12 U.S.C. § 4006 — Miscellaneous provisions

Page 1587 TITLE 12—BANKS AND BANKING § 4006 1 So in original. with the Director of the Bureau of Consumer Financial Protection,,1 or (B) uses any such model form or clause and changes such form or clause by— (i) deleting any information which is not required by this chapter; or (ii) rearranging the format. (3) Voluntary use Nothing in this chapter requires the use of any such model form or clause prescribed by the Board, jointly with the Director of the Bu- reau of Consumer Financial Protection, under this subsection. (4) Notice and comment Model disclosure forms and clauses shall be adopted by the Board, jointly with the Direc- tor of the Bureau of Consumer Financial Pro- tection, only after notice duly given in the Federal Register and an opportunity for public comment in accordance with section 553 of title 5. (Pub. L. 100–86, title VI, § 605, Aug. 10, 1987, 101 Stat. 644; Pub. L. 111–203, title X, § 1086(c), July 21, 2010, 124 Stat. 2086.) Editorial Notes REFERENCES IN TEXT After enactment, referred to in the heading of subsec. (c)(1), probably means after the effective date of this section, which is Sept. 1, 1988. AMENDMENTS 2010—Subsecs. (b), (d)(2). Pub. L. 111–203, § 1086(c)(1), inserted ‘‘, jointly with the Director of the Bureau of Consumer Financial Protection,’’ after ‘‘Board’’. Subsec. (f)(1). Pub. L. 111–203, § 1086(c)(2), inserted ‘‘and Bureau’’ after ‘‘Board’’ in heading. Pub. L. 111–203, § 1086(c)(1), inserted ‘‘, jointly with the Director of the Bureau of Consumer Financial Pro- tection,’’ after ‘‘Board’’. Subsec. (f)(2)(A), (3), (4). Pub. L. 111–203, § 1086(c)(1), inserted ‘‘, jointly with the Director of the Bureau of Consumer Financial Protection,’’ after ‘‘Board’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE Section effective Sept. 1, 1988, see section 613(b) of Pub. L. 100–86, set out as a note under section 4001 of this title. § 4005. Payment of interest (a) In general Except as provided in subsection (b) or (c) and notwithstanding any other provision of law, in- terest shall accrue on funds deposited in an in- terest-bearing account at a depository institu- tion beginning not later than the business day on which the depository institution receives provisional credit for such funds. (b) Special rule for credit unions Subsection (a) shall not apply to an account at a depository institution described in section 461(b)(1)(A)(iv) of this title if the depository in- stitution— (1) begins the accrual of interest or divi- dends at a later date than the date described in subsection (a) with respect to all funds, in- cluding cash, deposited in such account; and (2) provides notice of the interest payment policy in the manner required under section 4004(e) of this title. (c) Exception for checks returned unpaid No provision of this chapter shall be construed as requiring the payment of interest or divi- dends on funds deposited by a check which is re- turned unpaid. (Pub. L. 100–86, title VI, § 606, Aug. 10, 1987, 101 Stat. 646.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Sept. 1, 1988, see section 613(b) of Pub. L. 100–86, set out as a note under section 4001 of this title. § 4006. Miscellaneous provisions (a) After-hours deposits For purposes of this chapter, any deposit which is made on a Saturday, Sunday, legal hol- iday, or after the close of business on any busi- ness day shall be deemed to have been made on the next business day. (b) Availability at start of business day Except as provided in subsections (b)(3) and (c)(1)(B) of section 4002 of this title, if any provi- sion of this chapter requires that funds be avail- able for withdrawal on any business day, such funds shall be available for withdrawal at the start of such business day. (c) Effect on policies of depository institutions No provision of this chapter shall be construed as— (1) prohibiting a depository institution from making funds available for withdrawal in a shorter period of time than the period of time required by this chapter; or (2) affecting a depository institution’s right— (A) to accept or reject a check for deposit; (B) to revoke any provisional settlement made by the depository institution with re- spect to a check accepted by such institu- tion for deposit; (C) to charge back the depositor’s account for the amount of such check; or (D) to claim a refund of such provisional credit. (d) Prohibition on freezing certain funds in an account In any case in which a check is deposited in an account at a depository institution and the funds represented by such check are not yet available for withdrawal pursuant to this chap- ter, the depository institution may not freeze any other funds in such account (which are oth- erwise available for withdrawal pursuant to this chapter) solely because the funds so deposited are not yet available for