Statute · United States Code
15 U.S.C. § 1693k — Compulsory use of electronic fund transfers
15 U.S.C. § 1693k
- Type
- Statute
- Source
- United States Code
- Jurisdiction
- Federal
- Date
- 2025-01-06
- Topic
- employee-benefits-and-executive-compensation
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.
Citator
15 U.S.C. § 1693k — Compulsory use of electronic fund transfers is in force in the current edition of the Code, and nothing recorded condemns it.
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.