Sec. 3. Definitions
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In this Act: The term check — has the meaning given the term in section 3(6) of the Check Clearing for the 21st Century Act ( 12 U.S.C. 5002(6) ); and does not include a traveler’s check. The term checking account penalty fee means a nonsufficient fund fee or an overdraft coverage fee. The term consumer has the meaning given the term in section 103(i) of the Truth in Lending Act ( 15 U.S.C. 1602(i) ). The term consumer reporting agency has the meaning given the term in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a ).
The term covered period means— the period that begins 1 day after the date on which a major disaster is declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 ), where assistance is authorized under section 408 of that Act ( 42 U.S.C. 5174 ), and ending 120 days after the end of the incident period for that disaster; or the period that begins 1 day after the date on which the President determines an emergency exists under section 501(b) of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5191(b) ) and simultaneously covers all States for a single incident, event, or emergency and ending 120 days after the end of the incident period for that emergency. 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 debit. 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 meaning given the term in section 19(b)(1)(C) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(C) ).
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Sec. 3
Definitions
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