Definitions.

CFR · 2024-01-01 · US · Title 12

For purposes of this part, the following definitions apply: (a)(1) (2) An access device becomes an (i) Requests and receives, or signs, or uses (or authorizes another to use) the access device to transfer money between accounts or to obtain money, property, or services; (ii) Requests validation of an access device issued on an unsolicited basis; or (iii) Receives an access device in renewal of, or in substitution for, an accepted access device from either the financial institution that initially issued the device or a successor. (b)(1) (2) The term includes a “payroll card account” which is an account that is directly or indirectly established (3) The term does not include an account held by a financial institution under a bona fide trust agreement. (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (1) By a person who was furnished the access device to the consumer's account by the consumer, unless the consumer has notified the financial institution that transfers by that person are no longer authorized; (2) With fraudulent intent by the consumer or any person acting in concert with the consumer; or (3) By the financial institution or its employee.

official document · source cfr-2024 · id 12:§ 205.2