§ 4301. — Findings and 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: 12USC4301]
TITLE 12--BANKS AND BANKING
CHAPTER 44--TRUTH IN SAVINGS
Sec. 4301. Findings and purpose
(a) Findings
The Congress hereby finds that economic stability would be enhanced,
competition between depository institutions would be improved, and the
ability of the consumer to make informed decisions regarding deposit
accounts, and to verify accounts, would be strengthened if there was
uniformity in the disclosure of terms and conditions on which interest
is paid and fees are assessed in connection with such accounts.
(b) Purpose
It is the purpose of this chapter to require the clear and uniform
disclosure of--
(1) the rates of interest which are payable on deposit accounts
by depository institutions; and
(2) the fees that are assessable against deposit accounts,
so that consumers can make a meaningful comparison between the competing
claims of depository institutions with regard to deposit accounts.
(Pub. L. 102-242, title II, Sec. 262, Dec. 19, 1991, 105 Stat. 2334.)
Short Title
Section 261 of Pub. L. 102-242 provided that: ``This subtitle
[subtitle F (Secs. 261-274) of title II of Pub. L. 102-242, enacting
this chapter] may be cited as the `Truth in Savings Act'.''
Separability
If any provision of Pub. L. 102-242 or any application of any
provision thereof to any person or circumstance is held invalid, the
remainder of Pub. L. 102-242 and the application of any remaining
provision of such Act to any other person or circumstance not to be
affected by such holding, see section 481 of Pub. L. 102-242, set out as
a note under section 1811 of this title.