(a) Prohibition; proper issuanceNo person may issue to a consumer any card, code, or other means of access to such consumer’s account for the purpose of initiating an electronic fund transfer other than—
(b) ExceptionsNotwithstanding the provisions of subsection (a), a person may distribute to a consumer on an unsolicited basis a card, code, or other means of access for use in initiating an electronic fund transfer from such consumer’s account, if—
(2)
such distribution is accompanied by a complete disclosure, in accordance with section 1693c of this title, of the consumer’s rights and liabilities which will apply if such card, code, or other means of access is validated;
(c) Validation
For the purpose of subsection (b), a card, code, or other means of access is validated when it may be used to initiate an electronic fund transfer.
(Pub. L. 90–321, title IX, § 911, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3736; amended Pub. L. 111–203, title X, § 1084(1), July 21, 2010, 124 Stat. 2081.)