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H.R. 8102 (116th): To amend the Expedited Funds Availability Act to require funds deposited by check from the Federal Government to be made available immediately.


The text of the bill below is as of Aug 25, 2020 (Introduced). The bill was not enacted into law.


I

116th CONGRESS

2d Session

H. R. 8102

IN THE HOUSE OF REPRESENTATIVES

August 25, 2020

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Expedited Funds Availability Act to require funds deposited by check from the Federal Government to be made available immediately.

1.

Availability of funds in connection with Federal Government checks

(a)

In general

Section 603(a) of the Expedited Funds Availability Act (12 U.S.C. 4002(a)) is amended—

(1)

in the heading, by striking Next Business Day;

(2)

by redesignating paragraph (2) as paragraph (3);

(3)

by inserting after paragraph (1) the following:

(2)

Government checks

Funds deposited in an account at a depository institution by check shall be available for withdrawal immediately in the case of a check which—

(A)

is drawn on the Treasury of the United States; and

(B)

is endorsed only by the person to whom it was issued.

; and

(4)

in paragraph (3), as so redesignated—

(A)

in the heading, by striking Government checks; certain and inserting Certain;

(B)

by striking subparagraph (A); and

(C)

by redesignating subparagraphs (B) through (F) as subparagraphs (A) through (E), respectively.

(b)

Conforming amendments

The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) is amended—

(1)

by striking subsections (a)(2) each place such term appears and inserting subsections (a)(2), (a)(3);

(2)

by striking in subsection (a)(2) each place such term appears and inserting in paragraph (2) or (3) of subsection (a);

(3)

in section 603—

(A)

in subsection (b)(3)(C), by striking subsection (a)(2)(D) and inserting subsection (a)(3)(C); and

(B)

in subsection (c)(1)(B)(iii), by striking subsection (a)(2)(D) and inserting subsection (a)(3)(C); and

(4)

in section 604—

(A)

in subsection (a)(1)(D), by striking subparagraph (A), (B), or (C) of section 603(a)(2) and inserting section 603(a)(2) or subparagraph (A) or (B) of section 603(a)(3); and

(B)

in subsection (b), by striking subsection (a)(2) and inserting subsection (a)(2), (a)(3).