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§ 4001. —  Definitions. - US § 4001. —  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: 12USC4001]

 
                       TITLE 12--BANKS AND BANKING
 
                CHAPTER 41--EXPEDITED FUNDS AVAILABILITY
 
Sec. 4001. Definitions

    For purposes of this chapter--

                             (1) Account

        The term ``account'' means a demand deposit account or other 
    similar transaction account at a depository institution.

                              (2) Board

        The term ``Board'' means the Board of Governors of the Federal 
    Reserve System.

                          (3) Business day

        The term ``business day'' means any day other than a Saturday, 
    Sunday, or legal holiday.

                              (4) Cash

        The term ``cash'' means United States coins and currency, 
    including Federal Reserve notes.

                         (5) Cashier's check

        The term ``cashier's check'' means any check which--
            (A) is drawn on a depository institution;
            (B) is signed by an officer or employee of such depository 
        institution; and
            (C) is a direct obligation of such depository institution.

                         (6) Certified check

        The term ``certified check'' means any check with respect to 
    which a depository institution certifies that--
            (A) the signature on the check is genuine; and
            (B) such depository institution has set aside funds which--
                (i) are equal to the amount of the check; and
                (ii) will be used only to pay such check.

                              (7) Check

        The term ``check'' means any negotiable demand draft drawn on or 
    payable through an office of a depository institution located in the 
    United States. Such term does not include noncash items.

                 (8) Check clearinghouse association

        The term ``check clearinghouse association'' means any 
    arrangement by which participant depository institutions exchange 
    deposited checks on a local basis, including an entire metropolitan 
    area, without using the check processing facilities of the Federal 
    Reserve System.

                     (9) Check processing region

        The term ``check processing region'' means the geographical area 
    served by a Federal Reserve bank check processing center or such 
    larger area as the Board may prescribe by regulations.

                        (10) Consumer account

        The term ``consumer account'' means any account used primarily 
    for personal, family, or household purposes.

                        (11) Depository check

        The term ``depository check'' means any cashier's check, 
    certified check, teller's check, and any other functionally 
    equivalent instrument as determined by the Board.

                     (12) Depository institution

        The term ``depository institution'' has the meaning given such 
    term in clauses (i) through (vi) of section 461(b)(1)(A) of this 
    title. Such term also includes an office, branch, or agency of a 
    foreign bank located in the United States.

            (13) Local originating depository institution

        The term ``local originating depository institution'' means any 
    originating depository institution which is located in the same 
    check processing region as the receiving depository institution.

                          (14) Noncash item

        The term ``noncash item'' means--
            (A) a check or other demand item to which a passbook, 
        certificate, or other document is attached;
            (B) a check or other demand item which is accompanied by 
        special instructions, such as a request for special advise of 
        payment or dishonor; or
            (C) any similar item which is otherwise classified as a 
        noncash item in regulations of the Board.

          (15) Nonlocal originating depository institution

        The term ``nonlocal originating depository institution'' means 
    any originating depository institution which is not a local 
    depository institution.

                        (16) Proprietary ATM

        The term ``proprietary ATM'' means an automated teller machine 
    which is--
            (A) located--
                (i) at or adjacent to a branch of the receiving 
            depository institution; or
                (ii) in close proximity, as defined by the Board, to a 
            branch of the receiving depository institution; or

            (B) owned by, operated exclusively for, or operated by the 
        receiving depository institution.

               (17) Originating depository institution

        The term ``originating depository institution'' means the branch 
    of a depository institution on which a check is drawn.

                       (18) Nonproprietary ATM

        The term ``nonproprietary ATM'' means an automated teller 
    machine which is not a proprietary ATM.

                          (19) Participant

        The term ``participant'' means a depository institution which--
            (A) is located in the same geographic area as that served by 
        a check clearinghouse association; and
            (B) exchanges checks through the check clearinghouse 
        association, either directly or through an intermediary.

                (20) Receiving depository institution

        The term ``receiving depository institution'' means the branch 
    of a depository institution or the proprietary ATM in which a check 
    is first deposited.

                             (21) State

        The term ``State'' means any State, the District of Columbia, 
    the Commonwealth of Puerto Rico, or the Virgin Islands.

                         (22) Teller's check

        The term ``teller's check'' means any check issued by a 
    depository institution and drawn on another depository institution.

                         (23) United States

        The term ``United States'' means the several States, the 
    District of Columbia, the Commonwealth of Puerto Rico, and the 
    Virgin Islands.

                (24) Unit of general local government

        The term ``unit of general local government'' means any city, 
    county, town, township, parish, village, or other general purpose 
    political subdivision of a State.

                         (25) Wire transfer

        The term ``wire transfer'' has such meaning as the Board shall 
    prescribe by regulations.

(Pub. L. 100-86, title VI, Sec. 602, Aug. 10, 1987, 101 Stat. 635.)

                       References in Text

    This chapter, referred to in text, was in the original ``this 
title'', meaning title VI of Pub. L. 100-86, Aug. 10, 1987, 101 Stat. 
635, known as the Expedited Funds Availability Act, which enacted this 
chapter, amended section 248a of this title, and enacted provisions set 
out as notes under sections 248a and 4001 of this title. For complete 
classification of this Act to the Code, see Short Title note below and 
Tables.


                             Effective Date

    Section 613 of title VI of Pub. L. 100-86 provided that:
    ``(a) Date of Enactment.--Except as provided in subsection (b), this 
title [enacting this chapter, amending section 248a of this title, and 
enacting provisions set out as notes under sections 248a and 4001 of 
this title] shall take effect on the date of the enactment of this title 
[Aug. 10, 1987].
    ``(b) 1 Year After Date of Enactment.--Sections 603, 604, 605, 606, 
610, and 611 [enacting sections 4002 to 4005, 4009, and 4010 of this 
title] shall take effect on September 1, 1988.''


                               Short Title

    Section 601 of title VI of Pub. L. 100-86 provided that: ``This 
title [enacting this chapter, amending section 248a of this title, and 
enacting provisions set out as notes under sections 248a and 4001 of 
this title] may be cited as the `Expedited Funds Availability Act'.''


                              Separability

    If any provision of Pub. L. 100-86 or the application thereof to any 
person or circumstances is held invalid, the remainder of Pub. L. 100-86 
and the application of the provision to other persons not similarly 
situated or to other circumstances not to be affected thereby, see 
section 1205 of Pub. L. 100-86, set out as a note under section 226 of 
this title.




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