See comment 30(e)-2. Failure of the San Antonio Dam may lead to the release of waters that would reach the southwest corner of the Specific Plan area approximately 1.5 hours after failure, with waters estimated at 4 feet deep. iii. Under 1005.30(g), a consumer is a sender only where he or she requests a transfer primarily for personal, family, or household purposes. PDF 1700 G Street, N.W., Washington, DC 20552 Fees imposed on the remittance transfer by a person other than the remittance transfer provider include only those fees that are charged to the designated recipient and are specifically related to the remittance transfer. Based on 4 documents. Further, for these accounts, if they are located on a U.S. military installation that is physically located in a foreign country, then these accounts are located in a State. Electronic Protected Health Information means information that comes within paragraphs (1)(i) or (1)(ii) of the definition of Protected Health Information as specified below. The term remittance transfer does not include, for example: A. However, if the person provided a 101st transfer on September 5, 2014, the facts and circumstances determine whether the person provided remittance transfers in the normal course of business and was thus a remittance transfer provider for the 101st and any subsequent remittance transfers that it provided in 2014. Additionally, a transfer that is requested to be sent from an account held by a financial institution under a bona fide trust agreement pursuant to 1005.2(b)(2) is not requested primarily for personal, family, or household purposes, and a consumer requesting a transfer from such an account is therefore not a sender under 1005.30(g). If the provider does not know where the consumer is at the time the consumer requests the transfer from the consumers prepaid account (other than a prepaid account that is a payroll card account or a government benefit account) the provider may make the determination of whether a consumer is located in a State based on information that is provided by the consumer and on any records associated with the consumer that the provider may have, such as an address provided by the consumer. A financial institution that receives a preauthorized transfer of the type described in paragraph (a) (1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received. See interpretation of 30(e) Remittance Transfer in Supplement I. Electronic Fund Transfer means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Compliance with this subpart will not be required for any remittance transfers for which payment is made during that reasonable period of time. i. See 1005.2(j) (definition of person). Regulation D: Reserve Requirements of Depository Institutions FRB: Reserve Maintenance Manual Section 1005.30(f)(2)(ii) provides a reasonable period of time, not to exceed six months, for such a person to begin complying with subpart B, if that person was then providing remittance transfers in the normal course of its business. A designated recipient can be either a natural person or an organization, such as a corporation. A corporation will not be treated as an instrumentality of the United States or of any State or political subdivision thereof if all of its activities are subject to tax, and, with the exception of the FHLMC, a majority of its board of directors is not selected by such governmental unit. Restricted Stock Legend means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. The Fed - Supervision and Regulation: - Federal Reserve Board tion ( pr'awth'r--z'shun) In the U.S., authorization of medical necessity by a primary care physician before a health care service is performed. Substantially all business functions. What Is Prior Authorization and How Does It Work? - Verywell Health 1005.15 Electronic fund transfer of government benefits. A provider may determine, at its election, whether an abbreviated day is a business day. How to Use Pre-Authorized Debit Payments - NerdWallet Canada Pre-authorization. Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/pre-authorization. The Complete Guide to Money Market Accounts - Investopedia Advance authorization. Accordingly, a person that qualifies for the safe harbor in 1005.30(f)(2)(i) is not a remittance transfer provider and is not subject to the requirements of subpart B. For transfers to all other accounts, whether funds are to be received at a location physically outside of any State depends on where the account is located. Authorized Trader means any natural person associated with a Participant and, if applicable, a DMA Customer who (i) has TradingAccess to the SEF operated by BSEF using a Participant ID and (ii) is assigned a valid Trader ID. obtains approval from your health insurance plan before prescribing a specific medication for you or performing a particular medical procedure. ATS Accounts, NOW Accounts/Share Drafts, and Telephone and Preauthorized Transfers (Item A.2) Report in item A.2 the sum of the balance of all ATS accounts, NOW accounts, and telephone and preauthorized transfer accounts. See interpretation of 30(c) Designated Recipient in Supplement