(a) Solicited issuance. Except as provided in paragraph (b) of this
section, a financial institution may issue an access device to a consumer
only—
(1) in response to an oral
or written request for the device; or
(2) as a renewal of, or in substitution
for, an accepted access device whether issued by the institution or
a successor.
6-309
(b) Unsolicited
issuance. A financial institution may distribute an access device
to a consumer on an unsolicited basis if the access device is—
(1) not validated, meaning
that the institution has not yet performed all the procedures that
would enable a consumer to initiate an electronic fund transfer using
the access device;
(2)
accompanied by a clear explanation that the access device is not validated
and how the consumer may dispose of it if validation is not desired;
(3) accompanied by the
disclosures required by section 205.7, of the consumer’s rights and
liabilities that will apply if the access device is validated; and
(4) validated only in response
to the consumer’s oral or written request for validation, after the
institution has verified the consumer’s identity by a reasonable means.
