[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 890 Engrossed Amendment Senate (EAS)]

103d CONGRESS

  1st Session

                               H. R. 890

_______________________________________________________________________

                               AMENDMENTS
  
  
  
  
  
  

                  In the Senate of the United States,

                              May 27 (legislative day, April 19), 1993.
      Resolved, That the bill from the House of Representatives (H.R. 
890) entitled ``An Act to amend the Federal Deposit Insurance Act and 
the Federal Credit Union Act to improve the procedures for treating 
unclaimed insured deposits, and for other purposes'', do pass with the 
following

                              AMENDMENTS:

            Strike out all after the enacting clause and insert:

SECTION 1. AMENDMENTS RELATING TO TREATMENT OF UNCLAIMED DEPOSITS AT 
              INSURED BANKS AND SAVINGS ASSOCIATIONS.

    Subsection (e) of section 12 of the Federal Deposit Insurance Act 
(12 U.S.C. 1822(e)) is amended to read as follows:
    ``(e) Disposition of Unclaimed Deposits.--
            ``(1) Notices.--
                    ``(A) First notice.--Within 30 days after the 
                initiation of the payment of insured deposits under 
                section 11(f), the Corporation shall provide written 
                notice to all insured depositors that they must claim 
                their deposit from the Corporation, or if the deposit 
                has been transferred to another institution, from the 
                transferee institution.
                    ``(B) Second notice.--A second notice containing 
                this information shall be mailed by the Corporation to 
                all insured depositors who have not responded to the 
                first notice, 15 months after the Corporation initiates 
                such payment of insured depositors.
                    ``(C) Address.--The notices shall be mailed to the 
                last known address of the depositor appearing on the 
                records of the insured depository institution in 
                default.
            ``(2) Transfer to appropriate state.--If an insured 
        depositor fails to make a claim for his, her, or its insured or 
        transferred deposit within 18 months after the Corporation 
        initiates the payment of insured deposits under section 11(f)--
                    ``(A) any transferee institution shall refund the 
                deposit to the Corporation, and all rights of the 
                depositor against the transferee institution shall be 
                barred; and
                    ``(B) with the exception of United States deposits, 
                the Corporation shall deliver the deposit to the 
                custody of the appropriate State as unclaimed property, 
                unless the appropriate State declines to accept 
                custody. Upon delivery to the appropriate State, all 
                rights of the depositor against the Corporation with 
                respect to the deposit shall be barred and the 
                Corporation shall be deemed to have made payment to the 
                depositor for purposes of section 11(g)(1).
            ``(3) Refusal of appropriate state to accept custody.--If 
        the appropriate State declines to accept custody of the deposit 
        tendered pursuant to paragraph (2)(B), the deposit shall not be 
        delivered to any State, and the insured depositor shall claim 
        the deposit from the Corporation before the receivership is 
        terminated, or all rights of the depositor with respect to such 
        deposit shall be barred.
            ``(4) Treatment of united states deposits.--If the deposit 
        is a United States deposit it shall be delivered to the 
        Secretary of the Treasury for deposit in the general fund of 
        the Treasury. Upon delivery to the Secretary of the Treasury, 
        all rights of the depositor against the Corporation with 
        respect to the deposit shall be barred and the Corporation 
        shall be deemed to have made payment to the depositor for 
        purposes of section 11(g)(1).
            ``(5) Reversion.--If a depositor does not claim the deposit 
        delivered to the custody of the appropriate State pursuant to 
        paragraph (2)(B) within 10 years of the date of delivery, the 
        deposit shall be immediately refunded to the Corporation and 
        become its property. All rights of the depositor against the 
        appropriate State with respect to such deposit shall be barred 
        as of the date of the refund to the Corporation.
            ``(6) Definitions.--For purposes of this subsection--
                    ``(A) the term `transferee institution' means the 
                insured depository institution in which the Corporation 
                has made available a transferred deposit pursuant to 
                section 11(f)(1);
                    ``(B) the term `appropriate State' means the State 
                to which notice was mailed under paragraph (1)(C), 
                except that if the notice was not mailed to an address 
                that is within a State it shall mean the State in which 
                the depository institution in default has its main 
                office; and
                    ``(C) the term `United States deposit' means an 
                insured or transferred deposit for which the deposit 
                records of the depository institution in default 
                disclose that title to the deposit is held by the 
                United States, any department, agency, or 
                instrumentality of the Federal Government, or any 
                officer or employee thereof in such person's official 
                capacity.''.

SEC. 2. EFFECTIVE DATE.

    (a) In General.--The amendments made by section 1 of this Act shall 
only apply with respect to institutions for which the Corporation has 
initiated the payment of insured deposits under section 11(f) of the 
Federal Deposit Insurance Act after the date of enactment of this Act.
    (b) Special Rule for Receiverships in Progress.--Section 12(e) of 
the Federal Deposit Insurance Act as in effect on the day before the 
date of enactment of this Act shall apply with respect to insured 
deposits in depository institutions for which the Corporation was first 
appointed receiver during the period between January 1, 1989 and the 
date of enactment of this Act, except that such section 12(e) shall not 
bar any claim made against the Corporation by an insured depositor for 
an insured or transferred deposit, so long as such claim is made prior 
to the termination of the receivership.
    (c) Information to States.--Within 120 days after the date of 
enactment of this Act, the Corporation shall provide, at the request of 
and for the sole use of any State, the name and last known address of 
any insured depositor (as shown on the records of the institution in 
default) eligible to make a claim against the Corporation solely due to 
the operation of subsection (b) of this section.
    (d) Definition.--For purposes of this section, the term 
``Corporation'' means the Federal Deposit Insurance Corporation, the 
Resolution Trust Corporation, or the Federal Savings and Loan Insurance 
Corporation, as appropriate.
    Amend the title so as to read: ``An Act to amend the Federal Deposit 
Insurance Act to improve the procedures for treating unclaimed insured deposits, 
and for other purposes.''.

            Attest:






                                                             Secretary.