3.0.0 4041 2023-01-11T13:21:07Z 2023-01-11T13:21:07Z Senate S S 2010-12-17 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2010-12-17T19:41:28Z 2010-12-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2010-12-17 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2010-12-17 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2010-12-17 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Consumer credit Finance and Financial Sector 00 2010-12-17 Introduced in Senate 2011-02-24T16:35:58Z Prepaid Card Consumer Protection Act of 2010 - Amends the Electronic Fund Transfer Act to extend its coverage to spending card accounts (prepaid cards) established by a consumer (or on a consumer's behalf): (1) to which recurring electronic fund transfers may be made, at the consumer's direction, and (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device. Treats as a spending card account any similar asset account operated or managed by a financial institution, or any other person, whose funds: (1) are pooled with the funds of a person other than the one who established the account, or (2) are held in a name other than that of the person who established the account.

Excludes from the meaning of spending card account: (1) any nonreloadable general-use prepaid card in an amount under $250; and (2) any general-use prepaid card solely associated with a certain kind of health plan, a qualified transportation fringe, a health savings account or any other healthcare benefit account, a gift certificate, a store gift card, an electronic promise, plastic card, or payment code, or device, a nonreloadable card labeled as a gift card and marketed solely as such, or a nonreloadable loyalty, rebate, or promotional card.

Requires a financial institution to offer electronic fund transfer services in connection with a spending card account only if the account is insured under the Federal Deposit Insurance Act and complies with its pass-through deposit insurance requirements.

Requires any person that accepts funds in connection with an electronic fund transfer to a spending card account to: (1) transfer them, within 24 hours after accepting them, to an account at an insured depository institution; or (2) credit the spending card account an amount equal to the amount of such funds.

Waives the requirement for providing a consumer with a periodic statement if a financial institution, among other things, provides the consumer with access to the account balance through a readily available telephone line and the Internet and at an electronic terminal or other device (ATM machine) that allows the consumer to make a balance inquiry. Prohibits the charging of fees for services required to meet these requirements, other than $1 for an optional periodic statement.

Specifies other fees which may and may not be charged in connection with a spending account card.

]]> Prepaid Card Consumer Protection Act of 2010 Display Title Prepaid Card Consumer Protection Act of 2010 Official Title as Introduced A bill to amend the Electronic Fund Transfer Act to provide protection for consumers who have prepaid cards, and for other purposes. Introduced in Senate IS Short Titles as Introduced Prepaid Card Consumer Protection Act of 2010 Introduced in Senate 2010-12-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s4041is/xml/BILLS-111s4041is.xml 2010-12-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.