COMPETITIVE EQUALITY BANKING ACT OF 1987 (Title VI and section 1204)
115–174
Statute Compilation
United States House of Representatives
Office of the Legislative Counsel
text/xml
EN
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Expedited Funds Availability Act
Competitive Equality Banking Act of 1987
10571
100
1987-08-10
COMPETITIVE EQUALITY BANKING ACT OF 1987 (Title VI and section 1204)
[As Amended Through P.L. 115–174, Enacted May 24, 2018]
[Currency: This publication is a compilation of the text of Public Law 100–86. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/]
[Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
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<num style="-uslm-dtd:enum" value="VI">TITLE VI—</num><heading style="-uslm-dtd:header">EXPEDITED FUNDS AVAILABILITY </heading>
<section identifier="/us/sComp/100/86/tVI/s601" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="601">SEC. 601. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4001">12 U.S.C. 4001</ref> nt.<b>]</b> </editorialNote><heading style="-uslm-dtd:header">SHORT TITLE. </heading>
<content class="block" style="-uslm-dtd:text">This title may be cited as the “<shortTitle style="-uslm-dtd:quote"><inline style="-uslm-dtd:short-title">Expedited Funds Availability Act</inline></shortTitle>”.</content>
</section>
<section identifier="/us/sComp/100/86/tVI/s602" role="definitions" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="602">SEC. 602. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4001">12 U.S.C. 4001</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">DEFINITIONS. </heading>
<subsection role="undesignated-level" style="-uslm-dtd:subsection" styleType="OLC"><chapeau style="-uslm-dtd:text">For purposes of this title—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s602/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Account.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">account</term>” means a demand deposit account or other similar transaction account at a depository institution.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Board.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">Board</term>” means the Board of Governors of the Federal Reserve System.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Business day.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">business day</term>” means any day other than a Saturday, Sunday, or legal holiday.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Cash.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">cash</term>” means United States coins and currency, including Federal Reserve notes.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/5" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="5">(5) </num><heading style="-uslm-dtd:header">Cashier's check.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">cashier's check</term>” means any check which—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/5/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">is drawn on a depository institution;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/5/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">is signed by an officer or employee of such depository institution; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/5/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">is a direct obligation of such depository institution.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/6" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="6">(6) </num><heading style="-uslm-dtd:header">Certified check.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">certified check</term>” means any check with respect to which a depository institution certifies that—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/6/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the signature on the check is genuine; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/6/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><chapeau style="-uslm-dtd:text">such depository institution has set aside funds which—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s602/6/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">are equal to the amount of the check; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s602/6/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">will be used only to pay such check.</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/7" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="7">(7) </num><heading style="-uslm-dtd:header">Check.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">check</term>” means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/8" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="8">(8) </num><heading style="-uslm-dtd:header">Check clearinghouse association.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">check clearinghouse association</term>” means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/9" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="9">(9) </num><heading style="-uslm-dtd:header">Check processing region.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">check processing region</term>” means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescribe by regulations.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/10" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="10">(10) </num><heading style="-uslm-dtd:header">Consumer account.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">consumer account</term>” means any account used primarily for personal, family, or household purposes.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/11" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="11">(11) </num><heading style="-uslm-dtd:header">Depository check.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">depository check</term>” means any cashier's check, certified check, teller's check, and any other functionally equivalent instrument as determined by the Board.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/12" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="12">(12) </num><heading style="-uslm-dtd:header">Depository institution.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">depository institution</term>” has the meaning given such term in clauses (i) through (vi) of section 19(b)(1)(A) of the Federal Reserve Act. Such term also includes an office, branch, or agency of a foreign bank located in the United States.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/13" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="13">(13) </num><heading style="-uslm-dtd:header">Local originating depository institution.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">local originating depository institution</term>” means any originating depository institution which is located in the same check processing region as the receiving depository institution.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/14" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="14">(14) </num><heading style="-uslm-dtd:header">Noncash item.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">noncash item</term>” means—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/14/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">a check or other demand item to which a passbook, certificate, or other document is attached;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/14/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">a check or other demand item which is accompanied by special instructions, such as a request for special advise of payment or dishonor; or</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/14/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">any similar item which is otherwise classified as a noncash item in regulations of the Board.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/15" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="15">(15) </num><heading style="-uslm-dtd:header">Nonlocal originating depository institution.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">nonlocal originating depository institution</term>” means any originating depository institution which is not a local depository institution.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/16" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="16">(16) </num><heading style="-uslm-dtd:header">Proprietary atm.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">proprietary ATM</term>” means an automated teller machine which is—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/16/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><chapeau style="-uslm-dtd:text">located—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s602/16/A/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">at or adjacent to a branch of the receiving depository institution; or</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s602/16/A/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">in close proximity, as defined by the Board, to a branch of the receiving depository institution; or</content>
</clause>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/16/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">owned by, operated exclusively for, or operated by the receiving depository institution.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/17" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="17">(17) </num><heading style="-uslm-dtd:header">Originating depository institution.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">originating depository institution</term>” means the branch of a depository institution on which a check is drawn.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/18" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="18">(18) </num><heading style="-uslm-dtd:header">Nonproprietary atm.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">nonproprietary ATM</term>” means an automated teller machine which is not a proprietary ATM.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/19" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="19">(19) </num><heading style="-uslm-dtd:header">Participant.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">participant</term>” means a depository institution which—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/19/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">is located in the same geographic area as that served by a check clearinghouse association; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s602/19/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">exchanges checks through the check clearinghouse association, either directly or through an intermediary.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/20" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="20">(20) </num><heading style="-uslm-dtd:header">Receiving depository institution.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">receiving depository institution</term>” means the branch of a depository institution or the proprietary ATM, located in the United States, in which a check is first deposited.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/21" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="21">(21) </num><heading style="-uslm-dtd:header">State.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">State</term>” means any State, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, or the Virgin Islands.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/22" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="22">(22) </num><heading style="-uslm-dtd:header">Teller's check.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">teller's check</term>” means any check issued by a depository institution and drawn on another depository institution.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/23" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="23">(23) </num><heading style="-uslm-dtd:header">United states.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">United States</term>” means the several States, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the Virgin Islands.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/24" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="24">(24) </num><heading style="-uslm-dtd:header">Unit of general local government.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">unit of general local government</term>” means any city, county, town, township, parish, village, or other general purpose political subdivision of a State.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s602/25" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="25">(25) </num><heading style="-uslm-dtd:header">Wire transfer.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">wire transfer</term>” has such meaning as the Board shall prescribe by regulations.</content>
