Bill > HR9303

This bill, the Protecting Consumers From Payment Scams Act, amends the Electronic Fund Transfer Act (EFTA) to treat fraudulently induced electronic fund transfers the same as unauthorized electronic fund transfers. It redefines key terms like "financial institution" and "unauthorized or fraudulently induced electronic fund transfer" to clarify their scope. The bill also expands the definition of "error" under EFTA to include mistakes or errors made by consumers, as well as the consumer's inability to access funds in a frozen or closed account. Importantly, it establishes a shared liability mechanism between financial institutions involved in an unauthorized or fraudulently induced transfer, requiring them to evenly share the liability, with some exceptions for certain financial institutions that materially support others. The bill aims to provide better protections for consumers against payment scams.