§1363 Deposit of and interest on cash received to secure immigration bonds

Summary

Cash given to the Attorney General as security for an immigration bond must be kept in the U.S. Treasury for the person who posted it. It will earn interest set by the Treasury Secretary but never more than 3 percent per year. Interest runs from deposits made after April 27, 1966 until the money is withdrawn or the bond is breached. If the cash was in the postal savings system before that system ended, it begins earning under these rules from the date postal savings stopped paying interest. Money appropriated to the Treasury for interest on uninvested funds can pay this interest. The interest is handled the same way as the original cash, except any interest earned up to the date the bond is breached must be paid to the person who posted the bond.