</paragraph>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s603" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="603">SEC. 603. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4002">12 U.S.C. 4002</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">EXPEDITED FUNDS AVAILABILITY SCHEDULES. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s603/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Next Business Day Availability For Certain Deposits.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s603/a/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Cash deposits; wire transfers.—</heading><chapeau style="-uslm-dtd:text">Except as provided in subsection (e) and in section 604, in any case in which—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">any cash is deposited in an account at a receiving depository institution staffed by individuals employed by such institution, or</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">funds are received by a depository institution by wire transfer for deposit in an account at such institution,</content>
</subparagraph><continuation role="paragraph" style="-uslm-dtd:continuation-text">such cash or funds shall be available for withdrawal not later than the business day after the business day on which such cash is deposited or such funds are received for deposit.</continuation>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/a/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Government checks; certain other checks.—</heading><chapeau style="-uslm-dtd:text">Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><chapeau style="-uslm-dtd:text">a check which—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/A/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">is drawn on the Treasury of the United States; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/A/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">is endorsed only by the person to whom it was issued.</content>
</clause>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><chapeau style="-uslm-dtd:text">a check which—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">is drawn by a State;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">is deposited in a receiving depository institution which is located in such State and is staffed by individuals employed by such institution;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/B/iii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iii">(iii) </num><content style="-uslm-dtd:text">is deposited with a special deposit slip which indicates it is a check drawn by a State; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/B/iv" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iv">(iv) </num><content style="-uslm-dtd:text">is endorsed only by the person to whom it was issued;</content>
</clause>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/2/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><chapeau style="-uslm-dtd:text">a check which—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/C/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">is drawn by a unit of general local government;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/C/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">is deposited in a receiving depository institution which is located in the same State as such unit of general local government and is staffed by individuals employed by such institution;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/C/iii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iii">(iii) </num><content style="-uslm-dtd:text">is deposited with a special deposit slip which indicates it is a check drawn by a unit of general local government; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/C/iv" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iv">(iv) </num><content style="-uslm-dtd:text">is endorsed only by the person to whom it was issued;</content>
</clause>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/2/D" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">the first $200 deposited by check or checks on any one business day;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/2/E" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="E">(E) </num><content style="-uslm-dtd:text">a check deposited in a branch of a depository institution and drawn on the same or another branch of the same depository institution if both such branches are located in the same State or the same check processing region;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/a/2/F" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="F">(F) </num><chapeau style="-uslm-dtd:text">a cashier's check, certified check, teller's check, or depository check which—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/F/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">is deposited in a receiving depository institution which is staffed by individuals employed by such institution;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/F/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">is deposited with a special deposit slip which indicates it is a cashier's check, certified check, teller's check, or depository check, as the case may be; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/a/2/F/iii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iii">(iii) </num><content style="-uslm-dtd:text">is endorsed only by the person to whom it was issued.</content>
</clause>
</subparagraph>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s603/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Permanent Schedule.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s603/b/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Availability of funds deposited by local checks.—</heading><content style="-uslm-dtd:text">Subject to paragraph (3) of this subsection, subsections (a)(2), (d), and (e) of this section, and section 604, not more than 1 business day shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a local originating depository institution and the business day on which the funds involved are available for withdrawal.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/b/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Availability of funds deposited by nonlocal checks.—</heading><content style="-uslm-dtd:text">Subject to paragraph (3) of this subsection, subsections (a)(2), (d), and (e) of this section, and section 604, not more than 4 business days shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a nonlocal originating depository institution and the business day on which such funds are available for withdrawal.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/b/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Time period adjustments for cash withdrawal of certain checks.—</heading>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/b/3/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">Except as provided in subparagraph (B), funds deposited in an account in a depository institution by check (other than a check described in subsection (a)(2)) shall be available for cash withdrawal not later than the business day after the business day on which such funds otherwise are available under paragraph (1) or (2).</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/b/3/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">
<inline style="-uslm-dtd:enum-in-header">5 </inline>p.m. cash availability.—</heading><content style="-uslm-dtd:text">Not more than $400 (or the maximum amount allowable in the case of a withdrawal from an automated teller machine but not more than $400) of funds deposited by one or more checks to which this paragraph applies shall be available for cash withdrawal not later than 5 o'clock post meridian of the business day on which such funds are available under paragraph (1) or (2). If funds deposited by checks described in both paragraph (1) and paragraph (2) become available for cash withdrawal under this paragraph on the same business day, the limitation contained in this subparagraph shall apply to the aggregate amount of such funds.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/b/3/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><heading style="-uslm-dtd:header">
<inline style="-uslm-dtd:enum-in-header">$200 </inline>availability.—</heading><content style="-uslm-dtd:text">Any amount available for withdrawal under this paragraph shall be in addition to the amount available under subsection (a)(2)(D).</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/b/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Applicability.—</heading><content style="-uslm-dtd:text">This subsection shall apply with respect to funds deposited by check in an account at a depository institution on or after September 1, 1990, except that the Board may, by regulation, make this subsection or any part of this subsection applicable earlier than September 1, 1990.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s603/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Temporary Schedule.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s603/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Availability of local checks.—</heading>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/c/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">Subject to subparagraph (B) of this paragraph, subsections (a)(2), (d), and (e) of this section, and section 604, not more than 2 business days shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a local originating depository institution and the business day on which such funds are available for withdrawal.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/c/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Time period adjustment for cash withdrawal of certain checks.—</heading>
