What are the laws governing online payments?

In Washington, online payments are governed by both federal and state laws. At the federal level, the Electronic Fund Transfer Act and Fair Credit Billing Act provide guidance on online payments. These laws include protections for consumers, such as a limit on liability in the case of fraud or unauthorized transfers, a maximum of $50 for the first unauthorized transfer, the right to dispute billing errors and receive refunds, and the right of consumers to cancel an electronic funds transfer within 3 days. At the state level, additional protections may exist to protect consumers when making online payments. In Washington, the Uniform Electronic Transactions Act (UETA) is the primary law governing online payments. UETA provides that an electronic signature is as valid as a paper signature for legal purposes, making it easier for businesses and consumers to enter into online transactions. The act also immunizes online transactions from liability for civil theft or fraud, as long as the transaction meets certain security and data requirements. In addition, businesses that accept online payments must comply with applicable rules and regulations governing payment processing, such as the Payment Card Industry Data Security Standard (PCI DSS). This set of standards is designed to protect cardholder data and prevent fraud by businesses that process credit and debit card payments. Failure to abide by the rules can result in steep fines and other penalties.

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What are the laws governing online payments?

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