Page:United States Statutes at Large Volume 107 Part 1.djvu/246

 107 STAT. 220 PUBLIC LAW 103-44 —JUNE 28, 1993 Public Law 103-44 103d Congress An Act June 28, 1993 To amend the Federal Deposit Insurance Act to improve the procedures for treating [H.R. 890] unclaimed insured deposits, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. AMENDMENTS RELATING TO TREATMENT OF UNCLAIMED DEPOSITS AT INSURED BANKS AND SAVINGS ASSOCIA- TIONS. 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 pay- ment 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 ll(g)(l). "(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

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