer to another person.)"
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Limits on liability. The extent of the consumer's liability is determined solely by the consumer's promptness in reporting the loss or theft of an access device. Similarly, no agreement between the consumer and an institution may impose greater liability on the consumer for an unauthorized transfer than the limits provided in Regulation E."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. $50 limit applies. The basic liability limit is $50. For example, the consumer's card is lost or stolen on Monday and the consumer learns of the loss or theft on Wednesday. If the consumer notifies the financial institution within two business days of learning of the loss or theft (by midnight Friday), the consumer's liability is limited to $50 or the amount of the unauthorized transfers that occurred before notification, whichever is less."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Knowledge of loss or theft of access device. The fact that a consumer has received a periodic statement that reflects unauthorized transfers may be a factor in determining whether the consumer had knowledge of the loss or theft, but cannot be deemed to represent conclusive evidence that the consumer had such knowledge."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"1",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Two business day rule. The two business day period does not include the day the consumer learns of the loss or theft or any day that is not a business day. The rule is calculated based on two 24-hour periods, without regard to the financial institution's business hours or the time of day that the consumer learns of the loss or theft. For example, a consumer learns of the loss or theft at 6 p.m. on Friday. Assuming that Saturday is a business day and Sunday is not, the two business day period begins on Saturday and expires at 11:59 p.m. on Monday, not at the end of the financial institution's business day on Monday."
}
],
"label": [
"1005",
"6",
"b",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(b)(1) Timely Notice Given"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. $500 limit applies. The second tier of liability is $500. For example, the consumer's card is stolen on Monday and the consumer learns of the theft that same day. The consumer reports the theft on Friday. The $500 limit applies because the consumer failed to notify the financial institution within two business days of learning of the theft (which would have been by midnight Wednesday). How much the consumer is actually liable for, however, depends on when the unauthorized transfers take place. In this example, assume a $100 unauthorized transfer was made on Tuesday and a $600 unauthorized transfer on Thursday. Because the consumer is liable for the amount of the loss that occurs within the first two business days (but no more than $50), plus the amount of the unauthorized transfers that occurs after the first two business days and before the consumer gives notice, the consumer's total liability is $500 ($50 of the $100 transfer plus $450 of the $600 transfer, in this example). But if $600 was taken on Tuesday and $100 on Thursday, the consumer's maximum liability would be $150 ($50 of the $600 plus $100)."
}
],
"label": [
"1005",
"6",
"b",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(b)(2) Timely Notice Not Given"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"3",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Unlimited liability applies. The standard of unlimited liability applies if unauthorized transfers appear on a periodic statement, and may apply in conjunction with the first two tiers of liability. If a periodic statement shows an unauthorized transfer made with a lost or stolen debit card, the consumer must notify the financial institution within 60 calendar days after the periodic statement was sent; otherwise, the consumer faces unlimited liability for all unauthorized transfers made after the 60-day period. The consumer's liability for unauthorized transfers before the statement is sent, and up to 60 days following, is determined based on the first two tiers of liability: up to $50 if the consumer notifies the financial institution within two business days of learning of the loss or theft of the card and up to $500 if the consumer notifies the institution after two business days of learning of the loss or theft."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"3",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Transfers not involving access device. The first two tiers of liability do not apply to unauthorized transfers from a consumer's account made without an access device. If, however, the consumer fails to report such unauthorized transfers within 60 calendar days of the financial institution's transmittal of the periodic statement, the consumer may be liable for any transfers occurring after the close of the 60 days and before notice is given to the institution. For example, a consumer's account is electronically debited for $200 without the consumer's authorization and by means other than the consumer's access device. If the consumer notifies the institution within 60 days of the transmittal of the periodic statement that shows the unauthorized transfer, the consumer has no liability. However, if in addition to the $200, the consumer's account is debited for a $400 unauthorized transfer on the 61st day and the consumer fails to notify the institution of the first unauthorized transfer until the 62nd day, the consumer may be liable for the full $400."
}
],
"label": [
"1005",
"6",
"b",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(b)(3) Periodic Statement; Timely Notice Not Given"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"4",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Extenuating circumstances. Examples of circumstances that require extension of the notification periods under this section include the consumer's extended travel or hospitalization."
}
],
"label": [
"1005",
"6",
"b",
"4",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(b)(4) Extension of Time Limits"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"6",
"b",
"5",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Receipt of notice. A financial institution is considered to have received notice for purposes of limiting the consumer's liability if notice is given in a reasonable manner, even if the consumer notifies the institution but uses an address or telephone number other than the one specified by the institution."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"5",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Notice by third party. Notice to a financial institution by a person acting on the consumer's behalf is considered valid under this section. For example, if a consumer is hospitalized and unable to report the loss or theft of an access device, notice is considered given when someone acting on the consumer's behalf notifies the bank of the loss or theft. A financial institution may require appropriate documentation from the person representing the consumer to establish that the person is acting on the consumer's behalf."
},
{
"children": [],
"label": [
"1005",
"6",
"b",
"5",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Content of notice. Notice to a financial institution is considered given when a consumer takes reasonable steps to provide the institution with the pertinent account information. Even when the consumer is unable to provide the account number or the card number in reporting a lost or stolen access device or an unauthorized transfer, the notice effectively limits the consumer's liability if the consumer otherwise identifies sufficiently the account in question. For example, the consumer may identify the account by the name on the account and the type of account in question."
}
],
"label": [
"1005",
"6",
"b",
"5",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(b)(5) Notice to Financial Institution"
}
],
"label": [
"1005",
"6",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "6(b) Limitations on Amount of Liability"
}
],
"label": [
"1005",
"6",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.6 Liability of Consumer for Unauthorized Transfers"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Early disclosures. Disclosures given by a financial institution earlier than the regulation requires (for example, when the consumer opens a checking account) need not be repeated when the consumer later enters into an agreement with a third party to initiate preauthorized transfers to or from the consumer's account, unless the terms and conditions differ from those that the institution previously disclosed. This interpretation also applies to any notice provided about one-time EFTs from a consumer's account initiated using information from the consumer's check. On the other hand, if an agreement for EFT services to be provided by an account-holding institution is directly between the consumer and the account-holding institution, disclosures must be given in close proximity to the event requiring disclosure, for example, when the consumer contracts for a new service."
},
{
"children": [],
"label": [
"1005",
"7",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Lack of advance notice of a transfer. Where a consumer authorizes a third party to debit or credit the consumer's account, an account-holding institution that has not received advance notice of the transfer or transfers must provide the required disclosures as soon as reasonably possible after the first debit or credit is made, unless the institution has previously given the disclosures."
},
{
"children": [],
"label": [
"1005",
"7",
"a",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Addition of new accounts. If a consumer opens a new account permitting EFTs at a financial institution, and the consumer already has received Regulation E disclosures for another account at that institution, the institution need only disclose terms and conditions that differ from those previously given."
},
{
"children": [],
"label": [
"1005",
"7",
"a",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Addition of service in interchange systems. If a financial institution joins an interchange or shared network system (which provides access to terminals operated by other institutions), disclosures are required for additional EFT services not previously available to consumers if the terms and conditions differ from those previously disclosed."
},
{
"children": [],
"label": [
"1005",
"7",
"a",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Disclosures covering all EFT services offered. An institution may provide disclosures covering all EFT services that it offers, even if some consumers have not arranged to use all services."
