Section 1 Short title
This Act may be cited as the “Promoting Access to Justice through Unclaimed Deposits Act of 2018”.
Promoting Access to Justice through Unclaimed Deposits Act of 2018
A BILL
To require financial institutions to deposit the principal amount of any unclaimed deposit held by such institutions into interest or dividend-bearing accounts, and for other purposes.
Sec. 2 Requirement for deposits of unclaimed funds
Interest and dividends generated on unclaimed funds— Each financial institution shall—
deposit the principal amount of any unclaimed deposits the financial institution receives or holds into an interest or dividend-bearing account; and
transfer any interest or dividend generated on such amount to a fund or account of the State—
in which such financial institution is located; and
into which such State deposits revenues from interest on lawyers trust accounts.
Interest and dividend Rate— Each financial institution shall ensure that deposits into each account described in subsection (a)(1) earn the highest interest rate or dividend generally available to other customers of such institution if such account meets the same minimum balance or other minimum qualification for such interest rate or dividend.
Regulations required— Not later than 90 days after the date of enactment of this Act, the Federal Deposit Insurance Corporation and the Chairman of the National Credit Union Administration shall promulgate such rules as may be necessary to carry out this Act.
Sec. 3 Definitions
In this Act:
Financial institution— The term “financial institution” means—
a bank, as defined in section 3(a) of the Federal Deposit Insurance Act (12 U.S.C. 1813(a)); or
a credit union, as defined in section 101(1) of the Federal Credit Union Act (12 U.S.C. 1752(1)).
Interest on lawyers trust account— The term “interest on lawyers trust account” has the meaning given the term in section 207(k)(5)(c) of the Federal Credit Union Act (12 U.S.C. 1787(k)(5)(C)).
State— The term “State” means any State of the United States, the District of Columbia, and any territory or possession of the United States.
Unclaimed deposit— The term “unclaimed deposit” means a deposit in the possession of a financial institution in a deposit account which has become inactive or abandoned pursuant to State law or regulation.