<clause identifier="/us/sComp/100/86/tVI/s603/c/1/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">Except as provided in clause (ii), funds deposited in an account in a depository institution by check drawn on a local depository institution that is not a participant in the same check clearinghouse association as the receiving depository institution (other than a check described in subsection (a)(2)) shall be available for cash withdrawal not later than the business day after the business day on which such funds otherwise are available under subparagraph (A).</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/c/1/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><heading style="-uslm-dtd:header">
<inline style="-uslm-dtd:enum-in-header">5 </inline>p.m. cash availability.—</heading><content style="-uslm-dtd:text">Not more than $400 (or the maximum amount allowable in the case of a withdrawal from an automated teller machine but not more than $400) of funds deposited by one or more checks to which this subparagraph applies shall be available for cash withdrawal not later than 5 o'clock post meridian of the business day on which such funds are available under subparagraph (A).</content>
</clause>
<clause class="leftIndentDecrease1" identifier="/us/sComp/100/86/tVI/s603/c/1/B/iii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iii">(iii) </num><heading style="-uslm-dtd:header">
<inline style="-uslm-dtd:enum-in-header">$200 </inline>availability.—</heading><content style="-uslm-dtd:text">Any amount available for withdrawal under this subparagraph shall be in addition to the amount available under subsection (a)(2)(D).</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Availability of nonlocal checks.—</heading><content style="-uslm-dtd:text">Subject to subsections (a)(2), (d), and (e) of this section and section 604, not more than 6 business days shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a nonlocal originating depository institution and the business day on which such funds are available for withdrawal.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/c/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Applicability.—</heading><content style="-uslm-dtd:text">This subsection shall apply with respect to funds deposited by check in an account at a depository institution after August 31, 1988, and before September 1, 1990, except as may be otherwise provided under subsection (b)(4).</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s603/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Time Period Adjustments.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s603/d/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Reduction generally.—</heading><content style="-uslm-dtd:text">Notwithstanding any other provision of law, the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall, by regulation, reduce the time periods established under subsections (b), (c), and (e) to as short a time as possible and equal to the period of time achievable under the improved check clearing system for a receiving depository institution to reasonably expect to learn of the nonpayment of most items for each category of checks.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/d/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Extension for certain deposits in noncontiguous states or territories.—</heading><chapeau style="-uslm-dtd:text">Notwithstanding any other provision of law, any time period established under subsection (b), (c), or (e) shall be extended by 1 business day in the case of any deposit which is both—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/d/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">deposited in an account at a depository institution which is located in Alaska, Hawaii, Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, or the Virgin Islands; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/d/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">deposited by a check drawn on an originating depository institution which is not located in the same State, commonwealth, or territory as the receiving depository institution.</content>
</subparagraph>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s603/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Deposits at an ATM.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s603/e/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Nonproprietary atm.—</heading>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/e/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">Not more than 4 business days shall intervene between the business day a deposit described in subparagraph (B) is made at a nonproprietary automated teller machine (for deposit in an account at a depository institution) and the business day on which funds from such deposit are available for withdrawal.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s603/e/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Deposits described in this paragraph<ref class="footnoteRef" idref="IDA4465D7F2C4E4756BA7B98FD5AF93BD7" style="-uslm-dtd:footnote-ref">1</ref>.—</heading><chapeau style="-uslm-dtd:text">A deposit is described in this subparagraph if it is—</chapeau><footnote id="IDA4465D7F2C4E4756BA7B98FD5AF93BD7" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">1</sup><p style="-uslm-dtd:para; margin-left:1em">So in original. Probably should be “<quotedText style="-uslm-dtd:quote"><headingText style="-uslm-dtd:header-in-text">subparagraph</headingText></quotedText>”.</p></footnote>
<clause identifier="/us/sComp/100/86/tVI/s603/e/1/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">a cash deposit;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/e/1/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">a deposit made by a check described in subsection (a)(2);</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/e/1/B/iii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iii">(iii) </num><content style="-uslm-dtd:text">a deposit made by a check drawn on a local originating depository institution (other than a check described in subsection (a)(2)); or</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s603/e/1/B/iv" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iv">(iv) </num><content style="-uslm-dtd:text">a deposit made by a check drawn on a nonlocal originating depository institution (other than a check described in subsection (a)(2)).</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/e/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Proprietary atm—temporary and permanent schedules.—</heading><content style="-uslm-dtd:text">The provisions of subsections (a), (b), and (c) shall apply with respect to any funds deposited at a proprietary auto- mated teller machine for deposit in an account at a depository institution.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/e/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Study and report on atm's.—</heading><content style="-uslm-dtd:text">The Board shall, either directly or through the Consumer Advisory Council, establish and maintain a dialogue with depository institutions and their suppliers on the computer software and hardware available for use by automated teller machines, and shall, not later than September 1 of each of the first 3 calendar years beginning after the date of the enactment of this title, report to the Congress regarding such software and hardware and regarding the potential for improving the processing of automated teller machine deposits.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s603/f" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Check Return; Notice of Nonpayment.—</heading><chapeau style="-uslm-dtd:text">No provision of this section shall be construed as requiring that, with respect to all checks deposited in a receiving depository institution—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s603/f/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">such checks be physically returned to such depository institution; or</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s603/f/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">any notice of nonpayment of any such check be given to such depository institution within the times set forth in subsection (a), (b), (c), or (e) or in the regulations issued under any such subsection.</content>
</paragraph>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s604" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="604">SEC. 604. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4003">12 U.S.C. 4003</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">SAFEGUARD EXCEPTIONS. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s604/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">New Accounts.—</heading><chapeau style="-uslm-dtd:text">Notwithstanding section 603, in the case of any account established at a depository institution by a new depositor, the following provisions shall apply with respect to any deposit in such account during the 30-day period (or such shorter period as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may establish) beginning on the date such account is established—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s604/a/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Next business day availability of cash and certain items.—</heading><chapeau style="-uslm-dtd:text">Except as provided in paragraph (3), in the case of—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/a/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">any cash deposited in such account;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/a/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">any funds received by such depository institution by wire transfer for deposit in such account;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/a/1/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">any funds deposited in such account by cashier's check, certified check, teller's check, depository check, or traveler's check; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/a/1/D" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">any funds deposited by a government check which is described in subparagraph (A), (B), or (C) of section 603(a)(2),</content>
