12 U.S.C. § 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)

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

(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.

Pub. L. 108–100, § 16Oct. 28, 2003117 Stat. 1190(, , .)

Editorial Notes

References in Text

Pub. L. 108–100Oct. 28, 2003117 Stat. 1177 section 5001 of this titleThis chapter, referred to in subsec. (a), was in the original “this Act”, meaning , , , which is classified generally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Oct. 28, 2003section 20 of Pub. L. 108–100 section 5001 of this titleThe effective date of this chapter, referred to in subsec. (b), is at the end of the 12-month period beginning on , except as otherwise specifically provided in this chapter, see , set out as an Effective Date note under .

Statutory Notes and Related Subsidiaries

Effective Date

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