Title 15 — Commerce and TradeRelease 119-73
§1693k Compulsory use of electronic fund transfers
Title 15 › Chapter CHAPTER 41— - CONSUMER CREDIT PROTECTION › Subchapter SUBCHAPTER VI— - ELECTRONIC FUND TRANSFERS › § 1693k
Summary
No one may require automatic bank withdrawals to get credit or force someone to open an account at a specific bank for a job or government benefits.
Full Legal Text
Title 15, §1693k
Commerce and Trade — Source: USLM XML via OLRC
No person may—
(1)condition the extension of credit to a consumer on such consumer’s repayment by means of preauthorized electronic fund transfers; or
(2)require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of employment or receipt of a government benefit.
Reference
Citations & Metadata
Citation
15 U.S.C. § 1693k
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73