Title 12 — Banks and Banking
Chapter 44 — Truth in Savings
§ 4301. Findings and purpose
Statutory text
Findings
The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts.
Purpose
It is the purpose of this chapter to require the clear and uniform disclosure of—
the rates of interest which are payable on deposit accounts by depository institutions; and
the fees that are assessable against deposit accounts,
so that consumers can make a meaningful comparison between the competing claims of depository institutions with regard to deposit accounts.
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.
Truth in Savings Act
Pub. L. 102–242 title II § 262 · 105 Stat. 2236
Enacted · 12 U.S.C. § 4301
(Pub. L. 102–242, title II, § 262, Dec. 19, 1991, 105 Stat. 2334.)
Source evidence
Code source credit
(Pub. L. 102–242, title II, § 262, Dec. 19, 1991, 105 Stat. 2334.)Enacted provision · exact public law section
SEC. 262. FINDINGS AND PURPOSE. (a) Findings.— The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts. (b) Purpose.— It is the purpose of this subtitle to require the clear and uniform disclosure of— (1) the rates of interest which are payable on deposit accounts by depository institutions; and (2) the fees that are assessable against deposit accounts, so that consumers can make a meaningful comparison between the competing claims of depository institutions with regard to deposit accounts.
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Short Title
Pub. L. 102–242, title II, § 261, , 105 Stat. 2334, provided that: “This subtitle [subtitle F (§§ 261–274) of title II of Pub. L. 102–242, enacting this chapter] may be cited as the ‘Truth in Savings Act’.”
Separability
If any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.