
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC1693e]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
                SUBCHAPTER VI--ELECTRONIC FUND TRANSFERS
 
Sec. 1693e. Preauthorized transfers

    (a) A preauthorized electronic fund transfer from a consumer's 
account may be authorized by the consumer only in writing, and a copy of 
such authorization shall be provided to the consumer when made. A 
consumer may stop payment of a preauthorized electronic fund transfer by 
notifying the financial institution orally or in writing at any time up 
to three business days preceding the scheduled date of such transfer. 
The financial institution may require written confirmation to be 
provided to it within fourteen days of an oral notification if, when the 
oral notification is made, the consumer is advised of such requirement 
and the address to which such confirmation should be sent.
    (b) In the case of preauthorized transfers from a consumer's account 
to the same person which may vary in amount, the financial institution 
or designated payee shall, prior to each transfer, provide reasonable 
advance notice to the consumer, in accordance with regulations of the 
Board, of the amount to be transferred and the scheduled date of the 
transfer.

(Pub. L. 90-321, title IX, Sec. 907, as added Pub. L. 95-630, title XX, 
Sec. 2001, Nov. 10, 1978, 92 Stat. 3733.)
