§ 484. — Limitation on visitorial powers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC484]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XV--BANK EXAMINATIONS
Sec. 484. Limitation on visitorial powers
(a) No national bank shall be subject to any visitorial powers
except as authorized by Federal law, vested in the courts of justice or
such as shall be, or have been exercised or directed by Congress or by
either House thereof or by any committee of Congress or of either House
duly authorized.
(b) Notwithstanding subsection (a) of this section, lawfully
authorized State auditors and examiners may, at reasonable times and
upon reasonable notice to a bank, review its records solely to ensure
compliance with applicable State unclaimed property or escheat laws upon
reasonable cause to believe that the bank has failed to comply with such
laws.
(R.S. Sec. 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23,
1913, ch. 6, Sec. 21, 38 Stat. 272; Pub. L. 97-320, title IV, Sec. 412,
Oct. 15, 1982, 96 Stat. 1521; Pub. L. 97-457, Sec. 23(a), Jan. 12, 1983,
96 Stat. 2510.)
Codification
R.S. Sec. 5240 derived from act June 3, 1864, ch. 106, Sec. 54, 13
Stat. 116, which was part of the National Bank Act. See section 38 of
this title.
Section is comprised of sixth par. of R.S. Sec. 5240, as amended.
See Codification note set out under section 481 of this title.
Section 412 of Pub. L. 97-320, set out in the credit of this
section, was amended by section 23(a) of Pub. L. 97-457 to correct an
error in the directory language of section 412 of Pub. L. 97-320. That
amendment involved only directory language and not the content of the
text being amended by Pub. L. 97-320 so no change in the text of this
section resulted from the amendment by Pub. L. 97-457.
Amendments
1982--Subsec. (a). Pub. L. 97-320, as amended by Pub. L. 97-457,
designated existing provisions as subsec. (a), and amended subsec. (a)
generally. Prior to amendment subsec. (a) read as follows: ``No bank
shall be subject to any visitorial powers other than such as are
authorized by law, or vested in the courts of justice or such as shall
be or shall have been exercised or directed by Congress, or by either
House thereof or by any committee of Congress or of either House duly
authorized''.
Subsec. (b). Pub. L. 97-320, as amended by Pub. L. 97-457, added
subsec. (b).
Effective Date of 1983 Amendment
Section 23(b) of Pub. L. 97-457 provided that: ``The amendment made
by subsection (a) [amending section 412 of Pub. L. 97-320, which amended
this section] shall be deemed to have taken effect upon the enactment of
Public Law 97-320 [Oct. 15, 1982].''
Section Referred to in Other Sections
This section is referred to in sections 10, 181, 1831k of this
title; title 26 section 3305.