I. Pre-authorized debits (PADs) are a convenient way to pay bills and make payments automatically. Therefore, care must be given to ensure that, for purposes of determining whether a Qualified Trust is an Authorized Transferee, such Qualified Trust qualifies under clauses (a) and (b) above. However, if the person provides a 501st transfer on September 5, 2022, the facts and circumstances determine whether the person provides remittance transfers in the normal course of business and is thus a remittance transfer provider for the 501st and any subsequent remittance transfers that it provides in 2022. iii. See also comment 31(b)(1)(viii)-1. That money market rate represent an average of the $10,000 and $100,000 product tiers . Person. (d) "Preauthorized remittance transfer" means a remittance transfer authorized in advance to recur at substantially regular intervals. A pre-authorized debit allows the biller to withdraw money from your bank account when a payment is due. Your Right to Stop Payment of Pre-Authorized Transfers, The Proper Procedure for Doing So, Your Right to Receive Notice of Varying Amounts, and The Bank's Liability for Failure to Stop Payment -Your right to stop payment and the procedure for doing so - If you have told us in advance to make regular payments out of your account, you can stop any of these payments. C. Online bill payments and other electronic transfers that senders can schedule in advance, including preauthorized transfers, made through the Web site of a merchant located in a foreign country and via direct provision of a checking account, credit card, debit card or prepaid card number to the merchant, because the financial institution is not directly engaged with the sender to send an electronic transfer of funds to the foreign merchant when the institution provides payment to the merchant. In addition, an Authorized Transferee of a General Partnership Interest also includes a Qualified Entity (defined in Section 1.18 below). 1. Preauthorized Transfers (Section 205.10) A preauthorized transfer is an EFT authorized in advance to recur at substantially regular intervals. However, for the 101st remittance transfer provided in 2014, as well as additional remittance transfers provided thereafter in 2014 and 2015, if that person was then providing remittance transfers for a consumer in the normal course of business, the person had a reasonable period of time, not to exceed six months, to come into compliance with subpart B. The term electronic has the meaning given in section 106(2) of the Electronic Signatures in Global and National Commerce Act. The CPFB's recent guidance affirms and clarifies this approach, noting that if a consumer is fraudulently induced into sharing account access with a third party, the subsequent transfer is an unauthorized EFT. But if the consumer indicates that he or she is requesting the transfer primarily for other purposes, such as business or commercial purposes, then the consumer is not a sender under 1005.30(g), even if the consumer is requesting the transfer from an account that is used primarily for personal, family, or household purposes. Federal Register :: Electronic Fund Transfers If the remittance transfer involves more than one remittance transfer provider, only one set of disclosures must be given, and the remittance transfer providers must agree among themselves which provider must take the actions necessary to comply with the requirements that subpart B imposes on any or all of them. The designated recipient is identified by the name of the person provided by the sender to the remittance transfer provider and disclosed by the provider to the sender pursuant to 1005.31(b)(1)(iii). Permitted Transferee Any Person other than (i) the United States, any State or political subdivision thereof, or any agency or instrumentality of any of the foregoing, (ii) a foreign government, International Organization or any agency or instrumentality of either of the foregoing, (iii) an organization (except certain farmers' cooperatives described in Code Section 521) which is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect to any Class A-R Certificate, (iv) rural electric and telephone cooperatives described in Code Section 1381(a)(2)(c), (v) a Person that is not a citizen or resident of the United States, a corporation, partnership, or other entity created or organized in or under the laws of the United States or any political subdivision thereof, an estate whose income from sources without the United States is includible in gross income for United States federal income tax purposes regardless of its connection with the conduct of a trade or business within the United States, or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, (v) an "electing large partnership" within the meaning of Section 775 of the Code, and (vii) any other Person so designated by the Trustee based upon an Opinion of Counsel that the Transfer of an Ownership Interest in a Class A-R Certificate to such Person may cause the Trust Fund to fail to qualify as a REMIC at any time that certain Certificates are Outstanding. The Electronic Fund Transfer Act (EFTA) of 