§5015 — Title 12 Banks and Banking | U.S. Code

Summary

The Board must study how the chapter is being used and what effects it has. The study must cover five things: the share of cleared checks where the paper check is not sent back to the paying bank; whether banks make funds available for local and nonlocal checks before maximum hold times end; how fast depositary banks learn a check was not paid; changes in check-related losses; and whether the time and dollar limits in sections 4002 and 4003 (as of October 28, 2003) are appropriate. Within 30 months after the chapter takes effect, the Board must send Congress a report with the study results and recommendations for changes to the law.

Title 12, §5015

Banks and Banking — Source: USLM XML via OLRC

(a)In order to evaluate the implementation and the impact of this chapter, the Board shall conduct a study of—

(1)the percentage of total checks cleared in which the paper check is not returned to the paying bank;

(2)the extent to which banks make funds available to consumers for local and nonlocal checks prior to the expiration of maximum hold periods;

(3)the length of time within which depositary banks learn of the nonpayment of local and nonlocal checks;

(4)the increase or decrease in check-related losses over the study period; and

(5)the appropriateness of the time periods and amount limits applicable under section 4002 and 4003 of this title, as in effect on October 28, 2003.

(b)Before the end of the 30-month period beginning on the effective date of this chapter, the Board shall submit a report to the Congress containing the results of the study conducted under this section, together with recommendations for legislative action.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this Act”, meaning Pub. L. 108–100, Oct. 28, 2003, 117 Stat. 1177, which is classified generally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 5001 of this title and Tables. The

Effective Date

of this chapter, referred to in subsec. (b), is at the end of the 12-month period beginning on Oct. 28, 2003, except as otherwise specifically provided in this chapter, see section 20 of Pub. L. 108–100, set out as an

Effective Date

note under section 5001 of this title.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective at the end of the 12-month period beginning on Oct. 28, 2003, see section 20 of Pub. L. 108–100, set out as a note under section 5001 of this title.

§5015 Study and Report on Funds Availability

Summary

Title 12, §5015

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Effective Date

Effective Date

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata