§ 229.43 Checks payable in Guam, American Samoa, and the Northern Mariana Islands.
Link to an amendment published at 82 FR 27584, June 15, 2017.
(a)Definitions. The definitions in § 229.2 apply to this section, unless otherwise noted. In addition, for the purposes of this section -
(1)Pacific island bank means an office of an institution that would be a bank as defined in § 229.2(e) but for the fact that the office is located in Guam, American Samoa, or the Northern Mariana Islands;
(2)Pacific island check means a demand draft drawn on or payable through or at a Pacific island bank, which is not a check as defined in § 229.2(k).
(b)Rules applicable to Pacific island checks. To the extent a bank handles a Pacific island check as if it were a check defined in § 229.2(k), the bank is subject to the following sections of this part (and the word “check” in each such section is construed to include a Pacific island check) -
(1)§ 229.31, except that the returning bank is not subject to the requirement to return a Pacific island check in an expeditious manner;