}
],
"label": [
"1005",
"7",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(a) Timing of Disclosures"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. No liability imposed by financial institution. If a financial institution chooses to impose zero liability for unauthorized EFTs, it need not provide the liability disclosures. If the institution later decides to impose liability, however, it must first provide the disclosures."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Preauthorized transfers. If the only EFTs from an account are preauthorized transfers, liability could arise if the consumer fails to report unauthorized transfers reflected on a periodic statement. To impose such liability on the consumer, the institution must have disclosed the potential liability and the telephone number and address for reporting unauthorized transfers."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"1",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Additional information. At the institution's option, the summary of the consumer's liability may include advice on promptly reporting unauthorized transfers or the loss or theft of the access device."
}
],
"label": [
"1005",
"7",
"b",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b)(1) Liability of Consumer"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"2",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. Reporting the loss or theft of an access device or possible unauthorized transfers;"
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"2",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. Inquiring about the receipt of a preauthorized credit;"
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"2",
"Interp",
"1",
"iii"
],
"node_type": "interp",
"text": "iii. Stopping payment of a preauthorized debit;"
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"2",
"Interp",
"1",
"iv"
],
"node_type": "interp",
"text": "iv. Giving notice of an error."
}
],
"label": [
"1005",
"7",
"b",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Disclosure of telephone numbers. An institution may use the same or different telephone numbers in the disclosures for the purpose of:"
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"2",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Location of telephone number. The telephone number need not be incorporated into the text of the disclosure; for example, the institution may instead insert a reference to a telephone number that is readily available to the consumer, such as \u201cCall your branch office. The number is shown on your periodic statement.\u201d However, an institution must provide a specific telephone number and address, on or with the disclosure statement, for reporting a lost or stolen access device or a possible unauthorized transfer."
}
],
"label": [
"1005",
"7",
"b",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b)(2) Telephone Number and Address"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"4",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Security limitations. Information about limitations on the frequency and dollar amount of transfers generally must be disclosed in detail, even if related to security aspects of the system. If the confidentiality of certain details is essential to the security of an account or system, these details may be withheld (but the fact that limitations exist must still be disclosed). For example, an institution limits cash ATM withdrawals to $100 per day. The institution may disclose that daily withdrawal limitations apply and need not disclose that the limitations may not always be in force (such as during periods when its ATMs are off-line)."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"4",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Restrictions on certain deposit accounts. A limitation on account activity that restricts the consumer's ability to make EFTs must be disclosed even if the restriction also applies to transfers made by non-electronic means. For example, Regulation D of the Board of Governors of the Federal Reserve System (12 CFR Part 204) restricts the number of payments to third parties that may be made from a money market deposit account; an institution that does not execute fund transfers in excess of those limits must disclose the restriction as a limitation on the frequency of EFTs."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"4",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Preauthorized transfers. Financial institutions are not required to list preauthorized transfers among the types of transfers that a consumer can make."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"4",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. One-time EFTs initiated using information from a check. Financial institutions must disclose the fact that one-time EFTs initiated using information from a consumer's check are among the types of transfers that a consumer can make. See Appendix A-2."
}
],
"label": [
"1005",
"7",
"b",
"4",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b)(4) Types of Transfers; Limitations"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"5",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Disclosure of EFT fees. An institution is required to disclose all fees for EFTs or the right to make them. Others fees (for example, minimum-balance fees, stop-payment fees, or account overdrafts) may, but need not, be disclosed. But see Regulation DD, 12 CFR Part 1030. An institution is not required to disclose fees for inquiries made at an ATM since no transfer of funds is involved."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"5",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Fees also applicable to non-EFT. A per-item fee for EFTs must be disclosed even if the same fee is imposed on non-electronic transfers. If a per-item fee is imposed only under certain conditions, such as when the transactions in the cycle exceed a certain number, those conditions must be disclosed. Itemization of the various fees may be provided on the disclosure statement or on an accompanying document that is referenced in the statement."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"5",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Interchange system fees. Fees paid by the account-holding institution to the operator of a shared or interchange ATM system need not be disclosed, unless they are imposed on the consumer by the account-holding institution. Fees for use of an ATM that are debited directly from the consumer's account by an institution other than the account-holding institution (for example, fees included in the transfer amount) need not be disclosed. See \u00a7 1005.7(b)(11) for the general notice requirement regarding fees that may be imposed by ATM operators and by a network used to complete the transfer."
}
],
"label": [
"1005",
"7",
"b",
"5",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b)(5) Fees"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"9",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Information provided to third parties. An institution must describe the circumstances under which any information relating to an account to or from which EFTs are permitted will be made available to third parties, not just information concerning those EFTs. The term \u201cthird parties\u201d includes affiliates such as other subsidiaries of the same holding company."
}
],
"label": [
"1005",
"7",
"b",
"9",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b)(9) Confidentiality"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"b",
"10",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Substantially similar. The error resolution notice must be substantially similar to the model form in Appendix A of part 1005. An institution may use different wording so long as the substance of the notice remains the same, may delete inapplicable provisions (for example, the requirement for written confirmation of an oral notification), and may substitute substantive state law requirements affording greater consumer protection than Regulation E."
},
{
"children": [],
"label": [
"1005",
"7",
"b",
"10",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Extended time-period for certain transactions. To take advantage of the longer time periods for resolving errors under \u00a7 1005.11(c)(3) (for new accounts as defined in Regulation CC of the Board of Governors of the Federal Reserve System (12 CFR part 229), transfers initiated outside the United States, or transfers resulting from POS debit-card transactions), a financial institution must have disclosed these longer time periods. Similarly, an institution that relies on the exception from provisional crediting in \u00a7 1005.11(c)(2) for accounts subject to Regulation T of the Board of Governors of the Federal Reserve System (12 CFR part 220) must have disclosed accordingly."
}
],
"label": [
"1005",
"7",
"b",
"10",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b)(10) Error Resolution"
}
],
"label": [
"1005",
"7",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(b) Content of Disclosures"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"7",
"c",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Addition of electronic check conversion services. One-time EFTs initiated using information from a consumer's check are a new type of transfer requiring new disclosures, as applicable. See Appendix A-2."
}
],
"label": [
"1005",
"7",
"c",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "7(c) Addition of Electronic Fund Transfer Services"
}
],
"label": [
"1005",
"7",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.7 Initial Disclosures"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"8",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Form of notice. No specific form or wording is required for a change-in-terms notice. The notice may appear on a periodic statement, or may be given by sending a copy of a revised disclosure statement, provided attention is directed to the change (for example, in a cover letter referencing the changed term)."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"8",
"a",
"Interp",
"2",
"i"
],
"node_type": "interp",
"text": "i. Closing some of an institution's ATMs;"
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"Interp",
"2",
"ii"
],
"node_type": "interp",
"text": "ii. Cancellation of an access device."
}
],
"label": [
"1005",
"8",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Changes not requiring notice. The following changes do not require disclosure:"
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Limitations on transfers. When the initial disclosures omit details about limitations because secrecy is essential to the security of the account or system, a subsequent increase in those limitations need not be disclosed if secrecy is still essential. If, however, an institution had no limits in place when the initial disclosures were given and now wishes to impose limits for the first time, it must disclose at least the fact that limits have been adopted. See also \u00a7 1005.7(b)(4) and the related commentary."
