Title 15 — Commerce and TradeRelease 119-73not60
§1693 Congressional Findings and Declaration of Purpose
Title 15 › Chapter 41— CONSUMER CREDIT PROTECTION › Subchapter VI— ELECTRONIC FUND TRANSFERS › § 1693
Summary
Creates basic rules for electronic money transfers and remittances. It says who is responsible, who pays for mistakes, and what protections people, banks, and middlemen have. Congress found digital transfers can help consumers but laws were unclear, so the main goal is to protect individual consumers.
Full Legal Text
Title 15, §1693
Commerce and Trade — Source: USLM XML via OLRC
(a)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)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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2010—Subsec. (b). Pub. L. 111–203 inserted “and remittance” after “electronic fund”.
Statutory Notes and Related Subsidiaries
Effective Date
of 2010 AmendmentAmendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an
Effective Date
note under section 5301 of Title 12, Banks and Banking.
Effective Date
Pub. L. 90–321, title IX, § 923, formerly § 921, as added by Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3741, renumbered § 922, Pub. L. 111–24, title IV, § 401(1),
May 22, 2009, 123 Stat. 1751; renumbered § 923, Pub. L. 111–203, title X, § 1073(a)(3),
July 21, 2010, 124 Stat. 2060, provided that: “This title [enacting this subchapter] takes effect upon the expiration of eighteen months from the date of its enactment [Nov. 10, 1978], except that section 909 and 911 [section 1693g, 1693i of this title] take effect upon the expiration of ninety days after the date of enactment.” [Pub. L. 111–203, § 1073(a)(3), which directed renumbering of section 922 of Pub. L. 90–321 as section 923 effective 1 day after
July 21, 2010, was executed after the renumbering of section 921 of Pub. L. 90–321 as section 922 by Pub. L. 111–24, § 401(1), effective 15 months after
May 22, 2009, to reflect the probable intent of Congress.]
Short Title
This subchapter known as the “Electronic Fund Transfer Act”, see
Short Title
note set out under section 1601 of this title.
Reference
Citations & Metadata
Citation
15 U.S.C. § 1693
Title 15 — Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60