S. 4041 · 111th Congress
Prepaid Card Consumer Protection Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MenendezSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in Senate · Dec 17, 2010
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Prepaid Card Consumer Protection Act of 2010
Latest action (Dec 17, 2010): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 17, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.