12 U.S.C. § 5017 | Evaluation and report by the Comptroller General

(a)

Study

October 28, 2003During the 5-year period beginning on , 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)

October 28, 2003 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 .

(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.

Pub. L. 108–100, § 18Oct. 28, 2003117 Stat. 1191(, , .)

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.

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 .