Sec. 3. Definitions
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Section 140B of the Truth in Lending Act, as added by section 4, is amended by adding at the end the following: For purposes of this section: The term check has the same meaning as in section 3(6) of the Check Clearing for the 21st Century Act ( 12 U.S.C. 5002(6) ), other than a traveler's check. The term depository institution has the same meaning as in clauses
(i)through
(vi)of section 19(b)(1)(A) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(A) ). The term nonsufficient fund fee means a fee or charge assessed in connection with an overdraft for which a depository institution declines payment. The term overdraft means, in a withdrawal by check or other debit from a consumer transaction account in which there are insufficient or unavailable funds in the account to cover such check or debit, the amount of such withdrawal that exceeds the available funds in the account. The term overdraft coverage means the payment of a check presented or other debit posted against a consumer transaction account by the depository institution in which such account is held, even though there are insufficient or unavailable funds in the account to cover such checks or other debits. The term overdraft coverage fee means any fee or charge assessed in connection with overdraft coverage, or in connection with any negative account balance that results from overdraft coverage, excluding— a periodic rate in connection with an extension of credit through an overdraft line of credit program; or a fee or charge imposed in connection with any transfer from an account linked to another transaction account. The term overdraft coverage program means a service under which a depository institution assesses an overdraft coverage fee for overdraft coverage. The term transaction account has the same meaning as in section 19(b)(1)(C) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(C) ). .
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