[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1048 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1048

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2001

 Mr. Andrews introduced the following bill; which was referred to the 
                    Committee on 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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