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12 U.S.C. § 3406 — Search warrants
Federal law — U.S. Code and appendices · legal_authorities
**(a) Applicability of Federal Rules of Criminal Procedure** A Government authority may obtain financial records under [section 3402(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/3&num=0&edition=prelim) only if it obtains a search warrant pursuant to the Federal Rules of Criminal Procedure.
**(b) Mailing of copy and notice to customer** No later than ninety days after the Government authority serves the search warrant, it shall mail to the customer’s last known address a copy of the search warrant together with the following notice: “Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date) for the following purpose: . You may have rights under the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.].”.
**(c) Court-ordered delays in mailing** Upon application of the Government authority, a court may grant a delay in the mailing of the notice required in subsection (b), which delay shall not exceed one hundred and eighty days following the service of the warrant, if the court makes the findings required in [section 3409(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3409/a&num=0&edition=prelim). If the court so finds, it shall enter an ex parte order granting the requested delay and an order prohibiting the financial institution from disclosing that records have been obtained or that a search warrant for such records has been executed. Additional delays of up to ninety days may be granted by the court upon application, but only in accordan
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Stable record: federal_law:legal_authorities:record_usc_8c1911e52f33224af9c72324
Source file: Laws/federal/codes/united-states-code/title-12/section-3406-search-warrants--bc03cd2640.md
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Source location: Title 12, Chapter 35, § 3406; chapter-035-right-to-financial-privacy.md
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**(a) Applicability of Federal Rules of Criminal Procedure** A Government authority may obtain financial records under [section 3402(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/3&num=0&edition=prelim) only if it obtains a search warrant pursuant to the Federal Rules of Criminal Procedure.
**(b) Mailing of copy and notice to customer** No later than ninety days after the Government authority serves the search warrant, it shall mail to the customer’s last known address a copy of the search warrant together with the following notice: “Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date) for the following purpose: . You may have rights under the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.].”.
**(c) Court-ordered delays in mailing** Upon application of the Government authority, a court may grant a delay in the mailing of the notice required in subsection (b), which delay shall not exceed one hundred and eighty days following the service of the warrant, if the court makes the findings required in [section 3409(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3409/a&num=0&edition=prelim). If the court so finds, it shall enter an ex parte order granting the requested delay and an order prohibiting the financial institution from disclosing that records have been obtained or that a search warrant for such records has been executed. Additional delays of up to ninety days may be granted by the court upon application, but only in accordance with this subsection. Upon expiration of the period of delay of notification of the customer, the following notice shall be mailed to the customer along with a copy of the search warrant: “Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date). Notification was delayed beyond the statutory ninety-day delay period pursuant to a determination by the court that such notice would seriously jeopardize an investigation concerning . You may have rights under the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.].”.
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Federal law — U.S. Code and appendices · legal_authorities
For the purpose of this chapter, the term—
(1) “financial institution”, except as provided in [section 3414 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3414&num=0&edition=prelim), means any office of a bank, savings bank, card issuer as defined in section 1602(n) 11 See References in Text note below. of title 15, industrial loan company, trust company, savings association, building and loan, or homestead association (including cooperative banks), credit union, or consumer finance institution, located in any State or territory of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, or the Virgin Islands;
(2) “financial record” means an original of, a copy of, or information known to have been derived from, any record held by a financial institution pertaining to a customer’s relationship with the financial institution;
(3) “Government authority” means any agency or department of the United States, or any officer, employee, or agent thereof;
(4) “person” means an individual or a partnership of five or fewer individuals;
(5) “customer” means any person or authorized representative of that person who utilized or is utilizing any service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the person’s name;
(6) “holding company” means—
(A) any bank holding company (as defined in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)); and
(B) any company described in [section 1843(f)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/f/1&num=0&edition=prelim);
(7) “supervisory
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Federal law — U.S. Code and appendices · legal_authorities
(1) **In general** — No member bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any related interest of such a person, except to the extent permitted under paragraphs (2), (3), (4), (5), and (6).
(2) **Preferential terms prohibited**
(A) *In general* — A member bank may extend credit to its executive officers, directors, or principal shareholders, or to any related interest of such a person, only if the extension of credit—
(i) is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank;
(ii) does not involve more than the normal risk of repayment or present other unfavorable features; and
(iii) the bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank.
