Section 1 Short title
This Act may be cited as the “Prepaid Account Compliance and Extension Relief Act of 2017” or the “PACER Act of 2017”.
Prepaid Account Compliance and Extension Relief Act of 2017
A BILL
To delay the effective date of the final rule of the Bureau of Consumer Financial Protection titled Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z).
Sec. 2 Effective date of prepaid card rule
Notwithstanding any effective date set forth in the final rule of the Bureau of Consumer Financial Protection titled “Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)” (published November 22, 2016; 81 Fed. Reg. 83934), such final rule shall not take effect—
until October 1, 2018, with respect to the general effective date and any other effective date of October 1, 2017; and
until October 1, 2019, with respect to the effective date for issuers to submit prepaid account agreements to the Bureau and any other effective date of October 1, 2018.