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 ASSOCIA-
TIONS.
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 pay-
ment 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 deposi-
tory 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 trans-
ferred 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 ‘‘Cor-
poration’’ 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.