(B) *Exception* — Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program—
(i) that is widely available to employees of the member bank; and
(ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank.
(3) **Prior approval required** — A member bank may extend credit to a person described in paragraph (1) in an amount that, when aggregated with the amount of all other outstanding extensions of credit by that bank to each such person and that person’s related interests, would e
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Federal law — U.S. Code and appendices · legal_authorities
Except as provided by section 3403(c) or (d), 3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and—
(1) such customer has authorized such disclosure in accordance with [section 3404 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3404&num=0&edition=prelim);
(2) such financial records are disclosed in response to an administrative subpena or summons which meets the requirements of [section 3405 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3405&num=0&edition=prelim);
(3) such financial records are disclosed in response to a search warrant which meets the requirements of [section 3406 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3406&num=0&edition=prelim);
(4) such financial records are disclosed in response to a judicial subpena which meets the requirements of [section 3407 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3407&num=0&edition=prelim); or
(5) such financial records are disclosed in response to a formal written request which meets the requirements of [section 3408 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3408&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 1534
TITLE 12—BANKS AND BANKING
§ 3401
1 See References in Text note below.
section 1026.35(b)(2)(iv)(A) of title 12, Code of
Federal Regulations;
(2) not later than 3 days after the date on
which the Closing Disclosure Form, made in
accordance with the final rule of the Bureau of
Consumer Financial Protection entitled ‘‘Inte-
grated Mortgage Disclosures Under the Real
Estate Settlement Procedures Act (Regulation
X) and the Truth in Lending Act (Regulation
Z)’’ (78 Fed. Reg. 79730 (December 31, 2013)), re-
lating to the federally related transaction is
given to the consumer, the mortgage origi-
nator or its agent, directly or indirectly—
(A) has contacted not fewer than 3 State
certified appraisers or State licensed ap-
praisers, as applicable, on the mortgage
originator’s approved appraiser list in the
market area in accordance with part 226 of
title 12, Code of Federal Regulations; and
(B) has documented that no State certified
appraiser or State licensed appraiser, as ap-
plicable, was available within 5 business
days beyond customary and reasonable fee
and timeliness standards for comparable ap-
praisal assignments, as documented by the
mortgage originator or its agent;
(3) the transaction value is less than $400,000;
and
(4) the mortgage originator is subject to
oversight by a Federal financial institutions
regulatory agency.
(c) Sale, assignment, or transfer
A mortgage originator that makes a loan
without an appraisal under the terms of sub-
section (b) shall not sell, assign, or otherwise
transfer legal title to the loan unless—
(1) the loan is sold, assigned, or otherwise
transferred to another person by reason of the
bankruptcy or failure of the mortgage origi-
nator;
(2) the loan is sold, assigned, or otherwise
transferred t
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3401
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Federal law — U.S. Code and appendices · legal_authorities
Page 1537
TITLE 12—BANKS AND BANKING
§ 3406
identity of the Government authority to which
such disclosure is made.
(Pub. L. 95–630, title XI, § 1104, Nov. 10, 1978, 92
Stat. 3698; Pub. L. 96–3, Mar. 7, 1979, 93 Stat. 5.)
Editorial Notes
AMENDMENTS
1979—Subsec. (d). Pub. L. 96–3 struck out subsec. (d)
which had directed that all financial institutions
promptly notify all of their customers of their rights
under this chapter, that the Board of Governors of the
Federal Reserve System prepare a statement of cus-
tomers’ rights under this chapter, and that the sup-
plying of such a statement to their customers by the fi-
nancial institutions be deemed compliance with the no-
tification requirement.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective upon the expiration of 120 days after
Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out
as a note under section 375b of this title.
§ 3405. Administrative subpena and summons
A Government authority may obtain financial
records under section 3402(2) of this title pursu-
ant to an administrative subpena or summons
otherwise authorized by law only if—
(1) there is reason to believe that the records
sought are relevant to a legitimate law en-
forcement inquiry;
(2) a copy of the subpena or summons has
been served upon the customer or mailed to
his last known address on or before the date
on which the subpena or summons was served
on the financial institution together with the
following notice which shall state with reason-
able specificity the nature of the law enforce-
ment inquiry:
‘‘Records or information concerning your
transactions held by the financial institution
named in the attached subpena or summons
are being sought by this (agency or depart-
ment) in accordance wit
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3406
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