Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: 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 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 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.
Student:
Amends the Federal Deposit Insurance Act to require the Federal Deposit Insurance Corporation (FDIC) to send: (1) a first notice to all insured depositors within 30 days after beginning to pay off depositors that they must claim their deposits from the FDIC (or from any transferee institution if the deposit has been transferred); and (2) a second notice after 15 months after beginning to pay off depositors to all those who have not responded to the first notice. Requires the FDIC to transfer, within 18 months after beginning to pay off depositors, any unclaimed deposits to the State of a depositor's last known address (or, if the address is outside the United States, to the State in which the failed institution had its main office). Permits an insured depositor to claim from the FDIC after the 18-month period any deposit a State has refused to accept, but only until the receivership is terminated.
Permits States to keep an unclaimed deposit for ten years, after which, if remaining unclaimed, it must refund the deposit to the FDIC.
Makes a specified rule for receiverships in progress before the enactment of this Act.