Page:United States Statutes at Large Volume 105 Part 3.djvu/458

 105 STAT. 2342 PUBLIC LAW 102-242—DEC. 19, 1991 (1) the minimum and maximum amounts of liability under subsection (a)(2)(A) for any failure to comply with the requirements of this Act shall apply with respect to such account; and (2) the court shall determine the manner in which the amount of any such liability with respect to such account shall be distributed among such persons. (i) CONTINUING FAILURE TO DISCLOSE.— (1) CERTAIN CONTINUING FAILURES TREATED AS i VIOLATION. — Except as provided in paragraph (2), the continuing failure of any depository institution to disclose any particular term required to be disclosed under this Act with respect to a particular account shall be treated as a single violation for purposes of determining the amount of any liability of such institution under subsection (a) for such failure to disclose. (2) SUBSEQUENT FAILURE TO DISCLOSE.— The continuing fsiilure of any depository institution to disclose any particular term required to be disclosed under this Act with respect to a particular account after judgment has been rendered in favor of the account holder in connection with a prior failure to disclose such term with respect to such account shall be treated as a subsequent violation for purposes of determining liability under subsection (a). (3) COORDINATION WITH SECTION 270.— This subsection shall not limit or otherwise affect the enforcement power under section 270 of any agency referred to in subsection (a) of such section. 12 USC 4311. SEC. 272. CREDIT UNIONS. (a) IN GENERAL.— No regulation prescribed by the Board under this Act shall apply directly with respect to any depository institution described in clause (iv) of section 19(b)(1)(A) of the Federal Reserve Act. (b) REGULATIONS PRESCRIBED BY THE NCUA.— Within 90 days of the effective date of any regulation prescribed by the Board under this Act, the National Credit Union Administration Board shall prescribe a regulation substantially similar to the regulation prescribed by the Board taking into account the unique nature of credit unions and the limitations under which they may pay dividends on member accounts. 12 USC 4312. SEC. 273. EFFECT ON STATE LAW. The provisions of this Act do not supersede any provisions of the law of any State relating to the disclosure of yields payable or terms for accounts to the extent such State law requires the disclosure of such yields or terms for accounts, except to the extent that those laws are inconsistent with the provisions of this Act, and then only to the extent of the inconsistency. The Board may determine whether such inconsistencies exist. 12 USC 4313. SEC. 274. DEFINITIONS. For the purposes of this Act— (1) ACCOUNT.— The term "account" means any account offered to 1 or more individuals or an unincorporated nonbusiness association of individuals by a depository institution into which a customer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.

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