12 USC 5015 - Study and report on funds availability

U.S Code last checked for updates: Nov 22, 2024

§ 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

(Pub. L. 108–100, § 16, Oct. 28, 2003, 117 Stat. 1190.)

cite as: 12 USC 5015