In order to evaluate the implementation and the impact of this chapter, the Board shall conduct a study of—
(1)the percentage of total checks cleared in which the paper check is not returned to the paying bank;
(2)the extent to which banks make funds available to consumers for local and nonlocal checks prior to the expiration of maximum hold periods;
(3)the length of time within which depositary banks learn of the nonpayment of local and nonlocal checks;
(4)the increase or decrease in check-related losses over the study period; and
(5)the appropriateness of the time periods and amount limits applicable under sections
4003 of this title, as in effect on October 28, 2003.
(b) Report to Congress
Before the end of the 30-month period beginning on the effective date of this chapter, the Board shall submit a report to the Congress containing the results of the study conducted under this section, together with recommendations for legislative action.
This chapter, referred to in subsec. (a), was in the original “this Act”, meaning Pub. L. 108–100, Oct. 28, 2003, 117 Stat. 1177, which is classified generally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section
5001 of this title and Tables.
The effective date of this chapter, referred to in subsec. (b), is at the end of the 12-month period beginning on Oct. 28, 2003, except as otherwise specifically provided in this chapter, see section 20 ofPub. L. 108–100, set out as an Effective Date note under section
5001 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.