15 USC § 1693 - Congressional findings and declaration of purpose

---
identifier: "/us/usc/t15/s1693"
source: "usc"
legal_status: "official_prima_facie"
title: "15 USC § 1693 - Congressional findings and declaration of purpose"
title_number: 15
title_name: "COMMERCE AND TRADE"
section_number: "1693"
section_name: "Congressional findings and declaration of purpose"
chapter_number: 41
chapter_name: "CONSUMER CREDIT PROTECTION"
subchapter_number: "VI"
subchapter_name: "ELECTRONIC FUND TRANSFERS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 90–321, title IX, § 902, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3728; amended Pub. L. 111–203, title X, § 1073(a)(1), July 21, 2010, 124 Stat. 2060.)"
---


# § 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 and remittance transfer systems. The primary objective of this subchapter, however, is the provision of individual consumer rights.

---

**Source Credit**: (Pub. L. 90–321, title IX, § 902, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3728; amended Pub. L. 111–203, title X, § 1073(a)(1), July 21, 2010, 124 Stat. 2060.)

## Editorial Notes

### Amendments

2010—Subsec. (b).  inserted “and remittance” after “electronic fund”.

## Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by  effective 1 day after , except as otherwise provided, see , set out as an Effective Date note under , Banks and Banking.

### Effective Date

> “This title [enacting this subchapter] takes effect upon the expiration of eighteen months from the date of its enactment [
> 
> ], except that sections 909 and 911 [sections 1693g, 1693i of this title] take effect upon the expiration of ninety days after the date of enactment.”

, formerly § 921, as added by , , , renumbered § 922, , , ; renumbered § 923, , , , provided that:

[, which directed renumbering of  as section 923 effective 1 day after , was executed after the renumbering of  as section 922 by , effective 15 months after , to reflect the probable intent of Congress.]

### Short Title

This subchapter known as the “Electronic Fund Transfer Act”, see Short Title note set out under .