This Act may be cited as the Protecting Against Paperless and Electronic Requirements Act or the PAPER Act.

(a) In general Each covered entity shall offer each consumer of such entity the option of receiving paper copies of their monthly statements. (b) Prohibition A covered entity may not condition the use of any services offered by such entity on the sole use of digital monthly statements by a consumer. (c) Definitions (1) Depository institution The term depository institution has the meaning given the term in section 3 of the Federal Deposit Act. (2) Credit union The term credit union has the meaning given the term in section 101 of the Federal Credit Union Act. (3) Covered entity The term covered entity means a depository institution or a credit union.