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§ 1863. —  Permissible bank service company activities for depository institutions. - US § 1863. —  Permissible bank service company activities for depository institutions. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

WAIS Document Retrieval
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1863]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 18--BANK SERVICE COMPANIES
 
Sec. 1863. Permissible bank service company activities for 
        depository institutions
        
    Without regard to the provisions of sections 1864 and 1865 of this 
title, an insured bank may invest in a bank service company that 
performs, and a bank service company may perform, the following services 
only for depository institutions: 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 depository institution.

(Pub. L. 87-856, Sec. 3, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97-320, 
title VII, Sec. 709, Oct. 15, 1982, 96 Stat. 1541; Pub. L. 104-208, div. 
A, title II, Sec. 2613(d), Sept. 30, 1996, 110 Stat. 3009-477.)


                               Amendments

    1996--Pub. L. 104-208 substituted ``company'' for ``corporation'' 
wherever appearing in secti

					


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