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Samples in periodicals archive:
4367, which amends the Electronic Funds Transfer Act and removes the placard fee disclosure requirement that has spurred frivolous lawsuits against credit unions and other ATM owners.
According to Iowa's Electronic Funds Transfer act, automatic teller machines and point of sales machines in Iowa need to be connected to a state-certified central routing unit or data processing centre.
Content also includes information on federal and state laws and regulatory developments that affect payment systems, such as the UCC, the Electronic Funds Transfer Act and the Expedited Funds Availability (EFT) Act, limiting financial institution's exposure to fraud, forgery and hacking, and developments related to Check 21.
The PAI Secure ATM program is unique because it covers expenses and/or fines associated with ATM data breaches and sticker suits, plus provides information on how businesses can bring their locations into compliance with the Electronic Funds Transfer Act (ATM sticker suits).
The Electronic Funds Transfer Act and implementing regulations require both a notification on the ATM screen that a transaction would generate a fee, as well as a notification on the machine itself.
The lawsuits generally allege violation of the Truth in Lending Act or Electronic Funds Transfer Act.
If implemented as proposed, these rules would result in the most significant change in consumer electronic payments since the enactment of Regulation E of the Electronic Funds Transfer Act in the 1970s," said Kurt Helwig, president and CEO of the Electronic Funds Transfer Association.
They cite the 1978 federal Electronic Funds Transfer Act which gives states clear authority to enact consumer protection in this area "greater than the protection afforded" under federal law.