Sec. 1. Availability of funds in connection with Federal Government checks
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/bill/117/hr/1497/ih/section-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 603(a) of the Expedited Funds Availability Act ( 12 U.S.C. 4002(a) ) is amended— in the heading, by striking ; Next Business Day by redesignating paragraph
(2)as paragraph (3); by inserting after paragraph
(1)the following: Funds deposited in an account at a depository institution by check shall be available for withdrawal immediately in the case of a check which— is drawn on the Treasury of the United States; and is endorsed only by the person to whom it was issued. ; and in paragraph (3), as so redesignated— in the heading, by striking and inserting Government checks; certain ; Certain by striking subparagraph (A); and by redesignating subparagraphs
(B)through
(F)as subparagraphs
(A)through (E), respectively. The Expedited Funds Availability Act ( 12 U.S.C. 4001 et seq.) is amended— by striking subsections (a)(2) each place such term appears and inserting subsections (a)(2), (a)(3) ; by striking in subsection (a)(2) each place such term appears and inserting in paragraph
(2)or
(3)of subsection
(a); in section 603— in subsection (b)(3)(C), by striking subsection (a)(2)(D) and inserting subsection (a)(3)(C) ; and in subsection (c)(1)(B)(iii), by striking subsection (a)(2)(D) and inserting subsection (a)(3)(C) ; and in section 604— 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 in subsection (b), by striking subsection (a)(2) and inserting subsection (a)(2), (a)(3) .
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