1978, 15 U.S.C. Short hours. Meaningful Modernization Becomes Effective Sept. 17, 2021 | Nacha A preauthorized remittance transfer is a remittance transfer authorized in advance of a transfer that will take place on a recurring basis, at substantially regular intervals, and will require no further action by the consumer to initiate the transfer. For example, if a remittance transfer is also an electronic fund transfer, any requirements in subpart A of Regulation E that apply to the transfer continue to apply, regardless of whether the person must comply with subpart B. The Nacha Operating Rules are the foundation for every ACH payment. Authorization hold (also card authorization, preauthorization, or preauth) is a service offered by credit and debit card providers whereby the provider puts a hold of the amount approved by the cardholder, reducing the balance of available funds until the merchant clears the transaction (also called settlement), after Assume that a person provided 90 remittance transfers in 2012 and 90 such transfers in 2013. 1005.8 Change in terms notice; error resolution notice. Electronic Fund Transfer Act (Regulation E) | NCUA 3. A financial institution that receives a preauthorized transfer of the type described in paragraph (a)(1) of this section shall credit the amount of the transfer as of the date the funds for the transfer are received. (i) Safe harbor. In particular, a Qualified Trust may not necessarily qualify under clauses (a) and (b) above. ii. Authorized Transferee means a Qualified Trust of Xxxxx X. Xxxxxx or of any member of a Family Group that (a) would be a Permitted Transferee of the Partner engaging in a Transfer of Partnership Interests under the Certificate of Incorporation of each Company in which the Partnership owns Class B Shares, if such Partner were Transferring Class B Shares instead of Partnership Interests; (b) is eligible to be a Partner of the Partnership without causing any Class B Shares then held by the Partnership to be converted into Class A Shares pursuant to the applicable Certificate of Incorporation; and (c) is a Participating Stockholder of each Company whose Class B Shares are owned by the Partnership, but only if such Qualified Trust (i) is a Partner immediately prior to the Transfer of Partnership Interests to such Qualified Trust or (ii) prior to or simultaneously with such Transfer, executes and delivers to the Partnership a counterpart of this Agreement, executed by the trustee of such Qualified Trust, agreeing to be subject to the restrictions and obligations of a Partner hereunder and to hold all Partnership Interests then owned or later acquired by such Qualified Trust in accordance with the terms of this Agreement, such counterpart to be substantially in the form of Exhibit 1 hereto. For example, if the offices of a provider are open on Saturdays for customers to request remittance transfers, but not for performing internal functions (such as investigating errors), then Saturday is not a business day for that provider. These kinds of transfers have become so accepted and common that you probably never think about them. A transfer that is requested to be sent from an account that was not established primarily for personal, family, or household purposes, such as an account that was established as a business or commercial account or an account held by a business entity such as a corporation, not-for-profit corporation, professional corporation, limited liability company, partnership, or sole proprietorship, is not requested primarily for personal, family, or household purposes. ( a) Authority. Preauthorized Transaction is a Card Transaction for which a Cardholder has given advance permission to periodically charge the Cardholder Account. Even though the providers must designate one provider to take the actions necessary to comply with the requirements that subpart B imposes on any or all of them, all remittance transfer providers involved in the remittance transfer remain responsible for compliance with the applicable provisions of the EFTA and Regulation E. See interpretation of 30(f) Remittance Transfer Provider in Supplement I. For loans with a variable rate, for example, we provide a notice with a range of amounts we will pull based on the terms of the note. Subscribe to America's largest dictionary and get thousands more definitions and advanced searchad free! See interpretation of 30(h) Third-Party Fees in Supplement I. Sec. 1005.3 Coverage. | Bankers Online Your health insurance or plan may require preauthorization for certain services before you receive them, except in . (iii) Transition periodqualifying for the safe harbor. (1) Covered third-party fees. The term covered third-party fees means any fees imposed on the remittance transfer by a person other than the remittance transfer provider except for fees described in paragraph (h)(2) of this section. RMB Non-Transferability means the occurrence of any event that makes it impossible for the Bank to deliver RMB between accounts inside the applicable RMB Settlement Centre(s) or from an account inside the applicable RMB Settlement Centre(s) to an account outside the