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U.S. Code as of:
01/19/04
Section 5015. Study and report on funds availability
(a) Study
In order to evaluate the implementation and the impact of this
chapter, the Board shall conduct a study of -
(1) the percentage of total checks cleared in which the paper
check is not returned to the paying bank;
(2) the extent to which banks make funds available to consumers
for local and nonlocal checks prior to the expiration of maximum
hold periods;
(3) the length of time within which depositary banks learn of
the nonpayment of local and nonlocal checks;
(4) the increase or decrease in check-related losses over the
study period; and
(5) the appropriateness of the time periods and amount limits
applicable under sections 4002 and 4003 of this title, as in
effect on October 28, 2003.
(b) Report to Congress
Before the end of the 30-month period beginning on the effective
date of this chapter, the Board shall submit a report to the
Congress containing the results of the study conducted under this
section, together with recommendations for legislative action.
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