S. 4041: Prepaid Card Consumer Protection Act of 2010

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S. 4041: Prepaid Card Consumer Protection Act of 2010

111th Congress · introduced 2010-12-17 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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Official title

Prepaid Card Consumer Protection Act of 2010

Plain summary

Prepaid Card Consumer Protection Act of 2010 - Amends the Electronic Fund Transfer Act to extend its coverage to spending card accounts (prepaid cards) established by a consumer (or on a consumer's behalf): (1) to which recurring electronic fund transfers may be made, at the consumer's direction, and (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device. Treats as a spending card account any similar asset 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 card account: (1) any nonreloadable general-use prepaid card in an amount under $250; and (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 healthcare benefit account, a gift certificate, a store gift card, an electronic promise, plastic card, or payment code, or device, a nonreloadable card labeled as a gift card and marketed solely as such, or a nonreloadable loyalty, rebate, or promotional card. Requires a financial institution to offer electronic fund transfer services in connection with a spending card account only if the account is insured under the Federal Deposit Insurance Act and complies with its pass-through deposit insurance requirements. Requires any person that accepts funds in connection with an electronic fund transfer to a spending card account to: (1) transfer them, within 24 hours after accepting them, to an account at an insured depository institution; or (2) credit the spending card account an amount equal to the amount of such funds. Waives the requirement for providing a consumer with a periodic statement if a financial institution, among other things, provides the consumer with access to the account balance through a readily available telephone line and the Internet and at an electronic terminal or other device (ATM machine) that allows the consumer to make a balance inquiry. Prohibits the charging of fees for services required to meet these requirements, other than $1 for an optional periodic statement. Specifies other fees which may and may not be charged in connection with a spending account card.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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Officials and money

Sponsor: Sen. Menendez, Robert [D-NJ] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL), Jeff Merkley (D-OR)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

• Congressional Research Service summary (Introduced in Senate)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s4041.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s4041 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111