I 

115TH CONGRESS 

2D SESSION H. R. 5692 

To require financial institutions to deposit the principal amount of any unclaimed deposit held by such institutions into interest or dividend-bearing 

accounts, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 7, 2018 

Miss GONZA ́LEZ-COLO ́N of Puerto Rico introduced the following bill; which 

was referred to the Committee on Financial Services 

A BILL 

To require financial institutions to deposit the principal 

amount of any unclaimed deposit held by such institutions into interest or dividend-bearing accounts, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Promoting Access to 

5 Justice through Unclaimed Deposits Act of 2018’’. 


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•HR 5692 IH

1 SEC. 2. REQUIREMENT FOR DEPOSITS OF UNCLAIMED 

2 FUNDS. 

3 (a) INTEREST AND DIVIDENDS GENERATED ON UN4 CLAIMED FUNDS.—Each financial institution shall— 

5 (1) deposit the principal amount of any un6 claimed deposits the financial institution receives or 

7 holds into an interest or dividend-bearing account; 

8 and 

9 (2) transfer any interest or dividend generated 

10 on such amount to a fund or account of the State— 

11 (A) in which such financial institution is 

12 located; and 

13 (B) into which such State deposits reve14 nues from interest on lawyers trust accounts. 

15 (b) INTEREST AND DIVIDEND RATE.—Each financial 

16 institution shall ensure that deposits into each account de17 scribed in subsection (a)(1) earn the highest interest rate 

18 or dividend generally available to other customers of such 

19 institution if such account meets the same minimum bal20 ance or other minimum qualification for such interest rate 

21 or dividend. 

22 (c) REGULATIONS REQUIRED.—Not later than 90 

23 days after the date of enactment of this Act, the Federal 

24 Deposit Insurance Corporation and the Chairman of the 

25 National Credit Union Administration shall promulgate 

26 such rules as may be necessary to carry out this Act. 


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•HR 5692 IH

1 SEC. 3. DEFINITIONS. 

2 In this Act: 

3 (1) FINANCIAL INSTITUTION.—The term ‘‘fi4 nancial institution’’ means— 

5 (A) a bank, as defined in section 3(a) of 

6 the Federal Deposit Insurance Act (12 U.S.C. 

7 1813(a)); or 

8 (B) a credit union, as defined in section 

9 101(1) of the Federal Credit Union Act (12 

10 U.S.C. 1752(1)). 

11 (2) INTEREST ON LAWYERS TRUST ACCOUNT.— 

12 The term ‘‘interest on lawyers trust account’’ has 

13 the meaning given the term in section 207(k)(5)(c) 

14 of the Federal Credit Union Act (12 U.S.C. 

15 1787(k)(5)(C)). 

16 (3) STATE.—The term ‘‘State’’ means any 

17 State of the United States, the District of Columbia, 

18 and any territory or possession of the United States. 

19 (4) UNCLAIMED DEPOSIT.—The term ‘‘un20 claimed deposit’’ means a deposit in the possession 

21 of a financial institution in a deposit account which 

22 has become inactive or abandoned pursuant to State 

23 law or regulation. 

Æ 


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