</subparagraph><continuation role="paragraph" style="-uslm-dtd:continuation-text">such cash or funds shall be available for withdrawal on the business day after the business day on which such cash or funds are deposited or, in the case of a wire transfer, on the business day after the business day on which such funds are received for deposit.</continuation>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/a/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Availability of other items.—</heading><content style="-uslm-dtd:text">In the case of any funds deposited in such account by a check (other than a check described in subparagraph (C) or (D) of paragraph (1)), the availability for withdrawal of such funds shall not be subject to the provisions of section 603(b), 603(c), or paragraphs<ref class="footnoteRef" idref="ID0EDB2D0762A346CB99FB1D76430346F6" style="-uslm-dtd:footnote-ref">2</ref> (1) of section 603(e).</content><footnote id="ID0EDB2D0762A346CB99FB1D76430346F6" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">2</sup><p style="-uslm-dtd:para; margin-left:1em">Section 227(b)(2) of the Federal Deposit Insurance Corporation Improvement Act of 1991 amended subsection (a)(2) by striking “<quotedText style="-uslm-dtd:quote">and (2)</quotedText>”. An amendment probably should have been made striking out “<quotedText style="-uslm-dtd:quote">paragraphs</quotedText>” and inserting “<quotedText style="-uslm-dtd:quote">paragraph</quotedText>”.</p></footnote>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/a/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Limitation relating to certain checks in excess of $5,000.—</heading><chapeau style="-uslm-dtd:text">In the case of funds deposited in such account during such period by checks described in subparagraph (C) or (D) of paragraph (1) the aggregate amount of which exceeds $5,000—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/a/3/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">paragraph (1) shall apply only with respect to the first $5,000 of such aggregate amount; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/a/3/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">not more than 8 business days shall intervene between the business day on which any such funds are deposited and the business day on which such excess amount shall be available for withdrawal.</content>
</subparagraph>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s604/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Large or Redeposited Checks; Repeated Overdrafts.—</heading><chapeau style="-uslm-dtd:text">The Board, jointly with the Director of the Bureau of Consumer Financial Protection, may, by regulation, establish reasonable exceptions to any time limitation established under subsection (a)(2), (b), (c), or (e) of section 603 for—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s604/b/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the amount of deposits by one or more checks that exceeds the amount of $5,000 in any one day;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/b/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">checks that have been returned unpaid and redeposited; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/b/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">deposit accounts which have been overdrawn repeatedly.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s604/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Reasonable Cause Exception.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s604/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">In accordance with regulations which the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe, subsections (a)(2), (b), (c), and (e) of section 603 shall not apply with respect to any check deposited in an account at a depository institution if the receiving depository institution has reasonable cause to believe that the check is uncollectible from the originating depository institution. For purposes of the preceding sentence, reasonable cause to believe requires the existence of facts which would cause a well-grounded belief in the mind of a reasonable person. Such reasons shall be included in the notice required under subsection (f).</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Basis for determination.—</heading><content style="-uslm-dtd:text">No determination under this subsection may be based on any class of checks or persons.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/c/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Overdraft fees.—</heading><chapeau style="-uslm-dtd:text">If the receiving depository institution determines that a check deposited in an account is a check described in paragraph (1), the receiving depository institution shall not assess any fee for any subsequent overdraft with respect to such account, if—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/c/3/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the depositor was not provided with the written notice required under subsection (f) (with respect to such determination) at the time the deposit was made;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/c/3/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the overdraft would not have occurred but for the fact that the funds so deposited are not available; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/c/3/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the amount of the check is collected from the originating depository institution.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/c/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Compliance.—</heading><content style="-uslm-dtd:text">Each agency referred to in section 610(a) shall monitor compliance with the requirements of this subsection in each regular examination of a depository institution and shall describe in each report to the Congress the extent to which this subsection is being complied with. For the purpose of this paragraph, each depository institution shall retain a record of each notice provided under subsection (f) as a result of the application of this subsection.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s604/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Emergency Conditions.—</heading><chapeau style="-uslm-dtd:text">Subject to such regulations as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may prescribe, subsections (a)(2), (b), (c), and (e) of section 603 shall not apply to funds deposited by check in any receiving depository institution in the case of—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s604/d/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">any interruption of communication facilities;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/d/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">suspension of payments by another depository institution;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/d/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">any war; or</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/d/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">any emergency condition beyond the control of the receiving depository institution,</content>
</paragraph><continuation role="subsection" style="-uslm-dtd:continuation-text">if the receiving depository institution exercises such diligence as the circumstances require.</continuation>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s604/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Prevention of Fraud Losses.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s604/e/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><chapeau style="-uslm-dtd:text">The Board, jointly with the Director of the Bureau of Consumer Financial Protection, may, by regulation or order, suspend the applicability of this title, or any portion thereof, to any classification of checks if the Board, jointly with the Director of the Bureau of Consumer Financial Protection, determines that—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/e/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">depository institutions are experiencing an unacceptable level of losses due to check-related fraud, and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/e/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">suspension of this title, or such portion of this title, with regard to the classification of checks involved in such fraud is necessary to diminish the volume of such fraud.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/e/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Sunset provision.—</heading><content style="-uslm-dtd:text">No regulation prescribed or order issued under paragraph (1) shall remain in effect for more than 45 days (excluding Saturdays, Sundays, legal holidays, or any day either House of Congress is not in session).</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/e/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Report to congress.—</heading>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/e/3/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">Notice of each suspension.—</heading><content style="-uslm-dtd:text">Within 10 days of prescribing any regulation or issuing any order under paragraph (1), the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall transmit a report of such action to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/e/3/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Contents of report.—</heading><chapeau style="-uslm-dtd:text">Each report under subparagraph (A) shall contain—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s604/e/3/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">the specific reason for prescribing the regulation or issuing the order;</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s604/e/3/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">evidence considered by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, in making the determination under paragraph (1) with respect to such regulation or order; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s604/e/3/B/iii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="iii">(iii) </num><content style="-uslm-dtd:text">specific examples of the check-related fraud giving rise to such regulation or order.</content>
</clause>
</subparagraph>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s604/f" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Notice of Exception; Availability Within Reasonable Time.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s604/f/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><chapeau style="-uslm-dtd:text">If any exception contained in this section (other than subsection (a)) applies with respect to funds deposited in an account at a depository institution—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><chapeau style="-uslm-dtd:text">the depository institution shall provide notice in the manner provided in paragraph (2) of—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s604/f/1/A/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">the time period within which the funds shall be made available for withdrawal; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s604/f/1/A/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">the reason the exception was invoked; and</content>
