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§ 1861. —  Short title and definitions. - US § 1861. —  Short title and definitions. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1861]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 18--BANK SERVICE COMPANIES
 
Sec. 1861. Short title and definitions


(a) Short title

    This chapter may be cited as the ``Bank Service Company Act''.

(b) Definitions

    For the purpose of this chapter--
        (1) the term ``appropriate Federal banking agency'' shall have 
    the meaning provided in section 1813(q) of this title;
        (2) the term ``bank service company'' means--
            (A) any corporation--
                (i) which is organized to perform services authorized by 
            this chapter; and
                (ii) all of the capital stock of which is owned by 1 or 
            more insured banks; and

            (B) any limited liability company--
                (i) which is organized to perform services authorized by 
            this chapter; and
                (ii) all of the members of which are 1 or more insured 
            banks.

        (3) the term ``Board'' means the Board of Governors of the 
    Federal Reserve System;
        (4) the term ``depository institution'' means an insured bank, 
    financial institution subject to examination by the Federal Home 
    Loan Bank Board or the National Credit Union Administration Board, 
    or a financial institution the accounts or deposits of which are 
    insured or guaranteed under State law and are eligible to be insured 
    by the Federal Deposit Insurance Corporation, the Federal Savings 
    and Loan Insurance Corporation, or the National Credit Union 
    Administration Board;
        (5) the term ``insured bank'' shall have the meaning provided in 
    section 1813(h) of this title;
        (6) the term ``invest'' includes any advance of funds to a bank 
    service company, whether by the purchase of stock, the making of a 
    loan, or otherwise, except a payment for rent earned, goods sold and 
    delivered, or services rendered prior to the making of such payment;
        (7) the term ``limited liability company'' means any company, 
    partnership, trust, or similar business entity organized under the 
    law of a State (as defined in section 1813 of this title) which 
    provides that a member or manager of such company is not personally 
    liable for a debt, obligation, or liability of the company solely by 
    reason of being, or acting as, a member or manager of such company; 
    and
        (8) the term ``principal investor'' means the insured bank that 
    has the largest dollar amount invested in the equity of a bank 
    service company. In any case where two or more insured banks have 
    equal dollar amounts invested in a bank service company, the company 
    shall, prior to commencing operations, select one of the insured 
    banks as its principal investor and shall notify the bank's 
    appropriate Federal banking agency of that choice within 5 business 
    days of its selection.

(Pub. L. 87-856, Sec. 1, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97-320, 
title VII, Sec. 709, Oct. 15, 1982, 96 Stat. 1540; Pub. L. 97-457, 
Sec. 32(a), Jan. 12, 1983, 96 Stat. 2511; Pub. L. 104-208, div. A, title 
II, Sec. 2613(a), (b), Sept. 30, 1996, 110 Stat. 3009-476.)


                               Amendments

    1996--Subsec. (a). Pub. L. 104-208, Sec. 2613(a), inserted heading 
and amended text of subsec. (a) generally. Prior to amendment, text read 
as follows: ``This chapter may be cited as the `Bank Service Corporation 
Act'.''
    Subsec. (b)(2). Pub. L. 104-208, Sec. 2613(b)(1), amended par. (2) 
generally. Prior to amendment, par. (2) read as follows: ``the term 
`bank service corporation' means a corporation organized to perform 
services authorized by this chapter, all of the capital stock of which 
is owned by one or more insured banks;''.
    Subsec. (b)(6). Pub. L. 104-208, Sec. 2613(b)(2), substituted 
``company'' for ``corporation'' and struck out ``and'' after semicolon 
at end.
    Subsec. (b)(7). Pub. L. 104-208, Sec. 2613(b)(3), added par. (7). 
Former par. (7) redesignated (8).
    Subsec. (b)(8). Pub. L. 104-208, Sec. 2613(b)(4), substituted 
``company'' for ``corporation'' wherever appearing and ``equity'' for 
``capital stock''.
    Pub. L. 104-208, Sec. 2613(b)(3), redesignated par. (7) as (8).
    1983--Subsec. (b)(4). Pub. L. 97-457 substituted ``a'' for ``or 
another'' after ``insured bank,'' and inserted reference to a financial 
institution insured by State law and eligible to be insured by certain 
Federal agencies.
    1982--Subsec. (a). Pub. L. 97-320 substituted provision that this 
chapter may be cited as the ``Bank Service Corporation Act'' for 
provision that term ``Federal supervisory agency'' meant the Comptroller 
of the Currency, the Board of Governors of the Federal Reserve System, 
or the Board of Directors of the Federal Deposit Insurance Corporation.
    Subsec. (b). Pub. L. 97-320 substituted definitions of ``appropriate 
Federal banking agency'', ``bank service corporation'', ``Board'', 
``depository institution'', ``insured bank'', ``invest'', and 
``principal investor'' for provision that term ``bank services'' meant 
services such as check and deposit sorting and posting, computation and 
posting of interest and other credits and charges, preparation and 
mailing of checks, statements, notices, and similar items, or any other 
clerical, bookkeeping, accounting, statistical, or similar functions 
performed for a bank.
    Subsec. (c). Pub. L. 97-320 redesignated provisions of subsec. (c) 
defining ``bank service corporation'' as (b)(2), and revised definition.
    Subsec. (d). Pub. L. 97-320 redesignated provisions of subsec. (d) 
as (b)(6).

                          Transfer of Functions

    Federal Home Loan Bank Board and Federal Savings and Loan Insurance 
Corporation abolished and functions transferred, see sections 401 to 406 
of Pub. L. 101-73, set out as a note under section 1437 of this title.




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