Page:United States Statutes at Large Volume 92 Part 3.djvu/1098

 92 STAT. 3730 15 USC 1693b.

PUBLIC LAW 95-630—NOV. 10, 1978

«§ 904. Regulations -'i ':^-.?u^fuyibiT':yr j^, aih " (a) The Board shall prescribe regulations to carry out the purposes of this title. In prescribing such regulations, the Board shall: "(1) consult with the other agencies referred to in section 917 and take into account, and allow for, the continuing evolution of ' electronic banking services and the technology utilized in such " services, "(2) prepare an analysis of economic impact which considers the costs and benefits to financial institutions, consumers, and other • users of electronic fund transfers, including the extent to which additional documentation, reports, records, or other paper work would be required, and the effects upon competition in the pro'' vision of electronic banking services among large and small ''"•' financial institutions and the availability of such services to different classes of consumers, particularly low income consumers, " (3) to the extent practicable, the Board shall demonstrate that ' the consumer protections of the proposed regulations outweij^h • the compliance costs imposed upon consumers and financial institutions, and ' "(4) any proposed regulations and accompanying analyses shall be sent promptly to Congress by the Board. "(b) The Board shall issue model clauses for optional use by financial institutions to facilitate compliance with the disclosure requirements of section 905 and to aid consumers in understanding the rights and responsibilities of participants in electronic fund transfers Notice in Federal by utilizing readily understandable language. Such model clauses Register. shall be adopted after notice duly given in the Federal Register and opportunity for public comment in accordance with section 553 of title 5, United States Code. With respect to the disclosures required by section 905(a)(3) and (4), the Board shall take account of variations in the services and charges under different electronic fund transfer systems and, as appropriate, shall issue alternative model clauses for disclosure of these differing account terms. "(c) Regulations prescribed hereunder may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of electronic fund transfers, as in the judgment of the Board are necessary or proper to effectuate the purposes of this title, to prevent circumvention or evasion thereof, or to facilitate compliance therewith. The Board shall by regulation modify the requirements imposed by this title on small financial institutions if the Board determines that such modifications are necessary to alleviate any undue compliance burden on small financial institutions and such modifications are consistent with the purpose '- and objective of this title. "(d) In the event that electronic fund transfer services are made • available to consumers by a person other than a financial institution holding a consumer's account, the Board shall by regulation assure that the disclosures, protections, responsibilities, and remedies created by this title are made applicable to such persons and services. 15 USC 1693c. "§ 905. Terms and conditions of transfers " (a) The terms and conditions of electronic fund transfers involving a consumer's account shall be disclosed at the time the consumer contracts for an electronic fund transfer service, in accordance with regulations of the Board. Such disclosures shall be in readily understandable language and shall include, to the extent applicable— "(1) the consumer's liability for unauthorized electronic fund transfers and, at the financial institution's option, notice of the

