[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3473 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3473

 To amend the Federal Deposit Insurance Act to provide an alternative 
disclosure procedure for depository institutions that are not federally 
  insured with respect to customers who are already depositors on the 
effective date of section 43(b)(3) of such Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 1993

   Ms. Pryce of Ohio (for herself and Mr. Fingerhut) introduced the 
following bill; which was referred to the Committee on Banking, Finance 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to provide an alternative 
disclosure procedure for depository institutions that are not federally 
  insured with respect to customers who are already depositors on the 
effective date of section 43(b)(3) of such Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depositor Protection Amendments Act 
of 1993''.

SEC. 2. SIMPLIFIED DISCLOSURE FOR EXISTING CUSTOMERS.

    (a) In General.--Section 43(b)(3) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831t(b)(3)) is amended to read as follows:
            ``(3) Acknowledgement of disclosure.--
                    ``(A) New depositors.--With respect to any 
                depositor who was not a depositor at the depository 
                institution before June 19, 1994, receive any deposit 
                for the account of such depositor only if the depositor 
                has signed a written acknowledgement that--
                            ``(i) the institution is not federally 
                        insured; and
                            ``(ii) if the institution fails, the 
                        Federal Government does not guarantee that the 
                        depositor will get back the depositor's money.
                    ``(B) Current depositors.--Receive any deposit 
                after the effective date of this paragraph for the 
                account of any depositor who was a depositor before 
                June 19, 1994, only if--
                            ``(i) the depositor has signed a written 
                        acknowledgement described in subparagraph (A); 
                        or
                            ``(ii) the institution has complied with 
                        the provisions of subparagraph (C) which are 
                        applicable as of the date of the deposit.
                    ``(C) Alternative provision of notice to current 
                depositors.--
                            ``(i) In general.--Transmit to each 
                        depositor who was a depositor before June 19, 
                        1994, and has not signed a written 
                        acknowledgement described in subparagraph (A)--
                                    ``(I) a card containing a notice 
                                that the institution is not federally 
                                insured, and a line for the signature 
                                of the depositor; and
                                    ``(II) accompanying materials 
                                requesting the depositor to sign the 
                                card, and return the signed card to the 
                                institution.
                            ``(ii) Manner and timing of notice.--
                                    ``(I) First notice.--Make the 
                                transmission described in clause (i) 
                                via first class mail within 90 days 
                                after June 19, 1994.
                                    ``(II) Second notice.--Make a 2d 
                                transmission described in clause (i) 
                                via first class mail not less than 30 
                                days and not more than 45 days after a 
                                transmission to the depositor in 
                                accordance with subclause (I), if the 
                                institution has not, by the date of 
                                such mailing, received from the 
                                depositor a card referred to in clause 
                                (i)(I) which has been signed by the 
                                depositor.
                                    ``(III) Third notice.--Make a 3d 
                                transmission described in clause (i) 
                                via first class mail not less than 30 
                                days and not more than 45 days after a 
                                transmission to the depositor in 
                                accordance with subclause (II), if the 
                                institution has not, by the date of 
                                such mailing, received from the 
                                depositor a card referred to in clause 
                                (i)(I) which has been signed by the 
                                depositor.''.
    (b) Effective Date.--Section 43(b)(3) of the Federal Deposit 
Insurance Act, as amended by subsection (a), shall take effect in 
accordance with section 151(a)(2)(D) of the Federal Deposit Insurance 
Corporation Improvement Act of 1991.

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