205.5—Issuance of access devices.
(a) Solicited issuance.
Except as provided in paragraph (b) of this section, a financial institution may issue an access device to a consumer only:
(2)
As a renewal of, or in substitution for, an accepted access device whether issued by the institution or a successor.
(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 § 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.