3.0.0 1334 2023-01-15T17:04:09Z 2023-01-15T17:04:09Z Senate S S 2003-06-25 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Markup by 2003-06-26T23:06:56Z Reported original measure 2003-06-25T21:36:21Z S. Rept. 108-79 Check 21 Act 108 1474 HR 2003-10-28 Became Public Law No: 108-100. Procedurally-related Senate Related bill House Procedurally-related Senate 2003-06-27 Senate Returned to the Calendar. Calendar No. 168. (consideration: CR 6/26/2003 S8811) Floor 2003-06-27 Senate Senate passed measure H.R. 1474 in lieu of this measure by Unanimous Consent. Floor 2003-06-27 Senate Senate incorporated this measure in H.R. 1474 as an amendment. Floor 2003-06-27 Senate Measure laid before Senate by unanimous consent. (consideration: CR 6/24/2003 S8811) Floor 2003-06-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs ordered to be reported an original measure. Committee 2003-06-25 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 168. Calendars 2003-06-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Shelby. With written report No. 108-79. Committee 2003-06-25 Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Shelby. With written report No. 108-79. Committee 14000 9 Library of Congress ssbk00 Banking, Housing, and Urban Affairs Committee 2003-06-25 Introduced in Senate IntroReferral 10000 9 Library of Congress S000320 Sen. Shelby, Richard C. [R-AL] Richard Shelby R AL C. N H.R. 1474 https://www.congress.gov/bill/108th-congress/house-bill/1474 Finance and Financial Sector Bank accounts Checks Civil actions and liability Commerce Congress Congressional investigations Congressional reporting requirements Consumer credit Consumer education Damages Governmental investigations Indemnity Interest Law Legal fees Liability (Law) Limitation of actions Negligence Warranties Finance and Financial Sector 00 2003-06-25 Introduced in Senate 2006-11-28T17:35:40Z Prescribes implementation guidelines, including: (1) substitute check warranties; (2) indemnity procedures; (3) expedited recredit claims for consumers and for banks; (4) procedures for claims; (5) measure of damages; (6) statute of limitations; and (7) consumer education materials.]]> 80 2003-06-25 Reported to Senate without amendment 2006-11-28T17:35:40Z (Sec. 3) Defines "substitute check" as a paper reproduction of the original check that: (1) contains an image of the front and back of the original; (2) bears a "MICR line" or "magnetic ink character recognition line" containing all the information appearing on the MICR line of the original check (except as provided under generally applicable industry standards for substitute checks to facilitate the processing of substitute checks); and (3) is suitable for automated processing in the same manner as the original.

Defines check truncation as removal of an original paper check from the check collection or return process and sending in its lieu a substitute check (or, by agreement, information relating to the original check), with or without subsequent delivery of the original paper check.

(Sec. 4) Prescribes implementation guidelines, including: (1) the applicability of Federal and State law and designated provisions of the Code of Federal Regulations and the Uniform Commercial Code; (2) substitute check warranties; (3) indemnity procedures; and (4) expedited recredit procedures for consumers and for claimant banks (including notice requirements for reversal of recredit).

(Sec. 8) Sets forth: (1) procedures for claimant banks against an indemnifying bank for expedited recredit; (2) a measure of damages for breach of warranty or failure to comply with requirements that incorporates a comparative negligence standard; (3) a one-year statute of limitations under which the cause of action accrues as of the date the injured party first learns, or reasonably should have learned, of the facts and circumstances giving rise to the cause of action; and (4) consumer education requirements regarding substitute checks.

(Sec. 15) Instructs the Board of Governors of the Federal Reserve System to study and report to Congress on selected factors that impact funds availability.

(Sec. 16) Instructs the Comptroller General to evaluate and report to Congress on the implementation and administration of this Act.

(Sec. 17) Permits the banks involved to vary by agreement the procedures governing expedited recredit under this Act.]]>

Check Truncation Act of 2003 Display Title Check Truncation Act of 2003 Short Titles as Introduced Check Truncation Act of 2003 Short Titles as Reported to Senate Check Truncation Act of 2003 S Senate Official Title as Introduced An original bill to facilitate check truncation by authorizing substitute checks, to foster innovation in the check collection system without mandating receipt of checks in electronic form, and to improve the overall efficiency of the Nation's payments system, and for other purposes. Reported to Senate 2003-06-25T04:00:00Z 2003-06-27 Returned to the Calendar. Calendar No. 168. (consideration: CR 6/26/2003 S8811) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.