Page:United States Statutes at Large Volume 92 Part 3.djvu/1099

 PUBLIC LAW 95-630—NOV. 10, 1978

92 STAT. 3731

advisability of prompt reporting of any loss, theft, or unauthorized use of a card, code, or other means of access; " (2) the telephone number and address of the person or office to be notified in the event the consumer believes than an unauthorized electronic fund transfer has been or may be effected; " (3) the type and nature of electronic fund transfers which the consumer may initiate, including any limitations on the frequency or dollar amount of such transfers, except that the details of such limitations need not be disclosed if their confidentiality is necessary to maintain the security of an electronic fund transfer system, as determined by the Board; "(4) any charges for electronic fund transfers or for the right to make such transfers; "(5) the consumer's right to stop payment of a preauthorized electronic fund transfer and the procedure to initiate such a stop payment order; " (6) the consumer's right to receive documentation of electronic fund transfers under section 906; "(7) a summary, in a form prescribed by regulations of the Board, of the error resolution provisions of section 908 and the consumer's rights thereunder. The financial institution shall thereafter transmit such summary at least once per calendar year; "(8) the financial institution's liability to the consumer under section 910; and "(9) under what circumstances the financial institution will in the ordinary course of business disclose information concerning the consumer's account to third persons. "(b) A financial institution shall notify a consumer in writing at Notification, least twenty-one days prior to the effective date of any change in any term or condition of the consumer's account required to be disclosed under subsection (a) if such change would result in greater cost or liability for such consumer or decreased access to the consumer's account. A financial institution may, however, implement a change in the terms or conditions of an account without prior notice when such change is immediately necessary to maintain or restore the security of an electronic fund transfer system or a consumer's account. Subject to subsection (a)(3), the Board shall require subsequent notification if such a change is made permanent. "(c) For any account of a consumer made accessible to electronic fund transfers prior to the effective date of this title, the information required to be disclosed to the consumer under subsection (a) shall be disclosed not later than the earlier of— "(1) the first periodic statement required by section 906(c), after the effective date of this title; or ''' "(2) thirty days after the effective date of this title. "§ 906. Documentation of transfers; periodic statements 15 USC 1693d. "(a) For each electronic fund transfer initiated by a consumer from an electronic terminal, the financial institution holding such consumer's account shall, directly or indirectly, at the time the transfer is initiated, make available to the consumer written documentation of such transfer. The documentation shall clearly set forth to the extent applicable— "(1) the amount involved and date the transfer is initiated; " (2) the type of transfer; "(3) the identity of the consumer's account with the financial institution from which or to which funds are transferred;

