H.R. 5301 (98th): Expedited Funds Availability Act

Introduced:
Mar 29, 1984 (98th Congress, 1983–1984)
Status:
Died (Referred to Committee)
See Instead:

H.R. 5360 (same title)
Referred to Committee — Apr 04, 1984

Sponsor
Fernand St. Germain
Representative for Rhode Island's 1st congressional district
Party
Democrat
Related Bills
H.R. 28 (100th) was a re-introduction of this bill in a later Congress.

Passed House
Last Action: May 05, 1987

H.R. 5360 (identical)

Referred to Committee
Last Action: Apr 04, 1984

 
Status

This bill was introduced on March 29, 1984, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 29, 1984
 
Full Title

A bill to limit the number of days a depository institution may restrict the availability of funds which are deposited by check.

Summary

No summaries available.

Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


3/29/1984--Introduced.
Expedited Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to begin to develop a system to provide that:
(1) funds deposited by checks drawn on a local depository institution shall be available for withdrawal the next business day following the day of deposit; and
(2) for all other checks, not more than three business days shall pass between the day of deposit and the day on which the funds become available.
Requires such system to be implemented no later than five years after the date of enactment of this Act. Requires the Board, not later than six months after the date of enactment of this Act and annually thereafter until such goal is achieved, to report to Congress concerning the actions it has taken.
Sets forth standards for expedited check clearing in any case in which funds are deposited by check in an account at a depository institution.
Makes an exception to such standards in any case in which a check is drawn on a depository institution or an office of a depository institution located outside of the United States. Requires a depository institution, before an account is opened, to provide a written disclosure to the potential customer of the institution's general policy with respect to when a customer may withdraw funds deposited by check into the customer's account.
Specifies types of notice.
Permits the Board to publish model disclosure forms and clauses and to promulgate regulations to carry out the provisions of this Act. Sets forth provisions concerning the administrative enforcement of the requirements imposed by this Act. Makes any depository institution which fails to comply with any requirement imposed under this Act with respect to any person liable to such person for damages.
Permits actions for damages to be brought in any U.S. district court or other court of competent jurisdiction.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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