The statute limits consumer liability for unauthorized electronic transfers based on reporting timeliness, requires error resolution procedures, and mandates disclosures. Regulation E implements it.
Recurring transfer authorization requirements apply.
Alternative Names:
EFTA|Regulation E
Why it Matters?
Error resolution timelines are strict, requiring provisional credit within ten business days where the investigation is incomplete, and failure to provide it is an independent violation regardless of whether the transfer was ultimately authorized. Preauthorized transfer requirements also generate claims where recurring charges continued after a consumer revoked authorization, which parallels the TCPA revocation issue operationally.
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Frequently asked questions
What timeline is most litigated?
What parallels the TCPA issue?
