103D CONGRESS

1ST SESSION H. R. 890

AMENDMENTS
In the Senate of the United States,

May 27 (legislative day, April 19), 1993.

Resolved, That the bill from the House of Representatives (H.R. 890) entitled ‘‘An Act to amend the Federal Deposit Insurance Act and the Federal Credit Union Act to improve the procedures for treating unclaimed insured deposits,

and for other purposes’’, do pass with the following

AMENDMENTS:

Strike out all after the enacting clause and insert:

1 SECTION 1. AMENDMENTS RELATING TO TREATMENT OF

2 UNCLAIMED DEPOSITS AT INSURED BANKS

3 AND SAVINGS ASSOCIATIONS.

4 Subsection (e) of section 12 of the Federal Deposit In5 surance Act (12 U.S.C. 1822(e)) is amended to read as fol6 lows:

7 ‘‘(e) DISPOSITION OF UNCLAIMED DEPOSITS.—

8 ‘‘(1) NOTICES.—

9 ‘‘(A) FIRST NOTICE.—Within 30 days after

10 the initiation of the payment of insured deposits

11 under section 11(f), the Corporation shall pro12 vide written notice to all insured depositors that
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1 they must claim their deposit from the Corpora2 tion, or if the deposit has been transferred to an3 other institution, from the transferee institution.

4 ‘‘(B) SECOND NOTICE.—A second notice

5 containing this information shall be mailed by

6 the Corporation to all insured depositors who

7 have not responded to the first notice, 15 months

8 after the Corporation initiates such payment of

9 insured depositors.

10 ‘‘(C) ADDRESS.—The notices shall be

11 mailed to the last known address of the depositor

12 appearing on the records of the insured deposi13 tory institution in default.

14 ‘‘(2) TRANSFER TO APPROPRIATE STATE.—If an

15 insured depositor fails to make a claim for his, her,

16 or its insured or transferred deposit within 18 months

17 after the Corporation initiates the payment of insured

18 deposits under section 11(f)—

19 ‘‘(A) any transferee institution shall refund

20 the deposit to the Corporation, and all rights of

21 the depositor against the transferee institution

22 shall be barred; and

23 ‘‘(B) with the exception of United States de24 posits, the Corporation shall deliver the deposit

25 to the custody of the appropriate State as un-
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1 claimed property, unless the appropriate State

2 declines to accept custody. Upon delivery to the

3 appropriate State, all rights of the depositor

4 against the Corporation with respect to the de5 posit shall be barred and the Corporation shall

6 be deemed to have made payment to the deposi7 tor for purposes of section 11(g)(1).

8 ‘‘(3) REFUSAL OF APPROPRIATE STATE TO AC9 CEPT CUSTODY.—If the appropriate State declines to

10 accept custody of the deposit tendered pursuant to

11 paragraph (2)(B), the deposit shall not be delivered to

12 any State, and the insured depositor shall claim the

13 deposit from the Corporation before the receivership is

14 terminated, or all rights of the depositor with respect

15 to such deposit shall be barred.

16 ‘‘(4) TREATMENT OF UNITED STATES DEPOS17 ITS.—If the deposit is a United States deposit it shall

18 be delivered to the Secretary of the Treasury for de19 posit in the general fund of the Treasury. Upon deliv20 ery to the Secretary of the Treasury, all rights of the

21 depositor against the Corporation with respect to the

22 deposit shall be barred and the Corporation shall be

23 deemed to have made payment to the depositor for

24 purposes of section 11(g)(1).
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1 ‘‘(5) REVERSION.—If a depositor does not claim

2 the deposit delivered to the custody of the appropriate

3 State pursuant to paragraph (2)(B) within 10 years

4 of the date of delivery, the deposit shall be imme5 diately refunded to the Corporation and become its

6 property. All rights of the depositor against the ap7 propriate State with respect to such deposit shall be

8 barred as of the date of the refund to the Corporation.

9 ‘‘(6) DEFINITIONS.—For purposes of this sub10 section—

11 ‘‘(A) the term ‘transferee institution’ means

12 the insured depository institution in which the

13 Corporation has made available a transferred de14 posit pursuant to section 11(f)(1);

15 ‘‘(B) the term ‘appropriate State’ means the

16 State to which notice was mailed under para17 graph (1)(C), except that if the notice was not

18 mailed to an address that is within a State it

19 shall mean the State in which the depository in20 stitution in default has its main office; and

21 ‘‘(C) the term ‘United States deposit’ means

22 an insured or transferred deposit for which the

23 deposit records of the depository institution in

24 default disclose that title to the deposit is held by

25 the United States, any department, agency, or
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1 instrumentality of the Federal Government, or

2 any officer or employee thereof in such person’s

3 official capacity.’’.

4 SEC. 2. EFFECTIVE DATE.

5 (a) IN GENERAL.—The amendments made by section

6 1 of this Act shall only apply with respect to institutions

7 for which the Corporation has initiated the payment of in8 sured deposits under section 11(f) of the Federal Deposit

9 Insurance Act after the date of enactment of this Act.

10 (b) SPECIAL RULE FOR RECEIVERSHIPS IN

11 PROGRESS.—Section 12(e) of the Federal Deposit Insur12 ance Act as in effect on the day before the date of enactment

13 of this Act shall apply with respect to insured deposits in

14 depository institutions for which the Corporation was first

15 appointed receiver during the period between January 1,

16 1989 and the date of enactment of this Act, except that such

17 section 12(e) shall not bar any claim made against the Cor18 poration by an insured depositor for an insured or trans19 ferred deposit, so long as such claim is made prior to the

20 termination of the receivership.

21 (c) INFORMATION TO STATES.—Within 120 days after

22 the date of enactment of this Act, the Corporation shall pro23 vide, at the request of and for the sole use of any State,

24 the name and last known address of any insured depositor

25 (as shown on the records of the institution in default) eligi-
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1 ble to make a claim against the Corporation solely due to

2 the operation of subsection (b) of this section.

3 (d) DEFINITION.—For purposes of this section, the

4 term ‘‘Corporation’’ means the Federal Deposit Insurance

5 Corporation, the Resolution Trust Corporation, or the Fed6 eral Savings and Loan Insurance Corporation, as appro7 priate.

Amend the title so as to read: ‘‘An Act to amend the

Federal Deposit Insurance Act to improve the procedures for

treating unclaimed insured deposits, and for other purposes.’’.

Attest:

Secretary.