},
{
"children": [],
"label": [
"1005",
"8",
"a",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Change in telephone number or address. When a financial institution changes the telephone number or address used for reporting possible unauthorized transfers, a change-in-terms notice is required only if the institution will impose liability on the consumer for unauthorized transfers under \u00a7 1005.6. See also \u00a7 1005.6(a) and the related commentary."
}
],
"label": [
"1005",
"8",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "8(a) Change-in-Terms Notice"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"8",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Change between annual and periodic notice. If an institution switches from an annual to a periodic notice, or vice versa, the first notice under the new method must be sent no later than 12 months after the last notice sent under the old method."
},
{
"children": [],
"label": [
"1005",
"8",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Exception for new accounts. For new accounts, disclosure of the longer error resolution time periods under \u00a7 1005.11(c)(3) is not required in the annual error resolution notice or in the notice that may be provided with each periodic statement as an alternative to the annual notice."
}
],
"label": [
"1005",
"8",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "8(b) Error Resolution Notice"
}
],
"label": [
"1005",
"8",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.8 Change-in-Terms Notice; Error Resolution Notice"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Receipts furnished only on request. The regulation requires that a receipt be \u201cmade available.\u201d A financial institution may program its electronic terminals to provide a receipt only to consumers who elect to receive one."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Third party providing receipt. An account-holding institution may make terminal receipts available through third parties such as merchants or other financial institutions."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Inclusion of promotional material. A financial institution may include promotional material on receipts if the required information is set forth clearly (for example, by separating it from the promotional material). In addition, a consumer may not be required to surrender the receipt or that portion containing the required disclosures in order to take advantage of a promotion."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Transfer not completed. The receipt requirement does not apply to a transfer that is initiated but not completed (for example, if the ATM is out of currency or the consumer decides not to complete the transfer)."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Receipts not furnished due to inadvertent error. If a receipt is not provided to the consumer because of a bona fide unintentional error, such as when a terminal runs out of paper or the mechanism jams, no violation results if the financial institution maintains procedures reasonably adapted to avoid such occurrences."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Multiple transfers. If the consumer makes multiple transfers at the same time, the financial institution may document them on a single or on separate receipts."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Disclosure of transaction fee. The required display of a fee amount on or at the terminal may be accomplished by displaying the fee on a sign at the terminal or on the terminal screen for a reasonable duration. Displaying the fee on a screen provides adequate notice, as long as a consumer is given the option to cancel the transaction after receiving notice of a fee. See \u00a7 1005.16 for the notice requirements applicable to ATM operators that impose a fee for providing EFT services."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"1",
"Interp",
"2",
"i"
],
"node_type": "interp",
"text": "i. Section 1005.9(a)(1) requires that if the amount of the transfer as shown on the receipt will include the fee, then the fee must be disclosed either on a sign on or at the terminal, or on the terminal screen. Section 1005.16 requires disclosure both on a sign on or at the terminal (in a prominent and conspicuous location) and on the terminal screen. Section 1005.16 permits disclosure on a paper notice as an alternative to the on-screen disclosure."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"1",
"Interp",
"2",
"ii"
],
"node_type": "interp",
"text": "ii. The disclosure of the fee on the receipt under \u00a7 1005.9(a)(1) cannot be used to comply with the alternative paper disclosure procedure under \u00a7 1005.16, if the receipt is provided at the completion of the transaction because, pursuant to the statute, the paper notice must be provided before the consumer is committed to paying the fee."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"1",
"Interp",
"2",
"iii"
],
"node_type": "interp",
"text": "iii. Section 1005.9(a)(1) applies to any type of electronic terminal as defined in Regulation E (for example, to POS terminals as well as to ATMs), while \u00a7 1005.16 applies only to ATMs."
}
],
"label": [
"1005",
"9",
"a",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Relationship between \u00a7 1005.9(a)(1) and \u00a7 1005.16. The requirements of \u00a7\u00a7 1005.9(a)(1) and 1005.16 are similar but not identical."
}
],
"label": [
"1005",
"9",
"a",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(a)(1) Amount"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Calendar date. The receipt must disclose the calendar date on which the consumer uses the electronic terminal. An accounting or business date may be disclosed in addition if the dates are clearly distinguished."
}
],
"label": [
"1005",
"9",
"a",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(a)(2) Date"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"3",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Identifying transfer and account. Examples identifying the type of transfer and the type of the consumer's account include \u201cwithdrawal from checking,\u201d \u201ctransfer from savings to checking,\u201d or \u201cpayment from savings.\u201d"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"3",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Exception. Identification of an account is not required when the consumer can access only one asset account at a particular time or terminal, even if the access device can normally be used to access more than one account. For example, the consumer may be able to access only one particular account at terminals not operated by the account-holding institution, or may be able to access only one particular account when the terminal is off-line. The exception is available even if, in addition to accessing one asset account, the consumer also can access a credit line."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"3",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Access to multiple accounts. If the consumer can use an access device to make transfers to or from different accounts of the same type, the terminal receipt must specify which account was accessed, such as \u201cwithdrawal from checking I\u201d or \u201cwithdrawal from checking II.\u201d If only one account besides the primary checking account can be debited, the receipt can identify the account as \u201cwithdrawal from other account.\u201d"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"3",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Generic descriptions. Generic descriptions may be used for accounts that are similar in function, such as share draft or NOW accounts and checking accounts. In a shared system, for example, when a credit union member initiates transfers to or from a share draft account at a terminal owned or operated by a bank, the receipt may identify a withdrawal from the account as a \u201cwithdrawal from checking.\u201d"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"3",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Point-of-sale transactions. There is no prescribed terminology for identifying a transfer at a merchant's POS terminal. A transfer may be identified, for example, as a purchase, a sale of goods or services, or a payment to a third party. When a consumer obtains cash from a POS terminal in addition to purchasing goods, or obtains cash only, the documentation need not differentiate the transaction from one involving the purchase of goods."
}
],
"label": [
"1005",
"9",
"a",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(a)(3) Type"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. The city, state or foreign country, and the information in \u00a7 1005.9(a)(5) (i), (ii), or (iii), or"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. A number or a code identifying the terminal. If the institution chooses the second option, the code or terminal number identifying the terminal where the transfer is initiated may be given as part of a transaction code."
}
],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Options for identifying terminal. The institution may provide either:"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Omission of city name. The city may be omitted if the generally accepted name (such as a branch name) contains the city name."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"3",
"i"
],
"node_type": "interp",
"text": "i. All the terminals owned or operated by the financial institution providing the statement (or by the system in which it participates) are located in that state, or"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"3",
"ii"
],
"node_type": "interp",
"text": "ii. All transfers occur at terminals located within 50 miles of the financial institution's main office."
}
],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Omission of a state. A state may be omitted from the location information on the receipt if:"
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Omission of a city and state. A city and state may be omitted if all the terminals owned or operated by the financial institution providing the statement (or by the system in which it participates) are located in the same city."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"i",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Street address. The address should include number and street (or intersection); the number (or intersecting street) may be omitted if the street alone uniquely identifies the terminal location."
}
],
"label": [
"1005",
"9",
"a",
"5",
"i",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(a)(5)(i)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"ii",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Generally accepted name. Examples of a generally accepted name for a specific location include a branch of the financial institution, a shopping center, or an airport."
