US Codex
Bill
Notes

To amend the Expedited Funds Availability Act to require funds deposited by check from the Federal Government to be made available immediately.

H.R. 8102 · 116th Congress · Aug 25, 2020 · Lineage

A BILL

1. Availability of funds in connection with Federal Government checks

(a)
In general— Section 603(a) of the Expedited Funds Availability Act (12 U.S.C. 4002(a)) is amended—
(1)
in the heading, by striking “Next Business Day”;
(2)
by redesignating paragraph (2) as paragraph (3);
(3)
by inserting after paragraph (1) the following:

“(2) Government checks—Funds deposited in an account at a depository institution by check shall be available for withdrawal immediately in the case of a check which—

“(A) is drawn on the Treasury of the United States; and

“(B) is endorsed only by the person to whom it was issued.”

(4)
in paragraph (3), as so redesignated—
(A)
in the heading, by striking “Government checks; certain” and inserting “Certain”;
(B)
by striking subparagraph (A); and
(C)
by redesignating subparagraphs (B) through (F) as subparagraphs (A) through (E), respectively.
(b)
Conforming amendments— The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) is amended—
(1)
by striking “subsections (a)(2)” each place such term appears and inserting “subsections (a)(2), (a)(3)”;
(2)
by striking “in subsection (a)(2)” each place such term appears and inserting “in paragraph (2) or (3) of subsection (a)”;
(3)
in section 603—
(A)
in subsection (b)(3)(C), by striking “subsection (a)(2)(D)” and inserting “subsection (a)(3)(C)”; and
(B)
in subsection (c)(1)(B)(iii), by striking “subsection (a)(2)(D)” and inserting “subsection (a)(3)(C)”; and
(4)
in section 604—
(A)
in subsection (a)(1)(D), by striking “subparagraph (A), (B), or (C) of section 603(a)(2)” and inserting “section 603(a)(2) or subparagraph (A) or (B) of section 603(a)(3)”; and
(B)
in subsection (b), by striking “subsection (a)(2)” and inserting “subsection (a)(2), (a)(3)”.