Page:United States Statutes at Large Volume 101 Part 1.djvu/674

 101 STAT. 644

PUBLIC LAW 100-86—AUG. 10, 1987

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(B) CONTENTS OF REPORT.—Each report under subparagraph (A) shall contain— (i) the specific reason for prescribing the regulation '• or issuing the order; (, (ii) evidence considered by the Board in making the determination under paragraph (1) with respect to such regrulation or order; and (iii) specific examples of the check-related fraud giving rise to such regulation or order.

(f) NOTICE OF EXCEPTION; AVAILABILITY WITHIN REASONABLE TIME.—

(1) IN GENERAL.—If any exception contained in this section (other than subsection (a)) applies with respect to funds deposj^.,. ited in an account a t a depository institution— (A) the depository institution shall provide notice in the t.^^a-^ manner provided in paragraph (2) of— (i) the day the funds shall be made available for . /» withdrawal; and (ii) the reason the exception was invoked; and (B) except where other time periods are specifically provided in this title, the availability of the funds deposited shall be governed by the policy of the receiving depository institution, but shall not exceed a reasonable period of time ^^ ^4 as determined by the Board. (2) TIME FOR NOTICE.—The notice required under paragraph ,fj (1)(A) with respect to a deposit to which an exception contained in this section applies shall be made by the time provided in the following subparagraphs: (A) In the case of a deposit made in person by the depositor at the receiving depository institution, the deposij,, tory institution shall immediately provide such notice in writing to the depositor. (B) In the case of any other deposit (other than a deposit described in subparagraph (O), the receiving depository institution shall mail the notice to the depositor not later than the close of the next business day following the business day on which the deposit is received. (C) In the case of a deposit to which subsection (d) or (e) I *^'applies, notice shall be provided by the depository institu^' tion in accordance with regulations of the Board. (3) SUBSEQUENT DETERMINATIONS.—If the facts upon which the determination of the applicability of an exception contained in subsection (b) or (c) to any deposit only become known to the •^- receiving depository institution after the time notice is required under paragraph (2) with respect to such deposit, the depository institution shall mail such notice to the depositor as soon as practicable, but not later than the first business day following the day such facts become known to the depository institution. 12 USC 4004.

SEC. 605. DISCLOSURE OF FUNDS AVAILABILITY POLICIES. (a) NOTICE FOR N E W ACCOUNTS.—Before an account is opened at a

depository institution, the depository institution shall provide written notice to the potential customer of the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into the customer's account. (b) PREPRINTED DEPOSIT SLIPS.—All preprinted deposit slips that a depository institution furnishes to its customers shall contain a

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