applicable RMB Settlement Centre(s) (including where the RMB clearing and settlement system for participating banks in the applicable RMB Settlement Centre(s) is disrupted or suspended), other than where such impossibility is due solely to the failure of the Bank to comply with any law, rule or regulation enacted by any Governmental Authority (unless such law, rule or regulation is enacted after the Issue Date of the first Tranche of the relevant Series and it is impossible for the Bank, due to an event beyond its control, to comply with such law, rule or regulation); Exempt Transfer means, in relation to shares held by a member: Prospective Transferee means any person to whom a Key Holder proposes to make a Proposed Key Holder Transfer. General. Examples of remittance transfers include: A. Providing clarity and increasing consistency around certain ACH authorization processes; and. If a person provided 500 or fewer transfers in 2019 and provides 500 or fewer remittance transfers in 2020, that person qualifies for the safe harbor threshold in 2020. 17921(5). (b) Written authorization for preauthorized transfers from consumer's account. (v) Continued compliance for transfers for which payment was made before a person qualifies for the safe harbor. Electronic Payment System means a payment system that generates any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument, which is initiated through an electronic terminal, telephone, mobile phone, computer, or magnetic tape, for the purpose of ordering, instructing or authorizing a financial institution to debit or credit an account. Pre-Authorized Transfers Definition | Law Insider Transition period. The term remittance transfer does not include: (i) Small value transactions. Consumer Rights in Electronic Fund Transfers: Legal Guide CR-6 Preauthorized Transfers Definition | Law Insider Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (Nonelectronic Notice) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice. For example, overdraft fees that are imposed by a recipient's bank or funds that are garnished from the proceeds of a remittance transfer to satisfy an unrelated debt are not fees imposed on the remittance transfer because these charges are not specifically related to the remittance transfer. Nacha Operating Rules - New Rules | Nacha 1. Sample 1. Preauthorized Electronic Fund Transfer Law and Legal Definition Electronic recording A mortgage or a mortgage-related document created, generated, sent, communicated, received, or stored by electronic means (that complies with the requirements of the Electronic Signatures in Global and National Commerce Act or the Uniform Electronic Transactions Act, as applicable) that has been accepted for recording by a participating county land records office which accepts such electronic record of a mortgage or a mortgage-related document as an alternative to recordation of the original paper form of such document. These Rules intend to improve and simplify the ACH user-experience by. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Reducing barriers to use of the ACH. The term includes debit cards, wire transfers, transfers made at automatic teller machines, and point-of-sale terminals. Furthermore, designated recipient's account in 1005.30(h)(2) refers to an asset account, regardless of whether it is a consumer asset account, established for any purpose and held by a bank, savings association, credit union, or equivalent institution. Under 1005.30(g), the definition of sender means a consumer in a State who, primarily for personal, family, or household purposes, requests a remittance transfer provider to send a remittance transfer to a designated recipient. Send us feedback about these examples. A decision by your health insurer or plan that a health care service, treatment plan, prescription drug or durable medical equipment is medically necessary. The safe harbor will apply to the persons transfers in 2021, as well as the persons first 500 remittance transfers in 2022. Official interpretation of 30 (d) Preauthorized Remittance Transfer Show (e) Remittance transfer Official interpretation of 30 (e) Remittance Transfer Show (1) General definition. In this case, the sender would also be a designated recipient. In a bill-payment system, for example, if the consumer authorizes a remittance transfer provider to make monthly payments to a payee by means of a remittance transfer, and the payments take place without further action by the consumer, the payments are preauthorized remittance transfers. 3. For purposes of determining whether a person qualifies for the safe harbor under 1005.30(f)(2)(i), the number of remittance transfers provided includes any transfers excluded from the definition of remittance transfer due simply to the safe harbor. 1005.4 General disclosure requirements; jointly offered services. Source. 1693et seq.) (A) Example of safe harbor and transition period for 100-transfer safe harbor threshold effective prior to July 21, 2020. Transferred shall have a correlative meaning. 1005.16 Disclosures at automated teller machines.
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