,,ii #aah? ,,congress #b;d ,session ,s4 #didc ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,augu/ #a1 #bjbd,mr4 ,blum5?al 7= himself & ,ms4 ,w>r57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,electronic ,fund ,transf] ,act to treat fraudul5tly induc$ electronic fund transf]s 9 ! same mann] z unau?oriz$ electronic fund transf]s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,consum]s ,f ,paym5t ,scams ,act4 #b4 ,treatm5t ( fraudul5tly induc$ electronic fund transf]s 7a7 ,def9itions ,section #ijc ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afic;a7 is am5d$-- 7#a7 9 p>agraph 7#g7-- 7,a7 by /rik+ subp>agraphs 7,b7 & 7,e72 7,b7 by r$esignat+ subp>agraphs 7,c7 & 7,d7 z subp>agraphs 7,b7 & 7,c71 respectively2 7,c7 9 subp>agraph 7,b71 z s r$esignat$1 by add+ or at ! end2 & 7,d7 9 subp>agraph 7,c71 z s r$esignat$1 by /rik+ or at ! end2 7#b7 by /rik+ p>agraph 7#i7 & ins]t+ ! foll[+3 7#i7 ! t]m f9ancial in/itution means-- 7,a7 a ,/ate or ,national bank1 a ,/ate or ,f$]al sav+s & loan association1 a mutual sav+s bank1 a ,/ate or ,f$]al cr$it union1 or any o!r p]son :o1 directly or indirectly1 holds an acc\nt belong+ to a consum]2 or 7,b7 any p]son t-- 7i7 issues an accept$ c>d or o!r means ( access or provides o!r means to facilitate an electronic fund transf]2 & 7ii7 agrees1 directly or indirectly1 ) a consum] to provide electronic fund transf] s]vices2 2 & 7#c7 by /rik+ p>agraph 7#ab7 & ins]t+ ! foll[+3 7#ab7 ! t]m unau?oriz$ or fraudul5tly induc$ electronic fund transf]-- 7,a7 means an electronic fund transf] f a consum]'s acc\nt initiat$ by-- 7i7 a p]son o!r ?an ! consum] )\t actual au?ority to initiate su* transf]2 or 7ii7 ! consum]1 if ! consum]'s au?orization or initiation ( ! electronic fund transf] 0 fraudul5tly induc$2 & 7,b7 does n include any electronic fund transf]-- 7i7 initiat$ by a natural p]son o!r ?an ! consum] :o 0 furni%$ ) ! c>d1 code1 or o!r means ( access to su* consum]'s acc\nt by su* consum]1 unless-- 7,i7 ! consum] has notifi$ ! f9ancial in/itution involv$ t transf]s by su* o!r p]son are no long] au?oriz$2 or 7,,ii7 ! consum] 0 fraudul5tly or co]cively induc$ to furni% ! c>d1 code1 or o!r means ( access2 7ii7 initiat$ by a consum] :o has fraudul5t int5t1 or anyone act+ 9 conc]t ) su* a consum]2 or 7iii7 :i* con/itutes an error committ$ by a f9ancial in/itution4 4 7b7 ,def9ition ( error ,section #ijh7;f7 ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afic;f7f77 is am5d$-- 7#a7 9 p>agraph 7#b71 by ins]t+ 1 includ+ a mi/ake or o!r error made by a consum] be=e ! semicolon2 7#b7 by r$esignat+ p>agraphs 7#f7 & 7#g7 z p>agraphs 7#h7 & 7#i71 respectively2 & 7#c7 by ins]t+ aft] p>agraph 7#e7 ! foll[+3 7#f7 ! consum]'s inability to access funds 9 a froz51 clos$1 or o!rwise inaccessible acc\nt1 except z requir$ by a c\rt ord] or law en=cem5t or unless ! f9ancial in/itution det]m9es t ! consum] obta9$ ! funds ?r\gh unlawful or fraudul5t means2 7#g7 a reflection on a p]iodic /atem5t ( goods or s]vices n accept$ by ! consum] or ! designee ( ! consum] or n deliv]$ to ! consum] or ! designee ( ! consum]2 4 7c7 ,consum] liability = unau?oriz$ or fraudul5tly induc$ transf]s ,section #iji ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afic;g7 is am5d$-- 7#a7 9 ! head+1 by /rik+ unau?oriz$ transf]s & ins]t+ unau?oriz$ or fraudul5tly induc$ electronic fund transf]s2 7#b7 by /rik+ unau?oriz$ electronic fund transf] ea* place su* t]m appe>s & ins]t+ unau?oriz$ or fraudul5tly induc$ electronic fund transf]2 7#c7 by /rik+ unau?oriz$ electronic fund transf]s ea* place su* t]m appe>s & ins]t+ unau?oriz$ or fraudul5tly induc$ electronic fund transf]s2 7#d7 9 subsection 7a7-- 7,a7 by /rik+ unau?oriz$ transf] & ins]t+ unau?oriz$ or fraudul5tly induc$ electronic fund transf]2 & 7,b7 by ins]t+ fraudul5tly induc$ transf] or be=e loss or !ft ea* place su* t]m appe>s2 7#e7 9 subsection 7b7-- 7,a7 by /rik+ f9ancial in/itution to %[ t & ins]t+ 8f9ancial in/itution-- 7#a7 to %[ t 2 7,b7 by /rik+ 0 au?oriz$ or1 if ! electronic fund transf] 0 unau?oriz$1 !n ! burd5 ( pro( is ^u ! f9ancial in/itution & ins]t+ 80 au?oriz$ or 0 n fraudul5tly induc$1 z applicable2 or 7#b7 if ! %[+ "u p>agraph 7#a7 is n made1 2 & 7,c7 by /rik+ 1 if ! transf] 0 initiat$ aft] ! effective date ( section #ije12 & 7#f7 by add+ at ! end ! foll[+3 7f7 ,%>$ liability ( in/itutions involv$ 9 an unau?oriz$ or fraudul5tly induc$ electronic fund transf] 7#a7 ,cr$it+ ( consum] acc\nt ,a f9ancial in/itution %all reimburse ! consum] = ! am\nt ( an electronic fund transf] t 0 unau?oriz$ or fraudul5tly induc$1 subject to any liability ( ! consum] "u subsection 7a74 7#b7 ,liability %>+ ,subject to p>agraph 7#c7 & ) respect to a loss suff]$ by a f9ancial in/itution 9 connection ) cr$it+ a consum]'s acc\nt = an electronic fund transf] t 0 unau?oriz$ or fraudul5tly induc$1 ! liability = su* loss %all be ev5ly %>$ betwe5 ! f9ancial in/itution hold+ ! consum]'s acc\nt & ! f9ancial in/itution t receiv$ ! transf]4 7#c7 ,liability ( c]ta9 in/itutions t mat]ially support o!r f9ancial in/itutions 7,a7 ,rulemak+ ,! ,bureau may issue-- 7i7 a rule to id5tify c]ta9 f9ancial in/itutions or classes ( f9ancial in/itutions describ$ 9 section #ijc7i77;,b7 t mat]ially support o!r f9ancial in/itutions 9 c>ry+ out electronic fund transf]s2 & 7ii7 su* o!r rules z ! ,bureau det]m9es are necess>y or appropriate to implem5t ! %>$ liability provisions "u ?is subsection4 7,b7 ,liability ,) respect to a loss describ$ 9 p>agraph 7#b7 9 connection ) an electronic fund transf]1 if any f9ancial in/itution id5tifi$ "u subp>agraph 7,a7 is describ$ 9 section #ijc7i77;,b7 ) respect to su* transf]1 ea* f9ancial in/itution & ! #b f9ancial in/itutions describ$ 9 p>agraph 7#b7 %all ev5ly %>e ! liability = su* loss4 4 7d7 ,rule ( ,con/ruction ,no?+ 9 ?is ,act or ! am5dm5ts made by ?is ,act may be con/ru$ to limit ! au?ority ( ! ,bureau ( ,consum] ,f9ancial ,protection or ! applicability ( relevant consum] f9ancial protection laws t may o!rwise impose requirem5ts t are be+ am5d$ by ?is ,act4