Page:United States Statutes at Large Volume 120.djvu/2008

 PUBLIC LAW 109–351—OCT. 13, 2006 ‘‘(D) ALTERNATIVE DEPOSITORS MERGER.—

PROVISION OBTAINED THROUGH

OF A

120 STAT. 1977

NOTICE TO NEW CONVERSION OR

‘‘(i) IN GENERAL.—Transmit to each depositor who has not signed a written acknowledgement described in subparagraph (A)— ‘‘(I) a conspicuous card containing the information described in clauses (i) and (ii) of subparagraph (A), and a line for the signature of the depositor; and ‘‘(II) accompanying materials requesting the depositor to sign the card, and return the signed card to the institution. ‘‘(E) ALTERNATIVE PROVISION OF NOTICE TO CURRENT DEPOSITORS.— ‘‘(i) IN GENERAL.—Transmit to each depositor who was a depositor before the effective date of the Financial Services Regulatory Relief Act of 2006, and has not signed a written acknowledgement described in subparagraph (A)— ‘‘(I) a conspicuous card containing the information described in clauses (i) and (ii) of subparagraph (A), and a line for the signature of the depositor; and ‘‘(II) accompanying materials requesting the depositor to sign the card, and return the signed card to the institution. ‘‘(ii) MANNER AND TIMING OF NOTICE.— ‘‘(I) FIRST NOTICE.—Make the transmission described in clause (i) via mail not later than three months after the effective date of the Financial Services Regulatory Relief Act of 2006. ‘‘(II) SECOND NOTICE.—Make a second transmission described in clause (i) via mail not less than 30 days and not more than three months after a transmission to the depositor in accordance with subclause (I), if the institution has not, by the date of such mailing, received from the depositor a card referred to in clause (i) which has been signed by the depositor.’’. (e) AMENDMENTS RELATING TO MANNER AND CONTENT OF DISCLOSURE.—Section 43(c) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(c)) is amended to read as follows: ‘‘(c) MANNER AND CONTENT OF DISCLOSURE.—To ensure that current and prospective customers understand the risks involved in foregoing Federal deposit insurance, the Federal Trade Commission, by regulation or order, shall prescribe the manner and content of disclosure required under this section, which shall be presented in such format and in such type size and manner as to be simple and easy to understand.’’. (f) REPEAL OF PROVISION PROHIBITING NONDEPOSITORY INSTITUTIONS FROM ACCEPTING DEPOSITS.—Section 43 of the Federal Deposit Insurance Act (12 U.S.C. 1831t) is amended— (1) by striking subsection (e); and (2) by redesignating subsections (f) and (g) as subsections (e) and (f), respectively.

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