}
],
"label": [
"1005",
"9",
"a",
"5",
"ii",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(a)(5)(ii)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"5",
"iii",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Name of owner or operator of terminal. Examples of an owner or operator of a terminal are a financial institution or a retail merchant."
}
],
"label": [
"1005",
"9",
"a",
"5",
"iii",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(a)(5)(iii)"
}
],
"label": [
"1005",
"9",
"a",
"5",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(a)(5) Terminal Location"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"a",
"6",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Omission of third-party name. The receipt need not disclose the third-party name if the name is provided by the consumer in a form that is not machine readable (for example, if the consumer indicates the payee by depositing a payment stub into the ATM). If, on the other hand, the consumer keys in the identity of the payee, the receipt must identify the payee by name or by using a code that is explained elsewhere on the receipt."
},
{
"children": [],
"label": [
"1005",
"9",
"a",
"6",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Receipt as proof of payment. Documentation required under the regulation constitutes prima facie proof of a payment to another person, except in the case of a terminal receipt documenting a deposit."
}
],
"label": [
"1005",
"9",
"a",
"6",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(a)(6) Third Party Transfer"
}
],
"label": [
"1005",
"9",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(a) Receipts at Electronic Terminals"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Periodic cycles. Periodic statements may be sent on a cycle that is shorter than monthly. The statements must correspond to periodic cycles that are reasonably equal, that is, do not vary by more than four days from the regular cycle. The requirement of reasonably equal cycles does not apply when an institution changes cycles for operational or other reasons, such as to establish a new statement day or date."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Interim statements. Generally, a financial institution must provide periodic statements for each monthly cycle in which an EFT occurs, and at least quarterly if a transfer has not occurred. Where EFTs occur between regularly-scheduled cycles, interim statements must be provided. For example, if an institution issues quarterly statements at the end of March, June, September and December, and the consumer initiates an EFT in February, an interim statement for February must be provided. If an interim statement contains interest or rate information, the institution must comply with Regulation DD, 12 CFR 1030.6."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Inactive accounts. A financial institution need not send statements to consumers whose accounts are inactive as defined by the institution."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Statement pickup. A financial institution may permit, but may not require, consumers to pick up their periodic statements at the financial institution."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Periodic statements limited to EFT activity. A financial institution that uses a passbook as the primary means for displaying account activity, but also allows the account to be debited electronically, may provide a periodic statement requirement that reflects only the EFTs and other required disclosures (such as charges, account balances, and address and telephone number for inquiries). See \u00a7 1005.9(c)(1)(i) for the exception applicable to preauthorized transfers for passbook accounts."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"6",
"i"
],
"node_type": "interp",
"text": "i. Include copies of terminal receipts to reflect transfers initiated by the consumer at electronic terminals;"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"6",
"ii"
],
"node_type": "interp",
"text": "ii. Enclose posting memos, deposit slips, and other documents that, together with the statement, disclose all the required information;"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"Interp",
"6",
"iii"
],
"node_type": "interp",
"text": "iii. Use codes for names of third parties or terminal locations and explain the information to which the codes relate on an accompanying document."
}
],
"label": [
"1005",
"9",
"b",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Codes and accompanying documents. To meet the documentation requirements for periodic statements, a financial institution may:"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Information obtained from others. While financial institutions must maintain reasonable procedures to ensure the integrity of data obtained from another institution, a merchant, or other third parties, verification of each transfer that appears on the periodic statement is not required."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"i",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Incorrect deposit amount. If a financial institution determines that the amount actually deposited at an ATM is different from the amount entered by the consumer, the institution need not immediately notify the consumer of the discrepancy. The periodic statement reflecting the deposit may show either the correct amount of the deposit or the amount entered by the consumer along with the institution's adjustment."
}
],
"label": [
"1005",
"9",
"b",
"1",
"i",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(b)(1)(i)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"iii",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Type of transfer. There is no prescribed terminology for describing a type of transfer. Placement of the amount of the transfer in the debit or the credit column is sufficient if other information on the statement, such as a terminal location or third-party name, enables the consumer to identify the type of transfer."
}
],
"label": [
"1005",
"9",
"b",
"1",
"iii",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(b)(1)(iii)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"iv",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Nonproprietary terminal in network. An institution need not reflect on the periodic statement the street addresses, identification codes, or terminal numbers for transfers initiated in a shared or interchange system at a terminal operated by an institution other than the account-holding institution. The statement must, however, specify the entity that owns or operates the terminal, plus the city and state."
}
],
"label": [
"1005",
"9",
"b",
"1",
"iv",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(b)(1)(iv)"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Recurring payments by government agency. The third-party name for recurring payments from Federal, state, or local governments need not list the particular agency. For example, \u201cU.S. gov't\u201d or \u201cN.Y. sal\u201d will suffice."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Consumer as third-party payee. If a consumer makes an electronic fund transfer to another consumer, the financial institution must identify the recipient by name (not just by an account number, for example)."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Terminal location/third party. A single entry may be used to identify both the terminal location and the name of the third party to or from whom funds are transferred. For example, if a consumer purchases goods from a merchant, the name of the party to whom funds are transferred (the merchant) and the location of the terminal where the transfer is initiated will be satisfied by a disclosure such as \u201cXYZ Store, Anytown, Ohio.\u201d"
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Account-holding institution as third party. Transfers to the account-holding institution (by ATM, for example) must show the institution as the recipient, unless other information on the statement (such as, \u201cloan payment from checking\u201d) clearly indicates that the payment was to the account-holding institution."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Consistency in third-party identity. The periodic statement must disclose a third-party name as it appeared on the receipt, whether it was, for example, the \u201cdba\u201d (doing business as) name of the third party or the parent corporation's name."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Third-party identity on deposits at electronic terminal. A financial institution need not identify third parties whose names appear on checks, drafts, or similar paper instruments deposited to the consumer's account at an electronic terminal."
}
],
"label": [
"1005",
"9",
"b",
"1",
"v",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 9(b)(1)(v)"
}
],
"label": [
"1005",
"9",
"b",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(b)(1) Transaction Information"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"3",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Disclosure of fees. The fees disclosed may include fees for EFTs and for other non-electronic services, and both fixed fees and per-item fees; they may be given as a total or may be itemized in part or in full."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"3",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Fees in interchange system. An account-holding institution must disclose any fees it imposes on the consumer for EFTs, including fees for ATM transactions in an interchange or shared ATM system. Fees for use of an ATM imposed on the consumer by an institution other than the account-holding institution and included in the amount of the transfer by the terminal-operating institution need not be separately disclosed on the periodic statement."
},
{
"children": [],
"label": [
"1005",
"9",
"b",
"3",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Finance charges. The requirement to disclose any fees assessed against the account does not include a finance charge imposed on the account during the statement period."
}
],
"label": [
"1005",
"9",
"b",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(b)(3) Fees"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"4",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Opening and closing balances. The opening and closing balances must reflect both EFTs and other account activity."
}
],
"label": [
"1005",
"9",
"b",
"4",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(b)(4) Account Balances"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"5",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Telephone number. A single telephone number, preceded by the \u201cdirect inquiries to\u201d language, will satisfy the requirements of \u00a7\u00a7 1005.9(b)(5) and (6)."
}
],
"label": [
"1005",
"9",
"b",
"5",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(b)(5) Address and Telephone Number for Inquiries"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"b",
"6",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Telephone number. See comment 9(b)(5)-1."
