12 U.S. Code § 484 - Limitation on visitorial powers
(a) No national bank shall be subject to any visitorial powers except as authorized by Federal law, vested in the courts of justice or such as shall be, or have been exercised or directed by Congress or by either House thereof or by any committee of Congress or of either House duly authorized.
(b) Notwithstanding subsection (a) of this section, lawfully authorized State auditors and examiners may, at reasonable times and upon reasonable notice to a bank, review its records solely to ensure compliance with applicable State unclaimed property or escheat laws upon reasonable cause to believe that the bank has failed to comply with such laws.
Source(R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21,38 Stat. 272; Pub. L. 97–320, title IV, § 412,Oct. 15, 1982, 96 Stat. 1521; Pub. L. 97–457, § 23(a),Jan. 12, 1983, 96 Stat. 2510.)
R.S. § 5240 derived from act June 3, 1864, ch. 106, § 54,13 Stat. 116, which was part of the National Bank Act. See section 38 of this title.
Section is comprised of sixth par. of R.S. § 5240, as amended. See Codification note set out under section 481 of this title.
Section 412 ofPub. L. 97–320, set out in the credit of this section, was amended by section 23(a) ofPub. L. 97–457to correct an error in the directory language of section 412 ofPub. L. 97–320. That amendment involved only directory language and not the content of the text being amended by Pub. L. 97–320so no change in the text of this section resulted from the amendment by Pub. L. 97–457.
1982—Subsec. (a). Pub. L. 97–320, as amended by Pub. L. 97–457, designated existing provisions as subsec. (a), and amended subsec. (a) generally. Prior to amendment subsec. (a) read as follows: “No bank shall be subject to any visitorial powers other than such as are authorized by law, or vested in the courts of justice or such as shall be or shall have been exercised or directed by Congress, or by either House thereof or by any committee of Congress or of either House duly authorized”.
Effective Date of 1983 Amendment
LII has no control over and does not endorse any external Internet site that contains links to or references LII.