H. R. 890

One Hundred Third Congress

of the

United States of America

AT THE FIRST SESSION

Begun and held at the City of Washington on Tuesday,

the fifth day of January, one thousand nine hundred and ninety-three

An Act

To amend the Federal Deposit Insurance Act to improve the procedures for treating

unclaimed insured deposits, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. AMENDMENTS RELATING TO TREATMENT OF UNCLAIMED

DEPOSITS AT INSURED BANKS AND SAVINGS ASSOCIATIONS.

Subsection (e) of section 12 of the Federal Deposit Insurance Act (12 U.S.C. 1822(e)) is amended to read as follows:

‘‘(e) DISPOSITION OF UNCLAIMED DEPOSITS.— ‘‘(1) NOTICES.— ‘‘(A) FIRST NOTICE.—Within 30 days after the initiation of the payment of insured deposits under section 11(f),

the Corporation shall provide written notice to all insured

depositors that they must claim their deposit from the

Corporation, or if the deposit has been transferred to

another institution, from the transferee institution.

‘‘(B) SECOND NOTICE.—A second notice containing this

information shall be mailed by the Corporation to all

insured depositors who have not responded to the first

notice, 15 months after the Corporation initiates such payment of insured depositors.

‘‘(C) ADDRESS.—The notices shall be mailed to the last

known address of the depositor appearing on the records

of the insured depository institution in default.

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

depositor fails to make a claim for his, her, or its insured

or transferred deposit within 18 months after the Corporation

initiates the payment of insured deposits under section 11(f)—

‘‘(A) any transferee institution shall refund the deposit

to the Corporation, and all rights of the depositor against

the transferee institution shall be barred; and

‘‘(B) with the exception of United States deposits, the

Corporation shall deliver the deposit to the custody of

the appropriate State as unclaimed property, unless the

appropriate State declines to accept custody. Upon delivery

to the appropriate State, all rights of the depositor against

the Corporation with respect to the deposit shall be barred

and the Corporation shall be deemed to have made payment

to the depositor for purposes of section 11(g)(1).

‘‘(3) REFUSAL OF APPROPRIATE STATE TO ACCEPT CUSTODY.—

If the appropriate State declines to accept custody of the deposit

tendered pursuant to paragraph (2)(B), the deposit shall not
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be delivered to any State, and the insured depositor shall

claim the deposit from the Corporation before the receivership

is terminated, or all rights of the depositor with respect to

such deposit shall be barred.

‘‘(4) TREATMENT OF UNITED STATES DEPOSITS.—If the

deposit is a United States deposit it shall be delivered to

the Secretary of the Treasury for deposit in the general fund

of the Treasury. Upon delivery to the Secretary of the Treasury,

all rights of the depositor against the Corporation with respect

to the deposit shall be barred and the Corporation shall be

deemed to have made payment to the depositor for purposes

of section 11(g)(1).

‘‘(5) REVERSION.—If a depositor does not claim the deposit

delivered to the custody of the appropriate State pursuant

to paragraph (2)(B) within 10 years of the date of delivery,

the deposit shall be immediately refunded to the Corporation

and become its property. All rights of the depositor against

the appropriate State with respect to such deposit shall be

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

‘‘(6) DEFINITIONS.—For purposes of this subsection—

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

depository institution in which the Corporation has made

available a transferred deposit pursuant to section 11(f)(1);

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

which notice was mailed under paragraph (1)(C), except

that if the notice was not mailed to an address that is

within a State it shall mean the State in which the depository institution in default has its main office; and ‘‘(C) the term ‘United States deposit’ means an insured

or transferred deposit for which the deposit records of

the depository institution in default disclose that title to

the deposit is held by the United States, any department,

agency, or instrumentality of the Federal Government, or

any officer or employee thereof in such person’s official

capacity.’’.

SEC. 2. EFFECTIVE DATE.

(a) IN GENERAL.—The amendments made by section 1 of this

Act shall only apply with respect to institutions for which the

Corporation has initiated the payment of insured deposits under

section 11(f) of the Federal Deposit Insurance Act after the date

of enactment of this Act.

(b) SPECIAL RULE FOR RECEIVERSHIPS IN PROGRESS.—Section

12(e) of the Federal Deposit Insurance Act as in effect on the

day before the date of enactment of this Act shall apply with

respect to insured deposits in depository institutions for which

the Corporation was first appointed receiver during the period

between January 1, 1989 and the date of enactment of this Act,

except that such section 12(e) shall not bar any claim made against

the Corporation by an insured depositor for an insured or transferred deposit, so long as such claim is made prior to the termination

of the receivership.

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

of enactment of this Act, the Corporation shall provide, at the

request of and for the sole use of any State, the name and last

known address of any insured depositor (as shown on the records

of the institution in default) eligible to make a claim against the
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Corporation solely due to the operation of subsection (b) of this

section.

(d) DEFINITION.—For purposes of this section, the term ‘‘Corporation’’ means the Federal Deposit Insurance Corporation, the

Resolution Trust Corporation, or the Federal Savings and Loan

Insurance Corporation, as appropriate.

Speaker of the House of Representatives.

Vice President of the United States and

President of the Senate.