[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3647 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 3647

     To facilitate transfers between interest-bearing accounts and 
 transactions accounts at depository institutions for small businesses.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2000

Mr. Andrews (for himself and Mrs. Kelly) introduced the following bill; 
 which was referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
     To facilitate transfers between interest-bearing accounts and 
 transactions accounts at depository institutions for small businesses.

    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 ``Small Business Banking Improvement 
Act''.

SEC. 2. IMMEDIATE INCREASE IN THE NUMBER OF COMMERCIAL INTERACCOUNT 
              TRANSFERS ALLOWED EACH MONTH.

    Section 2 of Public Law 93-100 (12 U.S.C. 1832) is amended--
            (1) by redesignating subsections (b) and (c) as subsections 
        (c) and (d), respectively; and
            (2) by inserting after subsection (a) the following new 
        subsection:
    ``(b) Interaccount Transfers.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, any depository institution may permit the owner of any 
        deposit or account on which interest or dividends are paid and 
        which is not a deposit or account described in subsection 
        (a)(2) to make up to 24 transfers per month, for any purpose, 
        to another account of the owner in the same institution.
            ``(2) Rule of construction.--No provision of this 
        subsection shall be construed as preventing an account offered 
        pursuant to this subsection from being considered a transaction 
        account (as defined in section 19(b) of the Federal Reserve 
        Act) for purposes of such Act.''.
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