§ 4305. — Distribution of schedules.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4305]
TITLE 12--BANKS AND BANKING
CHAPTER 44--TRUTH IN SAVINGS
Sec. 4305. Distribution of schedules
(a) In general
A schedule required under section 4303 of this title for an
appropriate account shall be--
(1) made available to any person upon request;
(2) provided to any potential customer before an account is
opened or a service is rendered; and
(3) provided to the depositor, in the case of any time deposit
which has a maturity of more than 30 days \1\ is renewable at
maturity without notice from the depositor, at least 30 days before
the date of maturity.
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\1\ So in original. Probably should be followed by ``and''.
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(b) Distribution in case of certain initial deposits
If--
(1) a depositor is not physically present at an office of a
depository institution at the time an initial deposit is accepted
with respect to an account established by or for such person; and
(2) the schedule required under section 4303(a) of this title
has not been furnished previously to such depositor,
the depository institution shall mail the schedule to the depositor at
the address shown on the records of the depository institution for such
account no later than 10 days after the date of the initial deposit.
(c) Distribution of notice of certain changes
If--
(1) any change is made in any term or condition which is
required to be disclosed in the schedule required under section
4303(a) of this title with respect to any account; and
(2) the change may reduce the yield or adversely affect any
holder of the account,
all account holders who may be affected by such change shall be notified
and provided with a description of the change by mail at least 30 days
before the change takes effect.
(d) Distribution in case of accounts established by more than 1
individual or by a group
If an account is established by more than 1 individual or for a
person other than an individual, any distribution described in this
section with respect to such account meets the requirements of this
section if the distribution is made to 1 of the individuals who
established the account or 1 individual representative of the person on
whose behalf such account was established.
(e) Notice to account holders as of effective date of regulations
For any account for which the depository institution delivers an
account statement on a quarterly or more frequent basis, the depository
institution shall include on or with the first regularly scheduled
mailing sent after the end of the 6-month period beginning on the date
of publication of regulations issued by the Board in final form, a
statement that the account holder has the right to request an account
schedule containing the terms, charges, and interest rates of the
account, and that the account holder may wish to request such an account
schedule.
(Pub. L. 102-242, title II, Sec. 266, Dec. 19, 1991, 105 Stat. 2337;
Pub. L. 102-550, title XVI, Sec. 1604(e)(1), Oct. 28, 1992, 106 Stat.
4084; Pub. L. 104-208, div. A, title II, Sec. 2604(d), Sept. 30, 1996,
110 Stat. 3009-471.)
Amendments
1996--Subsec. (a)(3). Pub. L. 104-208 inserted ``has a maturity of
more than 30 days'' after ``deposit which''.
1992--Subsec. (e). Pub. L. 102-550 substituted ``on or with the
first regularly scheduled mailing sent after the end of the 6-month
period beginning on the date of publication'' for ``on or with any
regularly scheduled mailing posted or delivered within 180 days after
publication''.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102-550 effective as if included in the Federal
Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242,
as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102-550, set out as
a note under section 191 of this title.