Source: http://uscode.house.gov/view.xhtml?req=(title:12%20section:4003%20edition:prelim)
Timestamp: 2019-06-20 15:38:12
Document Index: 169936332

Matched Legal Cases: ['§ 4003', '§604', '§225', '§1086', '§1086', '§227']

[USC07] 12 USC 4003: Safeguard exceptions
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12 USC 4003: Safeguard exceptions Text contains those laws in effect on June 19, 2019
Notwithstanding section 4002 of this title, in the case of any account established at a depository institution by a new depositor, the following provisions shall apply with respect to any deposit in such account during the 30-day period (or such shorter period as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may establish) beginning on the date such account is established-
Except as provided in paragraph (3), in the case of-
In the case of funds deposited in such account during such period by checks described in subparagraph (C) or (D) of paragraph (1) the aggregate amount of which exceeds $5,000-
The Board, jointly with the Director of the Bureau of Consumer Financial Protection, may, by regulation, establish reasonable exceptions to any time limitation established under subsection (a)(2), (b), (c), or (e) of section 4002 of this title for-
If the receiving depository institution determines that a check deposited in an account is a check described in paragraph (1), the receiving depository institution shall not assess any fee for any subsequent overdraft with respect to such account, if-
Subject to such regulations as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may prescribe, subsections (a)(2), (b), (c), and (e) of section 4002 of this title shall not apply to funds deposited by check in any receiving depository institution in the case of-
The Board, jointly with the Director of the Bureau of Consumer Financial Protection, may, by regulation or order, suspend the applicability of this chapter, or any portion thereof, to any classification of checks if the Board, jointly with the Director of the Bureau of Consumer Financial Protection, determines that-
Each report under subparagraph (A) shall contain-
If any exception contained in this section (other than subsection (a)) applies with respect to funds deposited in an account at a depository institution-
(A) the depository institution shall provide notice in the manner provided in paragraph (2) of-
( Pub. L. 100–86, title VI, §604, Aug. 10, 1987, 101 Stat. 642 ; Pub. L. 102–242, title II, §§225, 227(b)(2), Dec. 19, 1991, 105 Stat. 2307 , 2308; Pub. L. 111–203, title X, §1086(b), July 21, 2010, 124 Stat. 2085 .)
2010-Subsecs. (a) to (e). Pub. L. 111–203, §1086(b)(1), inserted ", jointly with the Director of the Bureau of Consumer Financial Protection," after "Board" wherever appearing.
1991-Subsec. (a)(2). Pub. L. 102–242, §227(b)(2), struck out "and (2)" after "paragraphs (1)".