</clause>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">except where other time periods are specifically provided in this title, the availability of the funds deposited shall be governed by the policy of the receiving depository institution, but shall not exceed a reasonable period of time as determined by the Board, jointly with the Director of the Bureau of Consumer Financial Protection.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/f/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Time for notice.—</heading><chapeau style="-uslm-dtd:text">The notice required under paragraph (1)(A) with respect to a deposit to which an exception contained in this section applies shall be made by the time provided in the following subparagraphs:</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">In the case of a deposit made in person by the depositor at the receiving depository institution, the depository institution shall immediately provide such notice in writing to the depositor.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">In the case of any other deposit (other than a deposit described in subparagraph (C)), the receiving depository institution shall mail the notice to the depositor not later than the close of the next business day following the business day on which the deposit is received.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/2/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">In the case of a deposit to which subsection (d) or (e) applies, notice shall be provided by the depository institution in accordance with regulations of the Board, jointly with the Director of the Bureau of Consumer Financial Protection.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/2/D" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">In the case of a deposit to which subsection (b)(1) or (b)(2) applies, the depository institution may, for nonconsumer accounts and other classes of accounts, as defined by the Board, that generally have a large number of such deposits, provide notice at or before the time it first determines that the subsection applies.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s604/f/2/E" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="E">(E) </num><content style="-uslm-dtd:text">In the case of a deposit to which subsection (b)(3) applies, the depository institution may, subject to regulations of the Board, provide notice at the beginning of each time period it determines that the subsection applies. In addition to the requirements contained in paragraph (1)(A), the notice shall specify the time period for which the exception will apply.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s604/f/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Subsequent determinations.—</heading><content style="-uslm-dtd:text">If the facts upon which the determination of the applicability of an exception contained in subsection (b) or (c) to any deposit only become known to the receiving depository institution after the time notice is required under paragraph (2) with respect to such deposit, the depository institution shall mail such notice to the depositor as soon as practicable, but not later than the first business day following the day such facts become known to the depository institution.</content>
</paragraph>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s605" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="605">SEC. 605. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4004">12 U.S.C. 4004</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">DISCLOSURE OF FUNDS AVAILABILITY <br style="-uslm-dtd:linebreak"/>POLICIES. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s605/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Notice for New Accounts.—</heading><content style="-uslm-dtd:text">Before an account is opened at a depository institution, the depository institution shall provide written notice to the potential customer of the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into the customer's account.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s605/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Preprinted Deposit Slips.—</heading><content style="-uslm-dtd:text">All preprinted deposit slips that a depository institution furnishes to its customers shall contain a summary notice, as prescribed by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, in regulations, that deposited items may not be available for immediate withdrawal.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s605/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Mailing of Notice.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s605/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">First mailing after enactment.—</heading><content style="-uslm-dtd:text">In the first regularly scheduled mailing to customers occurring after the effective date of this section, but not more than 60 days after such effective date, each depository institution shall send a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into such customer's account, unless the depository institution has provided a disclosure which meets the requirements of this section before such effective date.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s605/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Subsequent changes.—</heading><content style="-uslm-dtd:text">A depository institution shall send a written notice to customers at least 30 days before implementing any change to the depository institution's policy with respect to when customers may withdraw funds deposited into consumer accounts, except that any change which expedites the availability of such funds shall be disclosed not later than 30 days after implementation.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s605/c/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Upon request.—</heading><content style="-uslm-dtd:text">Upon the request of any person, a depository institution shall provide or send such person a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into a customer's account.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s605/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Posting of Notice.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s605/d/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Specific notice at manned teller stations.—</heading><content style="-uslm-dtd:text">Each depository institution shall post, in a conspicuous place in each location where deposits are accepted by individuals employed by such depository institution, a specific notice which describes the time periods applicable to the availability of funds deposited in a consumer account.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s605/d/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">General notice at automated teller machines.—</heading><content style="-uslm-dtd:text">In the case of any automated teller machine at which any funds are received for deposit in an account at any depository institution, the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe, by regulations, that the owner or operator of such automated teller machine shall post or provide a general notice that funds deposited in such machine may not be immediately available for withdrawal.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s605/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Notice of Interest Payment Policy.—</heading><content style="-uslm-dtd:text">If a depository institution described in section 606(b) begins the accrual of interest or dividends at a later date than the date described in section 606(a) with respect to all funds, including cash, deposited in an interest-bearing account at such depository institution, any notice required to be provided under subsections (a) and (c) shall contain a written description of the time at which such depository institution begins to accrue interest or dividends on such funds.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s605/f" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Model Disclosure Forms.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s605/f/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Prepared by board and bureau.—</heading><content style="-uslm-dtd:text">The Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall publish model disclosure forms and clauses for common transactions to facilitate compliance with the disclosure requirements of this section and to aid customers by utilizing readily understandable language.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s605/f/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Use of forms to achieve compliance.—</heading><chapeau style="-uslm-dtd:text">A depository institution shall be deemed to be in compliance with the requirements of this section if such institution—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s605/f/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">uses any appropriate model form or clause as published by the Board, jointly with the Director of the Bureau of Consumer Financial
Protection,,<ref class="footnoteRef" idref="ID65E12B4CEB234686B9670364B2D442E9" style="-uslm-dtd:footnote-ref">3</ref> or</content><footnote id="ID65E12B4CEB234686B9670364B2D442E9" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">3</sup><p style="-uslm-dtd:para; margin-left:1em">Two commas are so in law.</p></footnote>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s605/f/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><chapeau style="-uslm-dtd:text">uses any such model form or clause and changes such form or clause by—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s605/f/2/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">deleting any information which is not required by this title; or</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s605/f/2/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">rearranging the format.</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s605/f/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Voluntary use.—</heading><content style="-uslm-dtd:text">Nothing in this title requires the use of any such model form or clause prescribed by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, under this subsection.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s605/f/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Notice and comment.—</heading><content style="-uslm-dtd:text">Model disclosure forms and clauses shall be adopted by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, only after notice duly given in the Federal Register and an opportunity for public comment in accordance with section 553 of title 5, United States Code.</content>
