12 USC 4305 - Distribution of schedules

U.S Code last checked for updates: Nov 26, 2024

§ 4305.

Distribution of schedules

(a)

In general

A schedule required under section 4303 of this title for an appropriate account shall be—

(1)

made available to any person upon request;

(2)

provided to any potential customer before an account is opened or a service is rendered; and

(3)

provided to the depositor, in the case of any time deposit which has a maturity of more than 30 days 1

 So in original. Probably should be followed by “and”.

is renewable at maturity without notice from the depositor, at least 30 days before the date of maturity.

(b)

Distribution in case of certain initial deposits

If—

(1)

a depositor is not physically present at an office of a depository institution at the time an initial deposit is accepted with respect to an account established by or for such person; and

(2)

the schedule required under section 4303(a) of this title has not been furnished previously to such depositor,

the depository institution shall mail the schedule to the depositor at the address shown on the records of the depository institution for such account no later than 10 days after the date of the initial deposit.

(c)

Distribution of notice of certain changes

If—

(1)

any change is made in any term or condition which is required to be disclosed in the schedule required under section 4303(a) of this title with respect to any account; and

(2)

the change may reduce the yield or adversely affect any holder of the account,

all account holders who may be affected by such change shall be notified and provided with a description of the change by mail at least 30 days before the change takes effect.

(d)

Distribution in case of accounts established by more than 1 individual or by a group

(e)

Notice to account holders as of effective date of regulations

(Pub. L. 102–242, title II, § 266, Dec. 19, 1991, 105 Stat. 2337; Pub. L. 102–550, title XVI, § 1604(e)(1), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 104–208, div. A, title II, § 2604(d), Sept. 30, 1996, 110 Stat. 3009–471; Pub. L. 111–203, title X, § 1100B(1), July 21, 2010, 124 Stat. 2109.)

cite as: 12 USC 4305