Mistakes in Administration of Funds

A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this Chapter or any rules or regulations issued under this Chapter, if promptly after discovery of the mistake the financial institution takes whatever action is reasonable under the circumstances to remedy the mistake and reports the mistake to the Commissioner and appropriate federal regulatory agencies as required by this Act. SOURCE: Added by P.L. 32-038:1 (June 7, 2013).