§ 2501. — Congressional findings and declaration of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2501]
TITLE 12--BANKS AND BANKING
CHAPTER 26--DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER'S CHECKS
Sec. 2501. Congressional findings and declaration of purpose
The Congress finds and declares that--
(1) the books and records of banking and financial organizations
and business associations engaged in issuing and selling money
orders and traveler's checks do not, as a matter of business
practice, show the last known addresses of purchasers of such
instruments;
(2) a substantial majority of such purchasers reside in the
States where such instruments are purchased;
(3) the States wherein the purchasers of money orders and
traveler's checks reside should, as a matter of equity among the
several States, be entitled to the proceeds of such instruments in
the event of abandonment;
(4) it is a burden on interstate commerce that the proceeds of
such instruments are not being distributed to the States entitled
thereto; and
(5) the cost of maintaining and retrieving addresses of
purchasers of money orders and traveler's checks is an additional
burden on interstate commerce since it has been determined that most
purchasers reside in the State of purchase of such instruments.
(Pub. L. 93-495, title VI, Sec. 601, Oct. 28, 1974, 88 Stat. 1525.)
Applicability to Sums Payable on Money Orders, Etc., Deemed Abandoned on
or After February 1, 1965; Exception
Section 604 of Pub. L. 93-495 provided that: ``This title [enacting
this chapter] shall be applicable to sums payable on money orders,
traveler's checks, and similar written instruments deemed abandoned on
or after February 1, 1965, except to the extent that such sums have been
paid over to a State prior to January 1, 1974.''