§ 4306. Payment of interest

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. 1991

   Truth in Savings Act

   Pub. L. 102–242 title II § 267 · 105 Stat. 2236

   Enacted · 12 U.S.C. § 4306

   Pub. L. 102–242, title II, § 267, Dec. 19, 1991, 105 Stat. 2338

   Source evidence

   Code source credit
   Pub. L. 102–242, title II, § 267, Dec. 19, 1991, 105 Stat. 2338

   Enacted provision · exact public law section
   SEC. 267. PAYMENT OF INTEREST. (a) Calculated on Full Amount of Principal.— Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this Act. (b) No Particular Method of Compounding Interest Required.— Subsection (a) shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest. (c) Date by Which Interest Must Accrue.— Interest on accounts that are subject to this Act shall begin to accrue not later than the business day specified for interest-bearing accounts in section 606 of the Expedited Funds Availability Act, subject to subsections (b) and (c) of such section.

   Effective date note
   Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.

2. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 title XVI § 1604(e)(2)(B) · 106 Stat. 3672

   Changed · 12 U.S.C. § 4306(a); 12 U.S.C. § 4306(c)

   Pub. L. 102–550 made technical amendment to references to “this chapter” to reflect correction of corresponding provision of original act

   Source evidence

   Code amendment note
   Subsecs. (a), (c). Pub. L. 102–550 made technical amendment to references to “this chapter” to reflect correction of corresponding provision of original act.

   Enacted provision · exact public law section
   (B) in section 267(a);

   Effective date note
   Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.

2 of 2 references resolved to an enrolled provision