15 U.S.C. § 1693 : US Code - Section 1693: Congressional findings and declaration of purpose

Search 15 U.S.C. § 1693 : US Code - Section 1693: Congressional findings and declaration of purpose

(a) Rights and liabilities undefined
The Congress finds that the use of electronic systems to transfer
funds provides the potential for substantial benefits to consumers.
However, due to the unique characteristics of such systems, the
application of existing consumer protection legislation is unclear,
leaving the rights and liabilities of consumers, financial
institutions, and intermediaries in electronic fund transfers
undefined.
(b) Purposes
It is the purpose of this subchapter to provide a basic framework
establishing the rights, liabilities, and responsibilities of
participants in electronic fund transfer systems. The primary
objective of this subchapter, however, is the provision of
individual consumer rights.