[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1270 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                S. 1270

To exempt stored value cards from the Electronic Fund Transfer Act, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 25, 1995

  Mr. Bennett introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To exempt stored value cards from the Electronic Fund Transfer Act, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXEMPTION FOR STORED VALUE CARDS.

    Section 903 of the Electronic Fund Transfer Act (15 U.S.C. 1693a) 
is amended--
            (1) in paragraph (1)--
                    (A) by striking ``(1) the term `accepted card or 
                other means of access' means a card'' and inserting the 
                following:
            ``(1) the term `accepted card or other means of access' 
        means--
                    ``(A) a card'';
                    (B) by adding ``and'' after the semicolon at the 
                end; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(B) does not include any card, device, or 
                computer that may be used by a person to pay for a 
                transaction through the use of value stored on, or 
                assigned to, that card, device, or computer;'' and
            (2) in paragraph (2)--
                    (A) by striking ``(2) the term `account' means a 
                demand'' and inserting the following:
            ``(2) the term `account' means--
                    ``(A) a demand'';
                    (B) by adding ``and'' after the semicolon at the 
                end; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(B) does not include any value that--
                            ``(i) is stored on, or assigned to, a card, 
                        device, or computer; and
                            ``(ii) enables a person to pay for a 
                        transaction through the use of that value;''.
                                 <all>