US Code

Public Law 119-73 (01/23/2026)

15 U.S.C. § 1693

Congressional findings and declaration of purpose

(a)

Rights and liabilities undefined

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

(b)

Purposes

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

Pub. L. 90–321, title IX, § 902Pub. L. 95–630, title XX, § 200192 Stat. 3728Pub. L. 111–203, title X, § 1073(a)(1)124 Stat. 2060(, as added , , ; amended , , .)

Editorial Notes

Amendments

Pub. L. 111–2032010—Subsec. (b). inserted “and remittance” after “electronic fund”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

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

Effective Date

Pub. L. 90–321, title IX, § 923Pub. L. 95–630, title XX, § 200192 Stat. 3741Pub. L. 111–24, title IV, § 401(1)123 Stat. 1751Pub. L. 111–203, title X, § 1073(a)(3)124 Stat. 2060

“This title [enacting this subchapter] takes effect upon the expiration of eighteen months from the date of its enactment [], except that sections 909 and 911 [sections 1693g, 1693i of this title] take effect upon the expiration of ninety days after the date of enactment.”
, formerly § 921, as added by , , , renumbered § 922, , , ; renumbered § 923, , , , provided that:

Pub. L. 111–203, § 1073(a)(3)section 922 of Pub. L. 90–321section 921 of Pub. L. 90–321Pub. L. 111–24, § 401(1)[, which directed renumbering of as section 923 effective 1 day after , was executed after the renumbering of as section 922 by , effective 15 months after , to reflect the probable intent of Congress.]

Short Title

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