Title 15 — Commerce and TradeRelease 119-73not60

§1693k Compulsory Use of Electronic Fund Transfers

Title 15 › Chapter 41— CONSUMER CREDIT PROTECTION › Subchapter VI— ELECTRONIC FUND TRANSFERS › § 1693k

Last updated Apr 3, 2026|Official source

Summary

A person cannot make getting credit depend on someone agreeing to automatic electronic withdrawals to repay it. A person also cannot force someone to open an account at a specific bank to get a job or receive 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 3, 2026

Release point: 119-73not60