§ 1832. Withdrawals by negotiable or transferable instruments for transfers to third parties

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1973

   Pub. L. 93–100 § 2 · 87 Stat. 342

   Enacted · 12 U.S.C. § 1832

   Pub. L. 93–100, § 2, Aug. 16, 1973, 87 Stat. 342

   Source evidence

   Code source credit
   Pub. L. 93–100, § 2, Aug. 16, 1973, 87 Stat. 342

   Enacted provision · exact public law section
   Sec. 2. PROHIBITION ON CERTAIN ACTIVITIES BY DEPOSITORY INSTITUTIONS (a) No depository institution shall allow the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties, except that such withdrawals may be made in the States of Massachusetts and New Hampshire. (b) For purposes of this section, the term “depository institution” means— (1) any insured bank as defined in section 3 of the Federal 64 Stat. 873; 80 Stat. 1046. 12 USC 1813. Deposit Insurance Act; (2) any State bank as defined in section 3 of the Federal Deposit Insurance Act; (3) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act; (4) any savings bank as defined in section 3 of the Federal Deposit Insurance Act; (5) any insured institution as defined in section 401 of the 48 Stat. 1255; 83 Stat. 375. 12 USC 1724. National Housing Act; and (6) any building and loan association or savings and loan association organized and operated according to the laws of the “State”. State in which it is chartered or organized; and, for purposes of this paragraph, the term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands. (c) Any depository institution which violates this section shall be fined $1,000 for each violation.

2. 1976

   Pub. L. 94–222 § 2 · 90 Stat. 197

   Changed · 12 U.S.C. § 1832(a)

   Pub. L. 94–222 authorized withdrawals by negotiable or transferable instruments in the States of Connecticut, Rhode Island, Maine, and Vermont

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 94–222 authorized withdrawals by negotiable or transferable instruments in the States of Connecticut, Rhode Island, Maine, and Vermont.

   Enacted provision · exact public law section
   Sec. 2. Section 2(a) of Public Law 93–100 (12 U.S.C. 1832(a)) is amended by inserting after “Massachusetts” a comma and the following: “Connecticut, Rhode Island, Maine, Vermont,”.

3. 1978

   Financial Institutions Regulatory and Interest Rate Control Act of 1978

   Pub. L. 95–630 title XIII § 1301 · 92 Stat. 3641

   Inserted · 12 U.S.C. § 1832(a)

   Pub. L. 95–630 inserted “New York,” after “Vermont,”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 95–630 inserted “New York,” after “Vermont,”.

   Enacted provision · exact public law section
   Sec. 1301. Section 2(a) of Public Law 93–100 (12 U.S.C. 1832(a)) is amended by inserting “New York,” after “Vermont,”.

4. 1979

   Pub. L. 96–161 title I § 106 · 93 Stat. 1233

   Inserted · 12 U.S.C. § 1832(a)

   Pub. L. 96–161 inserted “New Jersey,” after “New York,”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–161 inserted “New Jersey,” after “New York,”.

   Enacted provision · exact public law section
   Sec. 106. Section 2(a) of Public Law 93–100 (12 U.S.C. 1832(a)) is amended by inserting “New Jersey,” after “New York,”.

5. 1980

   Depository Institutions Deregulation and Monetary Control Act of 1980

   Pub. L. 96–221 title III § 303 · 94 Stat. 131

   1. Inserted · 12 U.S.C. § 1832(a)

      Pub. L. 96–221 designated existing provisions as par. (1) inserted provisions expanding authorization for withdrawals from selected States to the entire United States

   2. Added · 12 U.S.C. § 1832(a)

      Pub. L. 96–221 added par. (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–221 designated existing provisions as par. (1) inserted provisions expanding authorization for withdrawals from selected States to the entire United States, and added par. (2).

   Enacted provision · exact public law section
   Sec. 303. now accounts Section 2(a) of Public Law 93–100 (12 U.S.C. 1832(a)) is amended to read as follows: “(a) (1) Notwithstanding any other provision of law but subject to paragraph (2), a depository institution is authorized to permit the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. “(2) Paragraph (1) shall apply only with respect to deposits or accounts which consist solely of funds in which the entire beneficial interest is held by one or more individuals or by an organization which is operated primarily for religious, philanthropic, charitable, educational, or other similar purposes and which is not operated for profit.”.

   Effective date note
   Amendment by Pub. L. 96–221 effective Dec. 31, 1980, see section 306 of Pub. L. 96–221, set out as a note under section 1464 of this title.

6. 1982

   Garn-St Germain Depository Institutions Act of 1982

   Pub. L. 97–320 title VII § 706(a) · 96 Stat. 1469

   Inserted · 12 U.S.C. § 1832(a)(2)

   Pub. L. 97–320 inserted provisions relating to deposits of public funds

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 97–320 inserted provisions relating to deposits of public funds.

   Enacted provision · exact public law section
   (a) Section 2(a)(2) of Public Law 93–100 (12 U.S.C. 1832(a)(2)) is amended by inserting before the period at the end thereof the following: “, and with respect to deposits of public funds by an officer, employee, or agent of the United States, any State, county, municipality, or political subdivision thereof, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or possession of the United States, or any political subdivision thereof”.

7. 1987

   Competitive Equality Amendments of 1987

   Pub. L. 100–86 title I § 109 · 101 Stat. 552

   Inserted · 12 U.S.C. § 1832(a)(2)

   Pub. L. 100–86 inserted “political,” after “educational,”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 100–86 inserted “political,” after “educational,”.

   Enacted provision · exact public law section
   SEC. 109. NOW ACCOUNTS. Section 2(a)(2) of Public Law 93–100 (12 U.S.C. 1832(a)(2)) is amended by inserting the term “political,” immediately after “educational,”.

8 of 8 references resolved to an enrolled provision