Sec. 7. Use of automated clearing house network
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/bill/119/s/401/is/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section: The term covered credit union means— any insured credit union, as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); or any credit union that is eligible to make application to become an insured credit union under section 201 of the Federal Credit Union Act ( 12 U.S.C. 1781 ). The term member bank has the meaning given the term in the third undesignated paragraph of the first section of the Federal Reserve Act ( 12 U.S.C. 221 ). No covered credit union, member bank, or State-chartered non-member bank with more than $10,000,000,000 in total consolidated assets, or a subsidiary of the covered credit union, member bank, or State-chartered non-member bank, may use the Automated Clearing House Network if that member bank, credit union, or subsidiary of the member bank or credit union, refuses to do business with any person who is in compliance with the law, including section 8 of this Act.
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