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12 U.S.C. § 5013 — Variation by agreement

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5013 — Variation by agreement

**(a) Section 5007** Any provision of [section 5007 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5007&num=0&edition=prelim) may be varied by agreement of the banks involved. **(b) No other provisions may be varied** Except as provided in subsection (a), no provision of this chapter may be varied by agreement of any person or persons.

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Source location: Title 12, Chapter 50, § 5013; chapter-050-check-truncation.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5007 — Expedited recredit procedures for banks

**(a) Recredit claims** (1) **In general** — A bank may make a claim against an indemnifying bank for expedited recredit for which that bank is indemnified if— (A) the claimant bank (or a bank that the claimant bank has indemnified) has received a claim for expedited recredit from a consumer under [section 5006 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5006&num=0&edition=prelim) with respect to a substitute check or would have been subject to such a claim had the consumer’s account been charged; (B) the claimant bank has suffered a resulting loss or is obligated to recredit a consumer account under [section 5006 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5006&num=0&edition=prelim) with respect to such substitute check; and (C) production of the original check, another substitute check, or a better copy of the original check is necessary to determine the validity of the charge to the customer account or any warranty claim connected with such substitute check. (2) **120-day period** — Any claim under paragraph (1) may be submitted by the claimant bank to an indemnifying bank before the end of the 120-day period beginning on the date of the transaction that gave rise to the claim. **(b) Procedures for claims** (1) **In general** — To make a claim under subsection (a) for an expedited recredit relating to a substitute check, the claimant bank shall send to the indemnifying bank— (A) a description of— (i) the claim, including an explanation of why the substitute check cannot be properly charged to the consumer account; or (ii) the warranty claim; (B) a statement that the claimant bank has suffered a loss or is obligated to recredit the consumer’s acco

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5001 — Findings; purposes

**(a) Findings** The Congress finds as follows: (1) In the Expedited Funds Availability Act [[12 U.S.C. 4001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4001&num=0&edition=prelim) et seq.], enacted on August 10, 1987, the Congress directed the Board of Governors of the Federal Reserve System to consider establishing regulations requiring Federal reserve banks and depository institutions to provide for check truncation, in order to improve the check processing system. (2) In that same Act, the Congress— (A) provided the Board of Governors of the Federal Reserve System with full authority to regulate all aspects of the payment system, including the receipt, payment, collection, and clearing of checks, and related functions of the payment system pertaining to checks; and (B) directed that the exercise of such authority by the Board superseded any State law, including the Uniform Commercial Code, as in effect in any State. (3) Check truncation is no less desirable in 2003 for both financial service customers and the financial services industry, to reduce costs, improve efficiency in check collections, and expedite funds availability for customers than it was over 15 years ago when Congress first directed the Board to consider establishing such a process. **(b) Purposes** The purposes of this chapter are as follows: (1) To facilitate check truncation by authorizing substitute checks. (2) To foster innovation in the check collection system without mandating receipt of checks in electronic form. (3) To improve the overall efficiency of the Nation’s payments system.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5013 — Variation by agreement

Page 1783 TITLE 12—BANKS AND BANKING § 5014 chapter and who receive original checks or substitute checks, a bank shall provide the no- tice described in subsection (a) to each such consumer no later than the first regularly scheduled communication with the consumer after the effective date of this chapter. (2) New account holders A bank shall provide the notice described in subsection (a) to each consumer who will re- ceive original checks or substitute checks, other than existing customers referred to in paragraph (1), at the time at which the cus- tomer relationship is initiated. (3) Mode of delivery A bank may send the notices required by this subsection by United States mail or by any other means through which the consumer has agreed to receive account information. (4) Consumers who request copies of checks Notice shall be provided to each consumer of the bank that requests a copy of a check and receives a substitute check, at the time of the request. (c) Model language (1) In general Before the end of the 9-month period begin- ning on October 28, 2003, the Board shall pub- lish model forms and clauses that a bank may use to describe each of the elements required by subsection (a). (2) Safe harbor (A) In general A bank shall be treated as being in compli- ance with the requirements of subsection (a) if the bank’s substitute check notice uses a model form or clause published by the Board and such model form or clause accurately describes the bank’s policies and practices. (B) Deletion or rearrangement A bank may delete any information in the model form or clause that is not required by this chapter or rearrange the format. (3) Use of model language not required This section shall not be construed as re- quiring any bank to use a m

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