Sec. 2. Consumer control over bank accounts
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Section 905 of the Electronic Fund Transfer Act ( 15 U.S.C. 1693c ) is amended by adding at the end the following: In this subsection— the term remotely created check means a check, including a paper or electronic check and any other payment order that the Bureau, by rule, determines is appropriately covered under this subsection, that— is not created by the financial institution that holds the customer account from which the check is to be paid; and does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid; and the term Federal consumer financial law has the meaning given the term in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 ).
Subject to the limitations in paragraph
(3)and any additional limitations that the Bureau may establish, by rule, a remotely created check may only be issued by a person designated in writing by a consumer, with that written designation specifically provided by the consumer to the insured depository institution at which the consumer maintains the account from which the check is to be drawn. A designation provided by a consumer under paragraph
(2)may be revoked at any time by the consumer. No payment order, including a remotely created check, may be issued by any person in response to the exercise of, or attempt to exercise, any right by a consumer under— any Federal consumer financial law; or any other provision of any law or regulation within the jurisdiction of the Bureau. . Section 913 of the Electronic Fund Transfer Act ( 15 U.S.C. 1693k ) is amended— in the matter preceding paragraph (1), by inserting
(a)before In general.— No person ; in subsection (a)(1), as so designated, by striking preauthorized electronic fund transfers and inserting an electronic fund transfer ; and by adding at the end the following: If a consumer voluntarily agrees to repay an extension of a small-dollar consumer credit transaction, as defined in section 110(a) of the Truth in Lending Act, by means of an electronic fund transfer, the electronic fund transfer shall be treated as a preauthorized electronic fund transfer subject to the protections of this title. .
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