</paragraph>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s606" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="606">SEC. 606. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4005">12 U.S.C. 4005</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">PAYMENT OF INTEREST. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s606/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><content style="-uslm-dtd:text">Except as provided in subsection (b) or (c) and notwithstanding any other provision of law, interest shall accrue on funds deposited in an interest-bearing account at a depository institution beginning not later than the business day on which the depository institution receives provisional credit for such funds.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s606/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Special Rule for Credit Unions.—</heading><chapeau style="-uslm-dtd:text">Subsection (a) shall not apply to an account at a depository institution described in section 19(b)(1)(A)(iv) of the Federal Reserve Act if the depository institution—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s606/b/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">begins the accrual of interest or dividends at a later date than the date described in subsection (a) with respect to all funds, including cash, deposited in such account; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s606/b/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">provides notice of the interest payment policy in the manner required under section 605(e).</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s606/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Exception for Checks Returned Unpaid.—</heading><content style="-uslm-dtd:text">No provision of this title shall be construed as requiring the payment of interest or dividends on funds deposited by a check which is returned unpaid.</content>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s607" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="607">SEC. 607. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4006">12 U.S.C. 4006</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">MISCELLANEOUS PROVISIONS. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s607/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">After-Hours Deposits.—</heading><content style="-uslm-dtd:text">For purposes of this title, any deposit which is made on a Saturday, Sunday, legal holiday, or after the close of business on any business day shall be deemed to have been made on the next business day.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s607/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Availability at Start of Business Day.—</heading><content style="-uslm-dtd:text">Except as provided in subsections (b)(3) and (c)(1)(B) of section 603, if any provision of this title requires that funds be available for withdrawal on any business day, such funds shall be available for withdrawal at the start of such business day.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s607/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Effect on Policies of Depository Institutions.—</heading><chapeau style="-uslm-dtd:text">No provision of this title shall be construed as—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s607/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">prohibiting a depository institution from making funds available for withdrawal in a shorter period of time than the period of time required by this title; or</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s607/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><chapeau style="-uslm-dtd:text">affecting a depository institution's right—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s607/c/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">to accept or reject a check for deposit;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s607/c/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">to revoke any provisional settlement made by the depository institution with respect to a check accepted by such institution for deposit;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s607/c/2/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">to charge back the depositor's account for the amount of such check; or</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s607/c/2/D" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">to claim a refund of such provisional credit.</content>
</subparagraph>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s607/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Prohibition on Freezing Certain Funds in an Account.—</heading><content style="-uslm-dtd:text">In any case in which a check is deposited in an account at a depository institution and the funds represented by such check are not yet available for withdrawal pursuant to this title, the depository institution may not freeze any other funds in such account (which are otherwise available for withdrawal pursuant to this title) solely because the funds so deposited are not yet available for withdrawal.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s607/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Employee Training on and Compliance With the Requirements of this Title.—</heading><chapeau style="-uslm-dtd:text">Each depository institution shall—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s607/e/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">take such actions as may be necessary fully to inform each employee (who performs duties subject to the requirements of this title) of the requirements of this title; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s607/e/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">establish and maintain procedures reasonably designed to assure and monitor employee compliance with such requirements.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s607/f" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Adjustments to Dollar Amounts for Inflation.—</heading><content style="-uslm-dtd:text">The dollar amounts under this title shall be adjusted every 5 years after December 31, 2011, by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of $25.</content>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s608" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="608">SEC. 608. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4007">12 U.S.C. 4007</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">EFFECT ON STATE LAW. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s608/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><chapeau style="-uslm-dtd:text">Any law or regulation of any State in effect on September 1, 1989, which requires that funds deposited or received for deposit in an account at a depository institution chartered by such State be made available for withdrawal in a shorter period of time than the period of time provided in this title or in regulations prescribed by the Board under this title (as in effect on September 1, 1989) shall—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s608/a/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">supersede the provisions of this title and any regulations by the Board to the extent such provisions relate to the time by which funds deposited or received for deposit in an account shall be available for withdrawal; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s608/a/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">apply to all federally insured depository institutions located within such State.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s608/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Override of Certain State Laws.—</heading><content style="-uslm-dtd:text">Except as provided in subsection (a), this title and regulations prescribed under this title shall supersede any provision of the law of any State, including the Uniform Commercial Code as in effect in such State, which is inconsistent with this title or such regulations.</content>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s609" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="609">SEC. 609. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4008">12 U.S.C. 4008</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">REGULATIONS AND REPORTS BY BOARD. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s609/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><chapeau style="-uslm-dtd:text">After notice and opportunity to submit comment in accordance with section 553(c) of title 5, United States Code, the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe regulations—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s609/a/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">to carry out the provisions of this title;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/a/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">to prevent the circumvention or evasion of such provisions; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/a/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">to facilitate compliance with such provisions.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s609/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Regulations Relating to Improvement of Check Processing System.—</heading><chapeau style="-uslm-dtd:text">In order to improve the check processing system, the Board shall consider (among other proposals) requiring, by regulation, that—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">depository institutions be charged based upon notification that a check or similar instrument will be presented for payment;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the Federal Reserve banks and depository institutions provide for check truncation;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">depository institutions be provided incentives to return items promptly to the depository institution of first deposit;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">the Federal Reserve banks and depository institutions take such actions as are necessary to automate the process of returning unpaid checks,</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/5" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="5">(5) </num><chapeau style="-uslm-dtd:text">each depository institution and Federal Reserve bank—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/b/5/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">place its endorsement, and other notations specified in regulations of the Board, on checks in the positions specified in such regulations; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/b/5/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><chapeau style="-uslm-dtd:text">take such actions as are necessary to—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s609/b/5/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">automate the process of reading endorsements; and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s609/b/5/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">eliminate unnecessary endorsements;</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/6" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="6">(6) </num><chapeau style="-uslm-dtd:text">within one business day after an originating depository institution is presented a check (for more than such minimum amount as the Board may prescribe)—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/b/6/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">such originating depository institution determine whether it will pay such check; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/b/6/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">if such originating depository institution determines that it will not pay such check, such originating depository institution directly notify the receiving depository institution of such determination;</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/7" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="7">(7) </num><content style="-uslm-dtd:text">regardless of where a check is cleared initially, all returned checks be eligible to be returned through the Federal Reserve System;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/8" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="8">(8) </num><content style="-uslm-dtd:text">Federal Reserve banks and depository institutions participate in the development and implementation of an electronic clearinghouse process to the extent the Board determines, pursuant to the study under subsection (f), that such a process is feasible; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/b/9" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="9">(9) </num><content style="-uslm-dtd:text">originating depository institutions be permitted to return unpaid checks directly to, and obtain reimbursement for such checks directly from, the receiving depository institution.