15 USC 1693f - Error resolution

U.S Code last checked for updates: Apr 28, 2024

§ 1693f.

Error resolution

(a)

Notification to financial institution of error

If a financial institution, within sixty days after having transmitted to a consumer documentation pursuant to section 1693d(a), (c), or (d) of this title or notification pursuant to section 1693d(b) of this title, receives oral or written notice in which the consumer—

(1)

sets forth or otherwise enables the financial institution to identify the name and account number of the consumer;

(2)

indicates the consumer’s belief that the documentation, or, in the case of notification pursuant to section 1693d(b) of this title, the consumer’s account, contains an error and the amount of such error; and

(3)

sets forth the reasons for the consumer’s belief (where applicable) that an error has occurred,

the financial institution shall investigate the alleged error, determine whether an error has occurred, and report or mail the results of such investigation and determination to the consumer within ten business days. The financial institution may require written confirmation to be provided to it within ten business days of an oral notification of error if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent. A financial institution which requires written confirmation in accordance with the previous sentence need not provisionally recredit a consumer’s account in accordance with subsection (c), nor shall the financial institution be liable under subsection (e) if the written confirmation is not received within the ten-day period referred to in the previous sentence.

(b)

Correction of error; interest

(c)

Provisional recredit of consumer’s account

(d)

Absence of error; finding; explanation

(e)

Treble damages

If in any action under section 1693m 1

 See References in Text note below.

of this title, the court finds that—

(1)

the financial institution did not provisionally recredit a consumer’s account within the ten-day period specified in subsection (c), and the financial institution (A) did not make a good faith investigation of the alleged error, or (B) did not have a reasonable basis for believing that the consumer’s account was not in error; or

(2)

the financial institution knowingly and willfully concluded that the consumer’s account was not in error when such conclusion could not reasonably have been drawn from the evidence available to the financial institution at the time of its investigation,

then the consumer shall be entitled to treble damages determined under section 1693m(a)(1) ¹ of this title.

(f)

Acts constituting error

For the purpose of this section, an error consists of—

(1)

an unauthorized electronic fund transfer;

(2)

an incorrect electronic fund transfer from or to the consumer’s account;

(3)

the omission from a periodic statement of an electronic fund transfer affecting the consumer’s account which should have been included;

(4)

a computational error by the financial institution;

(5)

the consumer’s receipt of an incorrect amount of money from an electronic terminal;

(6)

a consumer’s request for additional information or clarification concerning an electronic fund transfer or any documentation required by this subchapter; or

(7)

any other error described in regulations of the Bureau.

(Pub. L. 90–321, title IX, § 908, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3733; amended Pub. L. 111–203, title X, § 1084(1), July 21, 2010, 124 Stat. 2081.)

cite as: 15 USC 1693f