Navigating Social Media Legal Risks: Safeguarding Your Business

Appendix F. Electronic Funds Transfer Act (EFTA)

(15 U.S.C. §1693 et seq.)

(as amended by the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, Public Law 111-24, 123 Stat. 1734)

Note

{§§ 1693(a) to 1693l intentionally omitted}

§ 1693l–1. General-use prepaid cards, gift certificates, and store gift cards

(a)     Definitions

In this section, the following definitions shall apply:

(1)     Dormancy fee; inactivity charge or fee

The terms “dormancy fee” and “inactivity charge or fee” mean a fee, charge, or penalty for non-use or inactivity of a gift certificate, store gift card, or general-use prepaid card.

(2)    General-use ...