What are the laws concerning online payment transactions?

In California, online payment transactions are subject to the federal Electronic Funds Transfer (EFT) Act and the federal Electronic Signatures in Global and National Commerce (ESIGN) Act. The EFT Act requires that consumers receive certain information before they agree to an electronic payment, including details about the terms and conditions of the transaction and their right to cancel any payments within three business days. The ESIGN Act provides a framework to ensure that an electronic signature has the same legal effect as that of a traditional handwritten signature. California also has the Online Transfer Disclosure Act and the Information Practices Act. The Online Transfer Disclosure Act provides consumers the right to receive detailed disclosure before entering into an online payment agreement and to cancel payment services within three business days. The Information Practices Act requires online stores to disclose what information is being collected, how it will be used, how it can be accessed and how it can be corrected or deleted. Overall, these laws help to protect consumers by providing them with detailed information about online payment agreements as well as their right to cancel any payments within three business days. Additionally, online stores must also comply with regulations regarding the protection of personal data collected from customers. Consequently, these laws ensure that online payment transactions are transparent and secure.

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What are the laws concerning online payment transactions?

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