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§ 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.''



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