C.F.R. » Title 12 » CHAPTER II—FEDERAL RESERVE SYSTEM › SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM › PART 205—ELECTRONIC FUND TRANSFERS (REGULATION E)

12 C.F.R. § 205.5

Issuance of access devices

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(a) Solicited issuance. Except as provided in paragraph (b) of this section, a financial institution may issue an access device to a consumer only:

(1) In response to an oral or written request for the device; or

(2) As a renewal of, or in substitution for, an accepted access device whether issued by the institution or a successor.

(b) Unsolicited issuance. A financial institution may distribute an access device to a consumer on an unsolicited basis if the access device is:

(1) Not validated, meaning that the institution has not yet performed all the procedures that would enable a consumer to initiate an electronic fund transfer using the access device;

(2) Accompanied by a clear explanation that the access device is not validated and how the consumer may dispose of it if validation is not desired;

(3) Accompanied by the disclosures required by § 205.7, of the consumer's rights and liabilities that will apply if the access device is validated; and

(4) Validated only in response to the consumer's oral or written request for validation, after the institution has verified the consumer's identity by a reasonable means.

Notes of Decisions
Cited in 2 cases, 2018–2018 · leading case: Noble v. Am. Nat'l Prop., 297 F. Supp. 3d 998 (2018).
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Noble v. Am. Nat'l Prop., 297 F. Supp. 3d 998 (2018). “See 12 C.F.R. §§ 205.5 & *1005 205.10. "With respect to remedies for violations, EFTA provides that 'any person who fails to comply with any provision of this subchapter with respect to any consumer .”
Noble v. Am. Nat'l Prop. & Cas. Ins. Co. (D.S.D. 2018). “See 12 C.F.R. §§ 205.5 & 205.10. “With respect to remedies for violations, EFTA provides that ‘any person who fails to comply with any provision of this subchapter with respect to any consumer .”
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