Prepaid Card Disclosure Act of 2014
Latest action · Jan 9, 2014 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 9, 2014
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Prepaid Card Disclosure Act of 2014 - Amends the Electronic Fund Transfer Act to extend its coverage to spending accounts (transaction accounts) established by a consumer (or on a consumer's behalf) at an insured depository institution or credit union: (1) to which recurring electronic fund transfers may be made, at the consumer's direction; or (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device (commonly referred to as prepaid cards). Treats as a spending account any similar transaction 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 account: (1) any nonreloadable general-use prepaid card in an amount under $250; (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 health care benefit account; (3) a gift certificate; (4) a store gift card; (5) an electronic promise, plastic card, or payment code, or device; (6) a nonreloadable card labeled as a gift card and marketed solely as such; (7) a nonreloadable loyalty, rebate, or promotional card; or (8) a debit card or general-use prepaid card that has been provided to a person pursuant to a federal, state or local government-administered payment program, in which the person may only use the card to transfer or debit funds, monetary value, or other assets that have been provided pursuant to that program.
Authorizes the Consumer Financial Protection Bureau (CFPB) to require the placement of a QR code, barcode, or other similar technology on any packaging, card, or other object associated with a spending account, provided that the technology is capable of providing an electronic link to certain required disclosures to the consumer.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jan 9, 2014Introduced in Senate
- Jan 9, 2014Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1867 | Prepaid Card Consumer Protection Act of 2013 | Related bill | Dec 19, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jan 9, 2014Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.