United States Code
USC most recently checked for updates: Jun 04, 2023
§ 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.
cite as: 12 USC 5015
