12 U.S.C. § 4305 | Distribution of schedules

(a)

In general

section 4303 of this titleA schedule required under 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)

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

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

section 4303(a) of this title the schedule required under 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)

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

If an account is established by more than 1 individual or for a person other than an individual, any distribution described in this section with respect to such account meets the requirements of this section if the distribution is made to 1 of the individuals who established the account or 1 individual representative of the person on whose behalf such account was established.

(e)

Notice to account holders as of effective date of regulations

For any account for which the depository institution delivers an account statement on a quarterly or more frequent basis, the depository institution shall include on or with the first regularly scheduled mailing sent after the end of the 6-month period beginning on the date of publication of regulations issued by the Bureau in final form, a statement that the account holder has the right to request an account schedule containing the terms, charges, and interest rates of the account, and that the account holder may wish to request such an account schedule.

Pub. L. 102–242, title II, § 266Dec. 19, 1991105 Stat. 2337 Pub. L. 102–550, title XVI, § 1604(e)(1)Oct. 28, 1992106 Stat. 4084 Pub. L. 104–208, div. A, title II, § 2604(d)Sept. 30, 1996110 Stat. 3009–471 Pub. L. 111–203, title X, § 1100B(1)July 21, 2010124 Stat. 2109(, , ; , , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 111–2032010—Subsec. (e). substituted “Bureau” for “Board”.

Pub. L. 104–2081996—Subsec. (a)(3). inserted “has a maturity of more than 30 days” after “deposit which”.

Pub. L. 102–5501992—Subsec. (e). substituted “on or with the first regularly scheduled mailing sent after the end of the 6-month period beginning on the date of publication” for “on or with any regularly scheduled mailing posted or delivered within 180 days after publication”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203 section 1100H of Pub. L. 111–203 section 552a of Title 5Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.

Effective Date of 1992 Amendment

Pub. L. 102–550 Pub. L. 102–242Dec. 19, 1991section 1609(a) of Pub. L. 102–550 section 191 of this titleAmendment by effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, , as of , see , set out as a note under .