}
],
"label": [
"1005",
"9",
"b",
"6",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(b)(6) Telephone Number for Preauthorized Transfers"
}
],
"label": [
"1005",
"9",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(b) Periodic Statements"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"c",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Transfers between accounts. The regulation provides an exception from the periodic statement requirement for certain intra-institutional transfers between a consumer's accounts. The financial institution must still comply with the applicable periodic statement requirements for any other EFTs to or from the account. For example, a Regulation E statement must be provided quarterly for an account that also receives payroll deposits electronically, or for any month in which an account is also accessed by a withdrawal at an ATM."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"c",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Accounts that may be accessed only by preauthorized transfers to the account. The exception for \u201caccounts that may be accessed only by preauthorized transfers to the account\u201d includes accounts that can be accessed by means other than EFTs, such as checks. If, however, an account may be accessed by any EFT other than preauthorized credits to the account, such as preauthorized debits or ATM transactions, the account does not qualify for the exception."
},
{
"children": [],
"label": [
"1005",
"9",
"c",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Reversal of direct deposits. For direct-deposit-only accounts, a financial institution must send a periodic statement at least quarterly. A reversal of a direct deposit to correct an error does not trigger the monthly statement requirement when the error represented a credit to the wrong consumer's account, a duplicate credit, or a credit in the wrong amount. See also comment 2(m)-5."
}
],
"label": [
"1005",
"9",
"c",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(c)(1) Preauthorized Transfers to Accounts"
}
],
"label": [
"1005",
"9",
"c",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(c) Exceptions to the Periodic Statement Requirements for Certain Accounts"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"9",
"d",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Foreign-initiated transfers. An institution must make a good faith effort to provide all required information for foreign-initiated transfers. For example, even if the institution is not able to provide a specific terminal location, it should identify the country and city in which the transfer was initiated."
}
],
"label": [
"1005",
"9",
"d",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "9(d) Documentation for Foreign-Initiated Transfers"
}
],
"label": [
"1005",
"9",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.9 Receipts at Electronic Terminals; Periodic Statements"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Content. No specific language is required for notice regarding receipt of a preauthorized transfer. Identifying the deposit is sufficient; however, simply providing the current account balance is not."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Notice of credit. A financial institution may use different methods of notice for various types or series of preauthorized transfers, and the institution need not offer consumers a choice of notice methods."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Positive notice. A periodic statement sent within two business days of the scheduled transfer, showing the transfer, can serve as notice of receipt."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Negative notice. The absence of a deposit entry (on a periodic statement sent within two business days of the scheduled transfer date) will serve as negative notice."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Telephone notice. If a financial institution uses the telephone notice option, the institution should be able in most instances to verify during a consumer's initial call whether a transfer was received. The institution must respond within two business days to any inquiry not answered immediately."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Phone number for passbook accounts. The financial institution may use any reasonable means necessary to provide the telephone number to consumers with passbook accounts that can only be accessed by preauthorized credits and that do not receive periodic statements. For example, it may print the telephone number in the passbook, or include the number with the annual error resolution notice."
},
{
"children": [],
"label": [
"1005",
"10",
"a",
"1",
"Interp",
"7"
],
"node_type": "interp",
"text": "7. Telephone line availability. To satisfy the readily-available standard, the financial institution must provide enough telephone lines so that consumers get a reasonably prompt response. The institution need only provide telephone service during normal business hours. Within its primary service area, an institution must provide a local or toll-free telephone number. It need not provide a toll-free number or accept collect long-distance calls from outside the area where it normally conducts business."
}
],
"label": [
"1005",
"10",
"a",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(a)(1) Notice by Financial Institution"
}
],
"label": [
"1005",
"10",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(a) Preauthorized Transfers to Consumer's Account"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Preexisting authorizations. The financial institution need not require a new authorization before changing from paper-based to electronic debiting when the existing authorization does not specify that debiting is to occur electronically or specifies that the debiting will occur by paper means. A new authorization also is not required when a successor institution begins collecting payments."
},
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Authorization obtained by third party. The account-holding financial institution does not violate the regulation when a third-party payee fails to obtain the authorization in writing or fails to give a copy to the consumer; rather, it is the third-party payee that is in violation of the regulation."
},
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Written authorization for preauthorized transfers. The requirement that preauthorized EFTs be authorized by the consumer \u201conly by a writing\u201d cannot be met by a payee's signing a written authorization on the consumer's behalf with only an oral authorization from the consumer."
},
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Use of a confirmation form. A financial institution or designated payee may comply with the requirements of this section in various ways. For example, a payee may provide the consumer with two copies of a preauthorization form, and ask the consumer to sign and return one and to retain the second copy."
},
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Similarly authenticated. The similarly authenticated standard permits signed, written authorizations to be provided electronically. The writing and signature requirements of this section are satisfied by complying with the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., which defines electronic records and electronic signatures. Examples of electronic signatures include, but are not limited to, digital signatures and security codes. A security code need not originate with the account-holding institution. The authorization process should evidence the consumer's identity and assent to the authorization. The person that obtains the authorization must provide a copy of the terms of the authorization to the consumer either electronically or in paper form. Only the consumer may authorize the transfer and not, for example, a third-party merchant on behalf of the consumer."
},
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Requirements of an authorization. An authorization is valid if it is readily identifiable as such and the terms of the preauthorized transfer are clear and readily understandable."
},
{
"children": [],
"label": [
"1005",
"10",
"b",
"Interp",
"7"
],
"node_type": "interp",
"text": "7. Bona fide error. Consumers sometimes authorize third-party payees, by telephone or online, to submit recurring charges against a credit card account. If the consumer indicates use of a credit card account when in fact a debit card is being used, the payee does not violate the requirement to obtain a written authorization if the failure to obtain written authorization was not intentional and resulted from a bona fide error, and if the payee maintains procedures reasonably adapted to avoid any such error. Procedures reasonably adapted to avoid error will depend upon the circumstances. Generally, requesting the consumer to specify whether the card to be used for the authorization is a debit (or check) card or a credit card is a reasonable procedure. Where the consumer has indicated that the card is a credit card (or that the card is not a debit or check card), the payee may rely on the consumer's statement without seeking further information about the type of card. If the payee believes, at the time of the authorization, that a credit card is involved, and later finds that the card used is a debit card (for example, because the consumer later brings the matter to the payee's attention), the payee must obtain a written and signed or (where appropriate) a similarly authenticated authorization as soon as reasonably possible, or cease debiting the consumer's account."
}
],
"label": [
"1005",
"10",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(b) Written Authorization for Preauthorized Transfers From Consumer's Account"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"c",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Stop-payment order. The financial institution must honor an oral stop-payment order made at least three business days before a scheduled debit. If the debit item is resubmitted, the institution must continue to honor the stop-payment order (for example, by suspending all subsequent payments to the payee-originator until the consumer notifies the institution that payments should resume)."
},
{
"children": [],
"label": [
"1005",
"10",
"c",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Revocation of authorization. Once a financial institution has been notified that the consumer's authorization is no longer valid, it must block all future payments for the particular debit transmitted by the designated payee-originator. But see comment 10(c)-3. The institution may not wait for the payee-originator to terminate the automatic debits. The institution may confirm that the consumer has informed the payee-originator of the revocation (for example, by requiring a copy of the consumer's revocation as written confirmation to be provided within 14 days of an oral notification). If the institution does not receive the required written confirmation within the 14-day period, it may honor subsequent debits to the account."
