|
|
|
U.S. Code as of:
01/19/04
Section 5017. Evaluation and report by the Comptroller General
(a) Study
During the 5-year period beginning on October 28, 2003, the
Comptroller General of the United States shall evaluate the
implementation and administration of this chapter, including -
(1) an estimate of the gains in economic efficiency made
possible from check truncation;
(2) an evaluation of the benefits accruing to consumers and
financial institutions from reduced transportation costs, longer
hours for accepting deposits for credit within 1 business day,
the impact of fraud losses, and an estimate of consumers' share
of the total benefits derived from this chapter; and
(3) an assessment of consumer acceptance of the check
truncation process resulting from this chapter, as well as any
new costs incurred by consumers who had their original checks
returned with their regular monthly statements prior to October
28, 2003.
(b) Report to Congress
Before the end of the 5-year period referred to in subsection
(a), the Comptroller General shall submit a report to the Congress
containing the findings and conclusions of the Comptroller General
in connection with the evaluation conducted pursuant to subsection
(a), together with such recommendations for legislative and
administrative action as the Comptroller General may determine to
be appropriate.
|
|