withdrawal. (e) Employee training on and compliance with requirements of this chapter Each depository institution shall— Page 1588 TITLE 12—BANKS AND BANKING § 4007 (1) take such actions as may be necessary fully to inform each employee (who performs duties subject to the requirements of this chapter) of the requirements of this chapter; and (2) establish and maintain procedures rea- sonably designed to assure and monitor em- ployee compliance with such requirements. (f) Adjustments to dollar amounts for inflation The dollar amounts under this chapter shall be adjusted every 5 years after December 31, 2011, by the annual percentage increase in the Con- sumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest mul- tiple of $25. (Pub. L. 100–86, title VI, § 607, Aug. 10, 1987, 101 Stat. 646; Pub. L. 111–203, title X, § 1086(f), July 21, 2010, 124 Stat. 2086.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this title’’, meaning title VI of Pub. L. 100–86, Aug. 10, 1987, 101 Stat. 635, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 4001 of this title and Tables. AMENDMENTS 2010—Subsec. (f). Pub. L. 111–203 added subsec. (f). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 4007. Effect on State law (a) In general Any law or regulation of any State in effect on September 1, 1989, which requires that funds de- posited or received for deposit in an account at a depository institution chartered by such State be made available for withdrawal in a shorter period of time than the period of time provided in this chapter or in regulations prescribed by the Board under this chapter (as in effect on September 1, 1989) shall— (1) supersede the provisions of this chapter and any regulations by the Board to the ex- tent such provisions relate to the time by which funds deposited or received for deposit in an account shall be available for with- drawal; and (2) apply to all federally insured depository institutions located within such State. (b) Override of certain State laws Except as provided in subsection (a), this chapter and regulations prescribed under this chapter shall supersede any provision of the law of any State, including the Uniform Commercial Code as in effect in such State, which is incon- sistent with this chapter or such regulations. (Pub. L. 100–86, title VI, § 608, Aug. 10, 1987, 101 Stat. 647.) § 4008. Regulations and reports by Board (a) In general After notice and opportunity to submit com- ment in accordance with section 553(c) of title 5, the Board, jointly with the Director of the Bu- reau of Consumer Financial Protection, shall prescribe regulations— (1) to carry out the provisions of this chap- ter; (2) to prevent the circumvention or evasion of such provisions; and (3) to facilitate compliance with such provi- sions. (b) Regulations relating to improvement of check processing system In order to improve the check processing sys- tem, the Board shall consider (among other pro- posals) requiring, by regulation, that— (1) depository institutions be charged based upon notification that a check or similar in- strument will be presented for payment; (2) the Federal Reserve banks and depository institutions provide for check truncation; (3) depository institutions be provided incen- tives to return items promptly to the deposi- tory institution of first deposit; (4) the Federal Reserve banks and depository institutions take such actions as are necessary to automate the process of returning unpaid checks; (5) each depository institution and Federal Reserve bank— (A) place its endorsement, and other nota- tions specified in regulations of the Board, on checks in the positions specified in such regulations; and (B) take such actions as are necessary to— (i) automate the process of reading en- dorsements; and (ii) eliminate unnecessary endorsements; (6) within one business day after an origi- nating depository institution is presented a check (for more than such minimum amount as the Board may prescribe)— (A) such originating depository institution determines whether it will pay such check; and (B) if such originating depository institu- tion determines that it will not pay such check, such originating depository institu- tion directly notify the receiving depository institution of such determination; (7) regardless of where a check is cleared ini- tially, all returned checks be eligible to be re- turned through the Federal Reserve System; (8) Federal Reserve banks and depository in- stitutions participate in the development and implementation of an electronic clearinghouse process to the extent the Board determines, pursuant to the study under subsection (f), that such a process is feasible; and (9) originating depository institutions be permitted to return unpaid checks directly to, and obtain reimbursement for such checks di- rectly from, the receiving depository institu- tion.