BY EVAN D'ABROSCA
as seen in Issue 1-33 of a360inc's Compliance Newsletter
Foreclosure, bankruptcy, and debt collection law firms may often see requirements related to compliance with the Electronic Fund Transfer Act (EFTA) in their client retention agreements. In this article, we will clarify whether the EFTA requirements apply to default legal services law firms and what internal procedures firms should be implemented to ensure compliance with this federal and client-mandated requirement.
The EFTA, 15 U.S.C. § 1693 et seq, was enacted in 1978 to protect consumers engaged in the transfer of funds through electronic methods.
Under the EFTA, an electronic fund transfer means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution to debit or credit an account.
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