Consumer Debit Card Protection Act of 2014 2014-04-02 Introduced in Senate Consumer Debit Card Protection Act of 2014 - Amends the Electronic Fund Transfer Act to require a financial institution to recredit a consumer's account within 7 days (currently, 10 days) after receiving notice of an error in the manner of an electronic debit transaction.

Limits consumer liability for unauthorized use of a debit card to the following circumstances:

  • the debit card is an accepted debit card;
  • the liability does not exceed $50;
  • the issuer has given the consumer a description of a means by which the issuer may be notified of loss or theft of the card;
  • the unauthorized use occurs before the issuer has been notified of that fact or that an unauthorized use may occur as the result of loss, theft, or otherwise; and
  • the issuer has provided a method whereby the card user can be identified as the person authorized to use the card.

States that an issuer has been notified when reasonable steps have been taken to give the issuer the pertinent information, whether or not any particular officer, employee, or agent of the issuer does in fact receive that information.

Places the the burden of proof upon the issuer to show that: (1) the use was authorized, or (2) the conditions of liability for the unauthorized use of a debit card have been met.

]]> 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 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.