15 USC 1693k – Compulsory use of electronic fund transfers
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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.
Terms Used In 15 USC 1693k
- account: means a demand deposit, savings deposit, or other asset account (other than an occasional or incidental credit balance in an open end credit plan as defined in section 1602(i) 1 of this title), as described in regulations of the Bureau, established primarily for personal, family, or household purposes, but such term does not include an account held by a financial institution pursuant to a bona fide trust agreement. See 15 USC 1693a
- consumer: means a natural person. See 15 USC 1693a
- financial institution: means a State or National bank, a State or Federal savings and loan association, a mutual savings bank, a State or Federal credit union, or any other person who, directly or indirectly, holds an account belonging to a consumer. See 15 USC 1693a
- Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. Source: OCC