},
{
"children": [],
"label": [
"1005",
"10",
"c",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Alternative procedure for processing a stop-payment request. If an institution does not have the capability to block a preauthorized debit from being posted to the consumer's account\u2014as in the case of a preauthorized debit made through a debit card network or other system, for example\u2014the institution may instead comply with the stop-payment requirements by using a third party to block the transfer(s), as long as the consumer's account is not debited for the payment."
}
],
"label": [
"1005",
"10",
"c",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(c) Consumer's Right to Stop Payment"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"d",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Preexisting authorizations. A financial institution holding the consumer's account does not violate the regulation if the designated payee fails to provide notice of varying amounts."
}
],
"label": [
"1005",
"10",
"d",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(d)(1) Notice"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"d",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Range. A financial institution or designated payee that elects to offer the consumer a specified range of amounts for debiting (in lieu of providing the notice of transfers varying in amount) must provide an acceptable range that could be anticipated by the consumer. For example, if the transfer is for payment of a gas bill, an appropriate range might be based on the highest bill in winter and the lowest bill in summer."
},
{
"children": [],
"label": [
"1005",
"10",
"d",
"2",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Transfers to an account of the consumer held at another institution. A financial institution need not provide a consumer the option of receiving notice with each varying transfer, and may instead provide notice only when a debit to an account of the consumer falls outside a specified range or differs by more than a specified amount from the most recent transfer, if the funds are transferred and credited to an account of the consumer held at another financial institution. The specified range or amount, however, must be one that reasonably could be anticipated by the consumer, and the institution must notify the consumer of the range or amount at the time the consumer provides authorization for the preauthorized transfers. For example, if the transfer is for payment of interest for a fixed-rate certificate of deposit account, an appropriate range might be based on a month containing 28 days and a month containing 31 days."
}
],
"label": [
"1005",
"10",
"d",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(d)(2) Range"
}
],
"label": [
"1005",
"10",
"d",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(d) Notice of Transfers Varying in Amount"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"e",
"1",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. Mortgages with graduated payments in which a pledged savings account is automatically debited during an initial period to supplement the monthly payments made by the borrower."
},
{
"children": [],
"label": [
"1005",
"10",
"e",
"1",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. Mortgage plans calling for preauthorized biweekly payments that are debited electronically to the consumer's account and produce a lower total finance charge."
}
],
"label": [
"1005",
"10",
"e",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Loan payments. Creditors may not require repayment of loans by electronic means on a preauthorized, recurring basis. A creditor may offer a program with a reduced annual percentage rate or other cost-related incentive for an automatic repayment feature, provided the program with the automatic payment feature is not the only loan program offered by the creditor for the type of credit involved. Examples include:"
},
{
"children": [],
"label": [
"1005",
"10",
"e",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Overdraft. A financial institution may require the automatic repayment of an overdraft credit plan even if the overdraft extension is charged to an open-end account that may be accessed by the consumer in ways other than by overdrafts."
}
],
"label": [
"1005",
"10",
"e",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(e)(1) Credit"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"10",
"e",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Payroll. An employer (including a financial institution) may not require its employees to receive their salary by direct deposit to any particular institution. An employer may require direct deposit of salary by electronic means if employees are allowed to choose the institution that will receive the direct deposit. Alternatively, an employer may give employees the choice of having their salary deposited at a particular institution (designated by the employer) or receiving their salary by another means, such as by check or cash."
}
],
"label": [
"1005",
"10",
"e",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(e)(2) Employment or Government Benefit"
}
],
"label": [
"1005",
"10",
"e",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "10(e) Compulsory Use"
}
],
"label": [
"1005",
"10",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.10 Preauthorized Transfers"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Terminal location. With regard to deposits at an ATM, a consumer's request for the terminal location or other information triggers the error resolution procedures, but the financial institution need only provide the ATM location if it has captured that information."
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Verifying an account debit or credit. If the consumer contacts the financial institution to ascertain whether a payment (for example, in a home-banking or bill-payment program) or any other type of EFT was debited to the account, or whether a deposit made via ATM, preauthorized transfer, or any other type of EFT was credited to the account, without asserting an error, the error resolution procedures do not apply."
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Loss or theft of access device. A financial institution is required to comply with the error resolution procedures when a consumer reports the loss or theft of an access device if the consumer also alleges possible unauthorized use as a consequence of the loss or theft."
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Error asserted after account closed. The financial institution must comply with the error resolution procedures when a consumer properly asserts an error, even if the account has been closed."
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Request for documentation or information. A request for documentation or other information must be treated as an error unless it is clear that the consumer is requesting a duplicate copy for tax or other record-keeping purposes."
},
{
"children": [],
"label": [
"1005",
"11",
"a",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Terminal receipts for transfers of $15 or less. The fact that an institution does not make a terminal receipt available for a transfer of $15 or less in accordance with \u00a7 1005.9(e) is not an error for purposes of \u00a7 1005.11(a)(1)(vi) or (vii)."
}
],
"label": [
"1005",
"11",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(a) Definition of Error"
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Content of error notice. The notice of error is effective even if it does not contain the consumer's account number, so long as the financial institution is able to identify the account in question. For example, the consumer could provide a Social Security number or other unique means of identification."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Investigation pending receipt of information. While a financial institution may request a written, signed statement from the consumer relating to a notice of error, it may not delay initiating or completing an investigation pending receipt of the statement."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Statement held for consumer. When a consumer has arranged for periodic statements to be held until picked up, the statement for a particular cycle is deemed to have been transmitted on the date the financial institution first makes the statement available to the consumer."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Failure to provide statement. When a financial institution fails to provide the consumer with a periodic statement, a request for a copy is governed by this section if the consumer gives notice within 60 days from the date on which the statement should have been transmitted."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Discovery of error by institution. The error resolution procedures of this section apply when a notice of error is received from the consumer, and not when the financial institution itself discovers and corrects an error."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Notice at particular phone number or address. A financial institution may require the consumer to give notice only at the telephone number or address disclosed by the institution, provided the institution maintains reasonable procedures to refer the consumer to the specified telephone number or address if the consumer attempts to give notice to the institution in a different manner."
},
{
"children": [],
"label": [
"1005",
"11",
"b",
"1",
"Interp",
"7"
],
"node_type": "interp",
"text": "7. Effect of late notice. An institution is not required to comply with the requirements of this section for any notice of error from the consumer that is received by the institution later than 60 days from the date on which the periodic statement first reflecting the error is sent. Where the consumer's assertion of error involves an unauthorized EFT, however, the institution must comply with \u00a7 1005.6 before it may impose any liability on the consumer."
}
],
"label": [
"1005",
"11",
"b",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(b)(1) Timing; Contents"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"b",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Written confirmation-of-error notice. If the consumer sends a written confirmation of error to the wrong address, the financial institution must process the confirmation through normal procedures. But the institution need not provisionally credit the consumer's account if the written confirmation is delayed beyond 10 business days in getting to the right place because it was sent to the wrong address."
}
],
"label": [
"1005",
"11",
"b",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(b)(2) Written Confirmation"
}
],
"label": [
"1005",
"11",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(b) Notice of Error From Consumer"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Notice to consumer. Unless otherwise indicated in this section, the financial institution may provide the required notices to the consumer either orally or in writing."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Written confirmation of oral notice. A financial institution must begin its investigation promptly upon receipt of an oral notice. It may not delay until it has received a written confirmation."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Charges for error resolution. If a billing error occurred, whether as alleged or in a different amount or manner, the financial institution may not impose a charge related to any aspect of the error-resolution process (including charges for documentation or investigation). Since the Act grants the consumer error-resolution rights, the institution should avoid any chilling effect on the good-faith assertion of errors that might result if charges are assessed when no billing error has occurred."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Correction without investigation. A financial institution may make, without investigation, a final correction to a consumer's account in the amount or manner alleged by the consumer to be in error, but must comply with all other applicable requirements of \u00a7 1005.11."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. Correction notice. A financial institution may include the notice of correction on a periodic statement that is mailed or delivered within the 10-business-day or 45-calendar-day time limits and that clearly identifies the correction to the consumer's account. The institution must determine whether such a mailing will be prompt enough to satisfy the requirements of this section, taking into account the specific facts involved."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"6"
],
"node_type": "interp",
"text": "6. Correction of an error. If the financial institution determines an error occurred, within either the 10-day or 45-day period, it must correct the error (subject to the liability provisions of \u00a7\u00a7 1005.6(a) and (b)) including, where applicable, the crediting of interest and the refunding of any fees imposed by the institution. In a combined credit/EFT transaction, for example, the institution must refund any finance charges incurred as a result of the error. The institution need not refund fees that would have been imposed whether or not the error occurred."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"Interp",
"7"
],
"node_type": "interp",
"text": "7. Extent of required investigation. A financial institution complies with its duty to investigate, correct, and report its determination regarding an error described in \u00a7 1005.11(a)(1)(vii) by transmitting the requested information, clarification, or documentation within the time limits set forth in \u00a7 1005.11(c). If the institution has provisionally credited the consumer's account in accordance with \u00a7 1005.11(c)(2), it may debit the amount upon transmitting the requested information, clarification, or documentation."
},
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"2",
"i",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Compliance with all requirements. Financial institutions exempted from provisionally crediting a consumer's account under \u00a7\u00a7 1005.11(c)(2)(i)(A) and (B) must still comply with all other requirements of \u00a7 1005.11."
}
],
"label": [
"1005",
"11",
"c",
"2",
"i",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Paragraph 11(c)(2)(i)"
}
],
"label": [
"1005",
"11",
"c",
"2",
"Interp"
],
"node_type": "interp",
"text": ""
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"3",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. POS debit card transactions. The extended deadlines for investigating errors resulting from POS debit card transactions apply to all debit card transactions, including those for cash only, at merchants' POS terminals, and also including mail and telephone orders. The deadlines do not apply to transactions at an ATM, however, even though the ATM may be in a merchant location."
}
],
"label": [
"1005",
"11",
"c",
"3",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(c)(3) Extension of Time Periods"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Third parties. When information or documentation requested by the consumer is in the possession of a third party with whom the financial institution does not have an agreement, the institution satisfies the error resolution requirement by so advising the consumer within the specified time period."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Scope of investigation. When an alleged error involves a payment to a third party under the financial institution's telephone bill-payment plan, a review of the institution's own records is sufficient, assuming no agreement exists between the institution and the third party concerning the bill-payment service."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. POS transfers. When a consumer alleges an error involving a transfer to a merchant via a POS terminal, the institution must verify the information previously transmitted when executing the transfer. For example, the financial institution may request a copy of the sales receipt to verify that the amount of the transfer correctly corresponds to the amount of the consumer's purchase."
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"4"
],
"node_type": "interp",
"text": "4. Agreement. An agreement that a third party will honor an access device is an agreement for purposes of this paragraph. A financial institution does not have an agreement for purposes of \u00a7 1005.11(c)(4)(ii) solely because it participates in transactions that occur under the Federal recurring payments programs, or that are cleared through an ACH or similar arrangement for the clearing and settlement of fund transfers generally, or because the institution agrees to be bound by the rules of such an arrangement."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5",
"i"
],
"node_type": "interp",
"text": "i. The ACH transaction records for the transfer;"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5",
"ii"
],
"node_type": "interp",
"text": "ii. The transaction history of the particular account for a reasonable period of time immediately preceding the allegation of error;"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5",
"iii"
],
"node_type": "interp",
"text": "iii. Whether the check number of the transaction in question is notably out-of-sequence;"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5",
"iv"
],
"node_type": "interp",
"text": "iv. The location of either the transaction or the payee in question relative to the consumer's place of residence and habitual transaction area;"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5",
"v"
],
"node_type": "interp",
"text": "v. Information relative to the account in question within the control of the institution's third-party service providers if the financial institution reasonably believes that it may have records or other information that could be dispositive; or"
},
{
"children": [],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5",
"vi"
],
"node_type": "interp",
"text": "vi. Any other information appropriate to resolve the claim."
}
],
"label": [
"1005",
"11",
"c",
"4",
"Interp",
"5"
],
"node_type": "interp",
"text": "5. No EFT agreement. When there is no agreement between the institution and the third party for the type of EFT involved, the financial institution must review any relevant information within the institution's own records for the particular account to resolve the consumer's claim. The extent of the investigation required may vary depending on the facts and circumstances. However, a financial institution may not limit its investigation solely to the payment instructions where additional information within its own records pertaining to the particular account in question could help to resolve a consumer's claim. Information that may be reviewed as part of an investigation might include:"
}
],
"label": [
"1005",
"11",
"c",
"4",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(c)(4) Investigation"
}
],
"label": [
"1005",
"11",
"c",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(c) Time Limits and Extent of Investigation"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"d",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Error different from that alleged. When a financial institution determines that an error occurred in a manner or amount different from that described by the consumer, it must comply with the requirements of both \u00a7\u00a7 1005.11(c) and (d), as relevant. The institution may give the notice of correction and the explanation separately or in a combined form."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"d",
"1",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Request for documentation. When a consumer requests copies of documents, the financial institution must provide the copies in an understandable form. If an institution relied on magnetic tape, it must convert the applicable data into readable form, for example, by printing it and explaining any codes."
}
],
"label": [
"1005",
"11",
"d",
"1",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(d)(1) Written Explanation"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"d",
"2",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Alternative procedure for debiting of credited funds. The financial institution may comply with the requirements of this section by notifying the consumer that the consumer's account will be debited five business days from the transmittal of the notification, specifying the calendar date on which the debiting will occur."
},
{
"children": [],
"label": [
"1005",
"11",
"d",
"2",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Fees for overdrafts. The financial institution may not impose fees for items it is required to honor under \u00a7 1005.11. It may, however, impose any normal transaction or item fee that is unrelated to an overdraft resulting from the debiting. If the account is still overdrawn after five business days, the institution may impose the fees or finance charges to which it is entitled, if any, under an overdraft credit plan."
}
],
"label": [
"1005",
"11",
"d",
"2",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(d)(2) Debiting Provisional Credit"
}
],
"label": [
"1005",
"11",
"d",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(d) Procedures if Financial Institution Determines No Error or Different Error Occurred"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"11",
"e",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Withdrawal of error; right to reassert. The financial institution has no further error resolution responsibilities if the consumer voluntarily withdraws the notice alleging an error. A consumer who has withdrawn an allegation of error has the right to reassert the allegation unless the financial institution had already complied with all of the error resolution requirements before the allegation was withdrawn. The consumer must do so, however, within the original 60-day period."
