Title 15, Commerce and TradeRelease 119-102
§1693k Compulsory Use of Electronic Fund Transfers
Title 15 › CHAPTER 41 — CONSUMER CREDIT PROTECTION › SUBCHAPTER VI — ELECTRONIC FUND TRANSFERS › § 1693k
Summary
No one may force a buyer to take a loan only if they agree to pay back by automatic electronic withdrawals from their bank account. No one may make a worker or a person getting government benefits open an account at a specific bank to get the job or the benefit.
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
Aug 21, 2026
Release point: 119-102