[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3898 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3898

 To amend the Electronic Fund Transfer Act to treat municipalities and 
   school districts as consumers for certain purposes under that Act.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 29, 2010

  Mr. Schumer introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Electronic Fund Transfer Act to treat municipalities and 
   school districts as consumers for certain purposes under that Act.

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

SECTION 1. TREATMENT OF CERTAIN LOCAL GOVERNMENT ENTITIES AS CONSUMERS 
              FOR PURPOSES OF THE ELECTRONIC FUND TRANSFER ACT.

    Section 903 of the Electronic Fund Transfer Act (15 U.S.C. 1693a) 
is amended--
            (1) in paragraph (2)--
                    (A) by striking ``means a demand'' and inserting 
                the following: ``means--
                    ``(A) a demand''; and
                    (B) by striking the semicolon at the end and 
                inserting the following: ``; and
                    ``(B) for purposes of section 909, an account of a 
                municipality or a school district, as those terms are 
                defined by rule of the Board, used for the purpose of 
                carrying out the official duties of that municipality 
                or school district;''; and
            (2) in paragraph (5), by inserting before the semicolon at 
        the end the following: ``, and includes, solely for purposes of 
        section 909, a municipality or school district, as those terms 
        are defined by rule of the Board''.

SEC. 2. RULEMAKING REQUIRED.

    The Board of Governors of the Federal Reserve System shall issue 
final rules, not later than 180 days after the date of enactment of 
this Act--
            (1) to define the terms ``municipality'' and ``school 
        district'' for purposes of section 903 of the Electronic Fund 
        Transfer Act, as amended by this Act; and
            (2) to otherwise carry out the amendments made by this Act.
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