12 USC 1829c - Making online banking initiation legal and easy

U.S Code last checked for updates: Oct 17, 2024

§ 1829c.

Making online banking initiation legal and easy

(a)

Definitions

In this section:

(1)

Affiliate

(2)

Driver’s license

(3)

Federal bank secrecy laws

The term “Federal bank secrecy laws” means—

(A)

section 1829b of this title;

(B)

section 1953 of this title; and

(C)

subchapter II of chapter 53 of title 31.

(4)

Financial institution

The term “financial institution” means—

(A)

an insured depository institution;

(B)

an insured credit union; or

(C)

any affiliate of an insured depository institution or insured credit union.

(5)

Financial product or service

(6)

Insured credit union

(7)

Insured depository institution

(8)

Online service

(9)

Personal identification card

(10)

Personal information

(11)

Scan

(12)

State

(b)

Use of a driver’s license or personal identification card

(1)

In general

(2)

Uses of information

Except as required to comply with Federal bank secrecy laws, a financial institution may only use the information obtained under paragraph (1)—

(A)

to verify the authenticity of the driver’s license or personal identification card;

(B)

to verify the identity of the individual; and

(C)

to comply with a legal requirement to record, retain, or transmit the personal information in connection with opening an account or obtaining a financial product or service.

(3)

Deletion of image

A financial institution that makes a copy or receives an image of a driver’s license or personal identification card of an individual in accordance with paragraphs (1) and (2) shall, after using the image for the purposes described in paragraph (2), permanently delete—

(A)

any image of the driver’s license or personal identification card, as applicable; and

(B)

any copy of any such image.

(4)

Disclosure of personal information

(c)

Relation to State law

(Pub. L. 115–174, title II, § 213, May 24, 2018, 132 Stat. 1319.)

cite as: 12 USC 1829c