12 U.S.C. § 5011
Each bank shall provide, in accordance with subsection (b), a brief notice about substitute checks that describes-
With respect to consumers who are customers of a bank on the effective date of this chapter and who receive original checks or substitute checks, a bank shall provide the notice described in subsection (a) to each such consumer no later than the first regularly scheduled communication with the consumer after the effective date of this chapter.
A bank shall provide the notice described in subsection (a) to each consumer who will receive original checks or substitute checks, other than existing customers referred to in paragraph (1), at the time at which the customer relationship is initiated.
A bank may send the notices required by this subsection by United States mail or by any other means through which the consumer has agreed to receive account information.
Notice shall be provided to each consumer of the bank that requests a copy of a check and receives a substitute check, at the time of the request.
Before the end of the 9-month period beginning on October 28, 2003, the Board shall publish model forms and clauses that a bank may use to describe each of the elements required by subsection (a).
A bank shall be treated as being in compliance with the requirements of subsection (a) if the bank's substitute check notice uses a model form or clause published by the Board and such model form or clause accurately describes the bank's policies and practices.
A bank may delete any information in the model form or clause that is not required by this chapter or rearrange the format.
This section shall not be construed as requiring any bank to use a model form or clause that the Board prepares under this subsection.
12 U.S.C. § 5011
EDITORIAL NOTES
REFERENCES IN TEXTThe effective date of this chapter, referred to in subsec. (b)(1), 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.This chapter, referred to in subsec. (c)(2)(B), was in the original "this Act", meaning Pub. L. 108-100, 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.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection 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.
- Board
- The term "Board" means the Board of Governors of the Federal Reserve System.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- account
- The term "account" means a deposit account at a bank.
- bank
- The term "bank" means any person that is located in a State and engaged in the business of banking and includes-(A) any depository institution (as defined in section 461(b)(1)(A) of this title);(B) any Federal reserve bank;(C) any Federal home loan bank; or(D) to the extent it acts as a payor-(i) the Treasury of the United States;(ii) the United States Postal Service;(iii) a State government; or(iv) a unit of general local government (as defined in section 4001(24) of this title).
- consumer
- The term "consumer" means an individual who-(A) with respect to a check handled for forward collection, draws the check on a consumer account; or(B) with respect to a check handled for return, deposits the check into, or cashes the check against, a consumer account.
- customer
- The term "customer" means a person having an account with a bank.