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s609/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Regulatory Responsibility of Board for Payment System.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s609/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Responsibility for payment system.—</heading><chapeau style="-uslm-dtd:text">In order to carry out the provisions of this title, the Board of Governors of the Federal Reserve System shall have the responsibility to regulate—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/c/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">any aspect of the payment system, including the receipt, payment, collection, or clearing of checks; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/c/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">any related function of the payment system with respect to checks.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Regulations.—</heading><content style="-uslm-dtd:text">The Board shall prescribe such regulations as it may determine to be appropriate to carry out its responsibility under paragraph (1).</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s609/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Reports.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s609/d/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Implementation progress reports.—</heading>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/d/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">Required reports.—</heading><content style="-uslm-dtd:text">The Board shall transmit a report to both Houses of the Congress not later than 18, 30, and 48 months after the date of the enactment of this title.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/d/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Contents of report.—</heading><chapeau style="-uslm-dtd:text">Each such report shall describe—</chapeau>
<clause identifier="/us/sComp/100/86/tVI/s609/d/1/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">the actions taken and progress made by the Board to implement the schedules established in section 603, and</content>
</clause>
<clause identifier="/us/sComp/100/86/tVI/s609/d/1/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">the impact of this title on consumers and depository institutions.</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/d/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Evaluation of temporary schedule report.—</heading>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/d/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">Report required.—</heading><content style="-uslm-dtd:text">The Board shall transmit a report to both Houses of the Congress not later than 2 years after the date of the enactment of this title regarding the effects the temporary schedule established under section 603(c) have had on depository institutions and the public.</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/d/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Contents of report.—</heading><content style="-uslm-dtd:text">Such report shall also assess the potential impact the implementation of the schedule established in section 603(b) will have on depository institutions and the public, including an estimate of the risks to and losses of depository institutions and the benefits to consumers. Such report shall also contain such recommendations for legislative or administrative action as the Board may determine to be necessary.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/d/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Comptroller general evaluation report.—</heading><content style="-uslm-dtd:text">Not later than 6 months after section 603(b) takes effect, the Comptroller General of the United States shall transmit a report to the Congress evaluating the implementation and administration of this title.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s609/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Consultations.—</heading><content style="-uslm-dtd:text">In prescribing regulations under subsections (a) and (b), the Board and the Director of the Bureau of Consumer Financial Protection, in the case of subsection (a), and the Board, in the case of subsection (b), shall consult with the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s609/f" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Electronic Clearinghouse Study.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s609/f/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Study required.—</heading><content style="-uslm-dtd:text">The Board shall study the feasibility of modernizing and accelerating the check payment system through the development of an electronic clearinghouse process utilizing existing telecommunications technology to avoid the necessity of actual presentment of the paper instrument to a payor institution before such institution is charged for the item.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/f/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Consultation; factors to be studied.—</heading><chapeau style="-uslm-dtd:text">In connection with the study required under paragraph (1), the Board shall—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/f/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">consult with appropriate experts in telecommunications technology; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s609/f/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">consider all practical and legal impediments to the development of an electronic clearinghouse process.</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s609/f/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Report required.—</heading><content style="-uslm-dtd:text">The Board shall report its conclusions to the Congress within 9 months of the date of the enactment of this title.</content>
</paragraph>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s610" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="610">SEC. 610. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4009">12 U.S.C. 4009</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">ADMINISTRATIVE ENFORCEMENT. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s610/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Administrative Enforcement.—</heading><chapeau style="-uslm-dtd:text">Compliance with the requirements imposed under this title, including regulations prescribed by and orders issued by the Board of Governors of the Federal Reserve System under this title, shall be enforced under—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s610/a/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><chapeau style="-uslm-dtd:text">section 8 of the Federal Deposit Insurance Act in the case of—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s610/a/1/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">national banks, and Federal branches and Federal agencies of foreign banks, by the Office of the Comptroller of the Currency;</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s610/a/1/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">member banks of the Federal Reserve System (other than national banks), and offices, branches, and agencies of foreign banks located in the United States (other than Federal branches, Federal agencies, and insured State branches of foreign banks), by the Board of Governors of the Federal Reserve System; and</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s610/a/1/C" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System) and insured State branches of foreign banks, by the Board of Directors of the Federal Deposit Insurance Corporation;</content>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s610/a/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">section 8 of the Federal Deposit Insurance Act, by the Director of the Office of Thrift Supervision in the case of savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s610/a/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">the Federal Credit Union Act, by the National Credit Union Administration Board with respect to any Federal credit union or insured credit union.</content>
</paragraph><continuation role="subsection" style="-uslm-dtd:continuation-text">The terms used in paragraph (1) that are not defined in this title or otherwise defined in section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to them in section 1(b) of the International Banking Act of 1978 (12 U.S.C. 3101).</continuation>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s610/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Additional Powers.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s610/b/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Violation of this title treated as violation of other acts.—</heading><content style="-uslm-dtd:text">For purposes of the exercise by any agency referred to in subsection (a) of this section of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this title shall be deemed to be a violation of a requirement imposed under that Act.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s610/b/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Enforcement authority under other acts.—</heading><content style="-uslm-dtd:text">In addition to its powers under any provision of law specifically referred to in subsection (a) of this section, each of the agencies referred to in such subsection may exercise, for purposes of enforcing compliance with any requirement imposed under this title, any other authority conferred on it by law.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s610/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Enforcement by the Board.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s610/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">Except to the extent that enforcement of the requirements imposed under this title is specifically committed to some other Government agency under subsection (a) of this section, the Board of Governors of the Federal Reserve System shall enforce such requirements.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s610/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Additional remedy.—</heading><chapeau style="-uslm-dtd:text">If the Board determines that—</chapeau>
<subparagraph identifier="/us/sComp/100/86/tVI/s610/c/2/A" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">any depository institution which is not a depository institution described in subsection (a), or</content>
</subparagraph>
<subparagraph identifier="/us/sComp/100/86/tVI/s610/c/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">any other person subject to the authority of the Board under this title, including any person subject to the authority of the Board under section 605(d)(2) or 609(c),</content>
