 H.R.2911
Electronic Funds Transfer Equal Consumer Protection Act
To amend the Electronic Fund Transfer Act to provide similar protections under that Act for consumers as apply under the Truth in Lending Act, and for other purposes.
 5 Total PointsSubjects
Summary
Electronic Funds Transfer Equal Consumer Protection Act - Amends the the Electronic Fund Transfer Act to treat as an error any electronic fund transfer affecting the customer's account regarding a transaction for goods or services not accepted by or not delivered to the customer, or not in accordance with the agreement made at the time of the transaction. Redefines electronic fund transfer to cover any transaction initiated through an electronic terminal, telephonic instrument, or computer, including transactions initiated through the use of a check card or a debit card. Revises requirements for a financial institution's discretionary provisional recredit of a consumer's account after receiving notice of an error. Makes such a provisional recredit mandatory, within one business day after receipt of such a notice. Revises requirements for prompt resolution of errors to authorize a financial institution to require a consumer to submit written confirmation of an oral error notice before it recredits provisionally the consumer's account. What do you think?
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Legislation Detail
 Viewed 282 times.
Legislation Slant
Latest Action:
Referred to House committee. Status: Referred to the House Committee on Financial Services.
This action occurred on Thursday, June 28, 2007 and earned 5 points.
Legislative Progress
Introduced in the House on June 28, 2007
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