}
],
"label": [
"1005",
"11",
"e",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "11(e) Reassertion of Error"
}
],
"label": [
"1005",
"11",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.11 Procedures for Resolving Errors"
},
{
"children": [
{
"children": [
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"1",
"i"
],
"node_type": "interp",
"text": "i. For transactions involving access devices that also function as credit cards, whether Regulation E or Regulation Z (12 CFR part 1026) applies depends on the nature of the transaction. For example, if the transaction solely involves an extension of credit, and does not include a debit to a checking account (or other consumer asset account), the liability limitations and error resolution requirements of Regulation Z apply. If the transaction debits a checking account only (with no credit extended), the provisions of Regulation E apply. If the transaction debits a checking account but also draws on an overdraft line of credit attached to the account, Regulation E's liability limitations apply, in addition to \u00a7\u00a7 1026.13(d) and (g) of Regulation Z (which apply because of the extension of credit associated with the overdraft feature on the checking account). If a consumer's access device is also a credit card and the device is used to make unauthorized withdrawals from a checking account, but also is used to obtain unauthorized cash advances directly from a line of credit that is separate from the checking account, both Regulation E and Regulation Z apply."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"1",
"ii",
"A"
],
"node_type": "interp",
"text": "A. A consumer has a card that can be used either as a credit card or a debit card. When used as a debit card, the card draws on the consumer's checking account. When used as a credit card, the card draws only on a separate line of credit. If the card is stolen and used as a credit card to make purchases or to get cash advances at an ATM from the line of credit, the liability limits and error resolution provisions of Regulation Z apply; Regulation E does not apply."
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"1",
"ii",
"B"
],
"node_type": "interp",
"text": "B. In the same situation, if the card is stolen and is used as a debit card to make purchases or to get cash withdrawals at an ATM from the checking account, the liability limits and error resolution provisions of Regulation E apply; Regulation Z does not apply."
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"1",
"ii",
"C"
],
"node_type": "interp",
"text": "C. In the same situation, assume the card is stolen and used both as a debit card and as a credit card; for example, the thief makes some purchases using the card as a debit card, and other purchases using the card as a credit card. Here, the liability limits and error resolution provisions of Regulation E apply to the unauthorized transactions in which the card was used as a debit card, and the corresponding provisions of Regulation Z apply to the unauthorized transactions in which the card was used as a credit card."
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"1",
"ii",
"D"
],
"node_type": "interp",
"text": "D. Assume a somewhat different type of card, one that draws on the consumer's checking account and can also draw on an overdraft line of credit attached to the checking account. There is no separate line of credit, only the overdraft line, associated with the card. In this situation, if the card is stolen and used, the liability limits and the error resolution provisions of Regulation E apply. In addition, if the use of the card has resulted in accessing the overdraft line of credit, the error resolution provisions of \u00a7\u00a7 1026.13(d) and (g) of Regulation Z also apply, but not the other error resolution provisions of Regulation Z."
}
],
"label": [
"1005",
"12",
"a",
"Interp",
"1",
"ii"
],
"node_type": "interp",
"text": "ii. The following examples illustrate these principles:"
}
],
"label": [
"1005",
"12",
"a",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Determining applicable regulation. "
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Issuance rules. For access devices that also constitute credit cards, the issuance rules of Regulation E apply if the only credit feature is a preexisting credit line attached to the asset account to cover overdrafts (or to maintain a specified minimum balance) or an overdraft service, as defined in \u00a7 1005.17(a). Regulation Z (12 CFR part 1026) rules apply if there is another type of credit feature; for example, one permitting direct extensions of credit that do not involve the asset account."
},
{
"children": [],
"label": [
"1005",
"12",
"a",
"Interp",
"3"
],
"node_type": "interp",
"text": "3. Overdraft service. The addition of an overdraft service, as that term is defined in \u00a7 1005.17(a), to an accepted access device does not constitute the addition of a credit feature subject to Regulation Z. Instead, the provisions of Regulation E apply, including the liability limitations (\u00a7 1005.6) and the requirement to obtain consumer consent to the service before any fees or charges for paying an overdraft may be assessed on the account (\u00a7 1005.17)."
}
],
"label": [
"1005",
"12",
"a",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "12(a) Relation to Truth in Lending"
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"b",
"Interp",
"1"
],
"node_type": "interp",
"text": "1. Specific determinations. The regulation prescribes standards for determining whether state laws that govern EFTs, and state laws regarding gift certificates, store gift cards, or general-use prepaid cards that govern dormancy, inactivity, or service fees, or expiration dates, are preempted by the Act and the regulation. A state law that is inconsistent may be preempted even if the Bureau has not issued a determination. However, nothing in \u00a7 1005.12(b) provides a financial institution with immunity for violations of state law if the institution chooses not to make state disclosures and the Bureau later determines that the state law is not preempted."
},
{
"children": [
{
"children": [],
"label": [
"1005",
"12",
"b",
"Interp",
"2",
"i"
],
"node_type": "interp",
"text": "i. Definition of unauthorized use. Section 5(4) is preempted to the extent that it relates to the section of state law governing consumer liability for unauthorized use of an access device."
},
{
"children": [],
"label": [
"1005",
"12",
"b",
"Interp",
"2",
"ii"
],
"node_type": "interp",
"text": "ii. Consumer liability for unauthorized use of an account. Section 14 is inconsistent with \u00a7 1005.6 and is less protective of the consumer than the Federal law. The state law places liability on the consumer for the unauthorized use of an account in cases involving the consumer's negligence. Under the Federal law, a consumer's liability for unauthorized use is not related to the consumer's negligence and depends instead on the consumer's promptness in reporting the loss or theft of the access device."
},
{
"children": [],
"label": [
"1005",
"12",
"b",
"Interp",
"2",
"iii"
],
"node_type": "interp",
"text": "iii. Error resolution. Section 15 is preempted because it is inconsistent with \u00a7 1005.11 and is less protective of the consumer than the Federal law. The state law allows financial institutions up to 70 days to resolve errors, whereas the Federal law generally requires errors to be resolved within 45 days."
},
{
"children": [],
"label": [
"1005",
"12",
"b",
"Interp",
"2",
"iv"
],
"node_type": "interp",
"text": "iv. Receipts and periodic statements. Sections 17 and 18 are preempted because they are inconsistent with \u00a7 1005.9. The state provisions require a different disclosure of information than does the Federal law. The receipt provision is also preempted because it allows the consumer to be charged for receiving a receipt if a machine cannot furnish one at the time of a transfer."
}
],
"label": [
"1005",
"12",
"b",
"Interp",
"2"
],
"node_type": "interp",
"text": "2. Preemption determination. The Bureau recognizes state law preemption determinations made by the Board of Governors of the Federal Reserve System prior to July 21, 2011, until and unless the Bureau makes and publishes any contrary determination. The Board of Governors determined that certain provisions in the state law of Michigan are preempted by the Federal law, effective March 30, 1981:"
}
],
"label": [
"1005",
"12",
"b",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "12(b) Preemption of Inconsistent State Laws"
}
],
"label": [
"1005",
"12",
"Interp"
],
"node_type": "interp",
"text": "",
"title": "Section 1005.12 Relation to Other Laws"
},
{
"children": [
{
"children": [
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