</subparagraph><continuation role="paragraph" style="-uslm-dtd:continuation-text">has failed to comply with any requirement imposed by this title or by the Board under this title, the Board may issue an order prohibiting any depository institution, any Federal Reserve bank, or any other person subject to the authority of the Board from engaging in any activity or transaction which directly or indirectly involves such noncomplying depository institution or person (including any activity or transaction involving the receipt, payment, collection, and clearing of checks and any related function of the payment system with respect to checks).</continuation>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s610/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Procedural Rules.—</heading><content style="-uslm-dtd:text">The authority of the Board to prescribe regulations under this title does not impair the authority of any other agency designated in this section to make rules regarding its own procedures in enforcing compliance with requirements imposed under this title.</content>
</subsection>
</section>
<section identifier="/us/sComp/100/86/tVI/s611" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="611">SEC. 611. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4010">12 U.S.C. 4010</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">CIVIL LIABILITY. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s611/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Civil Liability.—</heading><chapeau style="-uslm-dtd:text">Except as otherwise provided in this section, any depository institution which fails to comply with any requirement imposed under this title or any regulation prescribed under this title with respect to any person other than another depository institution is liable to such person in an amount equal to the sum of—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s611/a/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">any actual damage sustained by such person as a result of the failure;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/a/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2)</num><subparagraph class="inline" identifier="/us/sComp/100/86/tVI/s611/a/2/A" style="-uslm-dtd:subparagraph" styleType="OLC"><num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">in the case of an individual action, such additional amount as the court may allow, except that the liability under this subparagraph shall not be less than $100 nor greater than $1,000; or</content></subparagraph>
<subparagraph class="leftIndentDecrease1" identifier="/us/sComp/100/86/tVI/s611/a/2/B" style="-uslm-dtd:subparagraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><chapeau style="-uslm-dtd:text">in the case of a class action, such amount as the court may allow, except that—</chapeau>
<clause class="leftIndentDecrease1" identifier="/us/sComp/100/86/tVI/s611/a/2/B/i" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">as to each member of the class, no minimum recovery shall be applicable; and</content>
</clause>
<clause class="leftIndentDecrease1" identifier="/us/sComp/100/86/tVI/s611/a/2/B/ii" style="-uslm-dtd:clause" styleType="OLC">
<num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">the total recovery under this subparagraph in any class action or series of class actions arising out of the same failure to comply by the same depository institution shall not be more than the lesser of $500,000 or 1 percent of the net worth of the depository institution involved; and</content>
</clause>
</subparagraph>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/a/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">in the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney's fee as determined by the court.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s611/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Class Action Awards.—</heading><chapeau style="-uslm-dtd:text">In determining the amount of any award in any class action, the court shall consider, among other relevant factors—</chapeau>
<paragraph identifier="/us/sComp/100/86/tVI/s611/b/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the amount of any actual damages awarded;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/b/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the frequency and persistence of failures of compliance;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/b/3" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">the resources of the depository institution;</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/b/4" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">the number of persons adversely affected; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/b/5" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">the extent to which the failure of compliance was intentional.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s611/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Bona Fide Errors.—</heading>
<paragraph identifier="/us/sComp/100/86/tVI/s611/c/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">General rule.—</heading><content style="-uslm-dtd:text">A depository institution may not be held liable in any action brought under this section for a violation of this title if the depository institution demonstrates by a preponderance of the evidence that the violation was not intentional and resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tVI/s611/c/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Examples.—</heading><content style="-uslm-dtd:text">Examples of a bona fide error include clerical, calculation, computer malfunction and programming, and printing errors, except that an error of legal judgment with respect to a depository institution's obligation under this title is not a bona fide error.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s611/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Jurisdiction.—</heading><content style="-uslm-dtd:text">Any action under this section may be brought in any United States district court, or in any other court of competent jurisdiction, within one year after the date of the occurrence of the violation involved.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s611/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Reliance on Board Rulings.—</heading><content style="-uslm-dtd:text">No provision of this section imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Board of Governors of the Federal Reserve System, notwithstanding the fact that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s611/f" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Authority To Establish Rules Regarding Losses and Liability Among Depository Institutions.—</heading><content style="-uslm-dtd:text">The Board is authorized to impose on or allocate among depository institutions the risks of loss and liability in connection with any aspect of the payment system, including the receipt, payment, collection, or clearing of checks, and any related function of the payment system with respect to checks. Liability under this subsection shall not exceed the amount of the check giving rise to the loss or liability, and, where there is bad faith, other damages, if any, suffered as a proximate consequence of any act or omission giving rise to the loss or liability.</content>
</subsection>
</section>
<section role="undesignated-level" style="-uslm-dtd:section" styleType="OLC">
<heading style="-uslm-dtd:header">Section 612 of P.L. 100–86 amended another Act</heading>
</section>
<section identifier="/us/sComp/100/86/tVI/s613" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="613">SEC. 613. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s4001">12 U.S.C. 4001</ref> nt.<b>]</b> </editorialNote><heading style="-uslm-dtd:header">EFFECTIVE DATES. </heading>
<subsection identifier="/us/sComp/100/86/tVI/s613/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Date of Enactment.—</heading><content style="-uslm-dtd:text">Except as provided in subsection (b), this title shall take effect on the date of the enactment of this title.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tVI/s613/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">
<inline style="-uslm-dtd:enum-in-header">1 </inline>Year After Date of Enactment.—</heading><content style="-uslm-dtd:text">Sections 603, 604, 605, 606, 610, and 611 shall take effect on September 1, 1988.</content>
</subsection>
</section>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>
<num style="-uslm-dtd:enum" value="XII">TITLE XII—</num><heading style="-uslm-dtd:header">MISCELANEOUS PROVISIONS </heading>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>
<section identifier="/us/sComp/100/86/tXII/s1204" style="-uslm-dtd:section" styleType="OLC">
<num style="-uslm-dtd:enum" value="1204">SEC. 1204. </num><editorialNote role="uscRef" style="-uslm-dtd:usc-reference"><b>[</b><ref href="/us/usc/t12/s3806">12 U.S.C. 3806</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">ADJUSTABLE RATE MORTGAGE CAPS. </heading>
<subsection identifier="/us/sComp/100/86/tXII/s1204/a" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><content style="-uslm-dtd:text">Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the mortgage loan.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tXII/s1204/b" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Regulations.—</heading><content style="-uslm-dtd:text">The Board of Governors of the Federal Reserve System shall prescribe regulations to carry out the purposes of this section.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tXII/s1204/c" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Enforcement.—</heading><content style="-uslm-dtd:text">Any violation of this section shall be treated as a violation of the Truth in Lending Act and shall be subject to administrative enforcement under section 108 or civil damages under section 130 of such Act, or both.</content>
</subsection>
<subsection identifier="/us/sComp/100/86/tXII/s1204/d" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Definitions.—</heading><chapeau style="-uslm-dtd:text">For the purpose of this section—</chapeau>
<paragraph identifier="/us/sComp/100/86/tXII/s1204/d/1" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the term “<term style="-uslm-dtd:term">creditor</term>” means a person who regularly extends credit for personal, family, or household purposes; and</content>
</paragraph>
<paragraph identifier="/us/sComp/100/86/tXII/s1204/d/2" style="-uslm-dtd:paragraph" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the term “<term style="-uslm-dtd:term">adjustable rate mortgage loan</term>” means any consumer loan secured by a lien on a one- to four-family dwelling unit, including a condominium unit, cooperative housing unit, or mobile home, where the loan is made pursuant to an agreement under which the creditor may, from time to time, adjust the rate of interest.</content>
</paragraph>
</subsection>
<subsection identifier="/us/sComp/100/86/tXII/s1204/e" style="-uslm-dtd:subsection" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Effective Date.—</heading><content style="-uslm-dtd:text">This section shall take effect upon the expiration of 120 days after the date of enactment of this Act.</content>
</subsection>
</section>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>