12 U.S.C. § 5015

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 5015 - Study and report on funds availability

(a) Study

In order to evaluate the implementation and the impact of this chapter, the Board shall conduct a study of-

(1) the percentage of total checks cleared in which the paper check is not returned to the paying bank;

(2) the extent to which banks make funds available to consumers for local and nonlocal checks prior to the expiration of maximum hold periods;

(3) the length of time within which depositary banks learn of the nonpayment of local and nonlocal checks;

(4) the increase or decrease in check-related losses over the study period; and

(5) the appropriateness of the time periods and amount limits applicable under sections 4002 and 4003 of this title, as in effect on October 28, 2003.

(b) Report to Congress

Before the end of the 30-month period beginning on the effective date of this chapter, the Board shall submit a report to the Congress containing the results of the study conducted under this section, together with recommendations for legislative action.

12 U.S.C. § 5015

Pub. L. 108-100, §16, Oct. 28, 2003, 117 Stat. 1190.

EDITORIAL NOTES

REFERENCES IN TEXTThis chapter, referred to in subsec. (a), was in the original "this Act", meaning Pub. L. 108-100, 117 Stat. 1177, which is classified generally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5001 of this title and Tables.The effective date of this chapter, referred to in subsec. (b), is at the end of the 12-month period beginning on Oct. 28, 2003, except as otherwise specifically provided in this chapter, see section 20 of Pub. L. 108-100 set out as an Effective Date note under section 5001 of this title.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection effective at the end of the 12-month period beginning on Oct. 28, 2003, see section 20 of Pub. L. 108-100 set out as a note under section 5001 of this title.

Board

The term "Board" means the Board of Governors of the Federal Reserve System.

paying bank

The term "paying bank" means-(i) the bank by which a check is payable, unless the check is payable at or through another bank and is sent to the other bank for payment or collection; or(ii) the bank at or through which a check is payable and to which the check is sent for payment or collection.