Us Code § 5015 - Study and report on funds availability
Full text of Us Code United States Code § 5015 — Study and report on funds availability, with citation guidance and answers to common questions.
§ 5015. Study and report on funds availability
(a) Study
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 4002 and 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.
(Pub. L. 108–100, §16, Oct. 28, 2003, 117 Stat. 1190.)
Editorial Notes
References in Text
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 of Pub. L. 108–100, set out as an Effective Date note under section 5001 of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective at the end of the 12-month period beginning on Oct. 28, 2003, see section 20 of Pub. L. 108–100, set out as a note under section 5001 of this title.
About This Section
12 U.S.C. § 5015 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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