12 U.S.C. § 5017

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

Section 5017 - Evaluation and report by the Comptroller General

(a) Study

During the 5-year period beginning on October 28, 2003, the Comptroller General of the United States shall evaluate the implementation and administration of this chapter, including-

(1) an estimate of the gains in economic efficiency made possible from check truncation;

(2) an evaluation of the benefits accruing to consumers and financial institutions from reduced transportation costs, longer hours for accepting deposits for credit within 1 business day, the impact of fraud losses, and an estimate of consumers' share of the total benefits derived from this chapter; and

(3) an assessment of consumer acceptance of the check truncation process resulting from this chapter, as well as any new costs incurred by consumers who had their original checks returned with their regular monthly statements prior to October 28, 2003.

(b) Report to Congress

Before the end of the 5-year period referred to in subsection (a), the Comptroller General shall submit a report to the Congress containing the findings and conclusions of the Comptroller General in connection with the evaluation conducted pursuant to subsection (a), together with such recommendations for legislative and administrative action as the Comptroller General may determine to be appropriate.

12 U.S.C. § 5017

Pub. L. 108-100, §18, Oct. 28, 2003, 117 Stat. 1191.

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.

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.

consumer

The term "consumer" means an individual who-(A) with respect to a check handled for forward collection, draws the check on a consumer account; or(B) with respect to a check handled for return, deposits the check into, or cashes the check against, a consumer account.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.