Page:United States Statutes at Large Volume 93.djvu/1265

 PUBLIC LAW 96-161—DEC. 28, 1979

93 STAT. 1233

Public Law 96-161 96th Congress An Act To authorize automatic transfer accounts at commercial banks, remote service units at Federal savings and loan associations, and share draft accounts at Federal credit unions during the period beginning on December 31, 1979, and ending on April 1, 1980.

Dec. 28, 1979 [H.R. 4998]

Be it enacted by the Senate and House of Representatives of the Automatic United States of America in Congress assembled, TITLE I-CONSUMER SERVICES AND USURY

transfer accounts at commercial banks, authorization.

SEC. 101. (a) Section 19(1) of the Federal Reserve Act (12 U.S.C. 371a) is amended by adding at the end thereof the following: "Notwithstanding any other provision of this section, a member bank may permit withdrawals to be made automatically from a savings deposit that consists only of funds in which the entire beneficial interest is held by one or more individuals through payment to the bank itself or through transfer of credit to a demand deposit or other account pursuant to written authorization from the depositor to make such payments or transfers in connection with checks or drafts drawn upon the bank, pursuant to terms and conditions prescribed by the Board.". (b) Section 18(g) of the Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended by inserting "(1)" after "(g)" and by adding at the end thereof the following: "(2) Notwithstanding the provisions of paragraph (1), an insured nonmember bank may permit withdrawals to be made automatically from a savings deposit that consists only of funds in which the entire beneficial interest is held by one or more individuals through payment to the bank itself or through transfer of credit to a demand deposit or other account pursuant to written authorization from the depositor to make such pa3anents or transfers in connection with checks or drafts drawn upon the bank, pursuant to terms and conditions prescribed by the Board of Directors.". SEC. 102. Section 5(b)(1) of the Home Owners' Loan Act of 1933 (12 Remote service U.S.C. 1464(b)(1)) is amended by adding at the end thereof the units. following: "This section does not prohibit the establishment of remote service units by associations for the purpose of crediting existing savings accounts, debiting such accounts, crediting payments on loans, and the disposition of related financial transactions as provided in regulations prescribed by the Board.". SEC. 103. (a) Section 101 of the Federal Credit Union Act is 12 USC 1752. amended— (1) by inserting before the semicolon at the end of paragraph (5) the following: ", and such term also includes a share draft account"; (2) by striking out "and" at the end of paragraph (8); (3) by striking out the period at the end of paragraph (9) and inserting in lieu thereof"; and"; and (4) by adding at the end thereof the following:

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