§ 3420. — Grand jury information; notification of certain persons prohibited.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3420]
TITLE 12--BANKS AND BANKING
CHAPTER 35--RIGHT TO FINANCIAL PRIVACY
Sec. 3420. Grand jury information; notification of certain
persons prohibited
(a) Financial records about a customer obtained from a financial
institution pursuant to a subpena issued under the authority of a
Federal grand jury--
(1) shall be returned and actually presented to the grand jury
unless the volume of such records makes such return and actual
presentation impractical in which case the grand jury shall be
provided with a description of the contents of the records.; \1\
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\1\ So in original.
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(2) shall be used only for the purpose of considering whether to
issue an indictment or presentment by that grand jury, or of
prosecuting a crime for which that indictment or presentment is
issued, or for a purpose authorized by rule 6(e) of the Federal
Rules of Criminal Procedure, or for a purpose authorized by section
3412(a) of this title;
(3) shall be destroyed or returned to the financial institution
if not used for one of the purposes specified in paragraph (2); and
(4) shall not be maintained, or a description of the contents of
such records shall not be maintained by any Government authority
other than in the sealed records of the grand jury, unless such
record has been used in the prosecution of a crime for which the
grand jury issued an indictment or presentment or for a purpose
authorized by rule 6(e) of the Federal Rules of Criminal Procedure.
(b)(1) No officer, director, partner, employee, or shareholder of,
or agent or attorney for, a financial institution shall, directly or
indirectly, notify any person named in a grand jury subpoena served on
such institution in connection with an investigation relating to a
possible--
(A) crime against any financial institution or supervisory
agency or crime involving a violation of the Controlled Substance
Act [21 U.S.C. 801 et seq.], the Controlled Substances Import and
Export Act [21 U.S.C. 951 et seq.], section 1956 or 1957 of title
18, sections 5313, 5316 and 5324 of title 31, or section 6050I of
title 26; or
(B) conspiracy to commit such a crime,
about the existence or contents of such subpoena, or information that
has been furnished to the grand jury in response to such subpoena.
(2) Section 1818 of this title and section 1786(k)(2) of this title
shall apply to any violation of this subsection.
(Pub. L. 95-630, title XI, Sec. 1120, Nov. 10, 1978, 92 Stat. 3709; Pub.
L. 100-690, title VI, Sec. 6186(e), Nov. 18, 1988, 102 Stat. 4358; Pub.
L. 101-73, title IX, Sec. 943, Aug. 9, 1989, 103 Stat. 497; Pub. L. 102-
550, title XV, Sec. 1532, Oct. 28, 1992, 106 Stat. 4066; Pub. L. 107-56,
title III, Sec. 358(f)(3), Oct. 26, 2001, 115 Stat. 327.)
References in Text
Rule 6(e) of the Federal Rules of Criminal Procedure, referred to in
subsec. (a)(2), (4), is set out in the Appendix to Title 18, Crimes and
Criminal Procedure.
The Controlled Substance Act, referred to in subsec. (b)(1)(A),
probably means the Controlled Substances Act, which is title II of Pub.
L. 91-513, Oct. 27, 1970, 84 Stat. 1242, as amended, and which is
classified principally to subchapter I (Sec. 801 et seq.) of chapter 13
of Title 21, Food and Drugs. For complete classification of this Act to
the Code, see Short Title note set out under section 801 of Title 21 and
Tables.
The Controlled Substances Import and Export Act, referred to in
subsec. (b)(1)(A), is title III of Pub. L. 91-513, Oct. 27, 1970, 84
Stat. 1285, as amended, which is classified principally to subchapter II
(Sec. 951 et seq.) of chapter 13 of Title 21. For complete
classification of this Act to the Code, see Short Title note set out
under section 951 of Title 21 and Tables.
Amendments
2001--Subsec. (a)(2). Pub. L. 107-56 inserted ``, or for a purpose
authorized by section 3412(a) of this title'' before semicolon at end.
1992--Subsec. (b)(1)(A). Pub. L. 102-550 inserted before semicolon
``or crime involving a violation of the Controlled Substance Act, the
Controlled Substances Import and Export Act, section 1956 or 1957 of
title 18, sections 5313, 5316 and 5324 of title 31, or section 6050I of
title 26''.
1989--Pub. L. 101-73 designated existing provisions as subsec. (a)
and added subsec. (b).
1988--Par. (1). Pub. L. 100-690 inserted ``unless the volume of such
records makes such return and actual presentation impractical in which
case the grand jury shall be provided with a description of the contents
of the records.'' before semicolon at end.
Effective and Termination Dates of 2001 Amendment
Amendments by title III of Pub. L. 107-56 to terminate effective on
and after the first day of fiscal year 2005 if Congress enacts a joint
resolution that such amendments no longer have the force of law, see
section 303 of Pub. L. 107-56, set out as a Four-Year Congressional
Review; Expedited Consideration note under section 5311 of Title 31,
Money and Finance.
Amendment by Pub. L. 107-56 applicable with respect to reports filed
or records maintained on, before, or after Oct. 26, 2001, see section
358(h) of Pub. L. 107-56, set out as a note under section 1829b of this
title.
Section Referred to in Other Sections
This section is referred to in section 3413 of this title.
