Promoting Access to Justice through Unclaimed Deposits Act of 2018

Bill: 115-hr-5692
Sponsor: full_name: Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
Introduced: 2018-05-07
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Interest, dividends, interest rates

Lawyers and legal services

Legal fees and court costs
Latest action: action_date: 2018-05-07
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-05-07
action_desc: Introduced in House
text: <p><b>Promoting Access to Justice through Unclaimed Deposits Act of 2018 </b></p> <p>This bill requires financial institutions to deposit unclaimed funds into an interest- or dividend-bearing account. The interest or dividend generated from such a deposit must be transferred to an appropriate state account that also holds the interest generated from lawyer trust accounts. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5692 IN THE HOUSE OF REPRESENTATIVES May 7, 2018 Miss González-Colón 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. Short title This Act may be cited as the Promoting Access to Justice through Unclaimed Deposits Act of 2018 . 2. Requirement for deposits of unclaimed funds (a) Interest and dividends generated on unclaimed funds Each financial institution shall— (1) deposit the principal amount of any unclaimed deposits the financial institution receives or holds into an interest or dividend-bearing account; and (2) transfer any interest or dividend generated on such amount to a fund or account of the State— (A) in which such financial institution is located; and (B) into which such State deposits revenues from interest on lawyers trust accounts. (b) Interest and dividend Rate Each financial institution shall ensure that deposits into each account described in subsection (a)(1) earn the highest interest rate or dividend generally available to other customers of such institution if such account meets the same minimum balance or other minimum qualification for such interest rate or dividend. (c) Regulations required Not later than 90 days after the date of enactment of this Act, the Federal Deposit Insurance Corporation and the Chairman of the National Credit Union Administration shall promulgate such rules as may be necessary to carry out this Act. 3. Definitions In this Act: (1) Financial institution The term financial institution means— (A) a bank, as defined in section 3(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(a) ); or (B) a credit union, as defined in section 101(1) of the Federal Credit Union Act ( 12 U.S.C. 1752(1) ). (2) Interest on lawyers trust account The term interest on lawyers trust account has the meaning given the term in section 207(k)(5)(c) of the Federal Credit Union Act ( 12 U.S.C. 1787(k)(5)(C) ). (3) State The term State means any State of the United States, the District of Columbia, and any territory or possession of the United States. (4) Unclaimed deposit The term unclaimed deposit means a deposit in the possession of a financial institution in a deposit account which has become inactive or abandoned pursuant to State law or regulation.