§ 90. Depositaries of public moneys and financial agents of Government
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/usc/title-12/section-90A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All national banking associations, designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Secretary of the Treasury shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government:
Provided, That the Secretary shall, on or before the 1st of January of each year, make a public statement of the securities required during that year for such deposits. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue, or for loans or stocks: Provided, That the Secretary of the Treasury shall distribute the deposits herein provided for, as far as practicable, equitably between the different States and sections.
Any national banking association may, upon the deposit with it of any funds by any State or political subdivision thereof or any agency or other governmental instrumentality of one or more States or political subdivisions thereof, including any officer, employee, or agent thereof in his official capacity, give security for the safekeeping and prompt payment of the funds so deposited to the same extent and of the same kind as is authorized by the law of the State in which such association is located in the case of other banking institutions in the State.
Any national banking association may, upon the deposit with it of any funds by any federally recognized Indian tribe, or any officer, employee, or agent thereof in his or her official capacity, give security for the safekeeping and prompt payment of the funds so deposited by the deposit of United States bonds and otherwise as may be prescribed by the Secretary of the Treasury for public funds under the first paragraph of this section.
Notwithstanding chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41, the Secretary may select associations as financial agents in accordance with any process the Secretary deems appropriate and their reasonable duties may include the provision of electronic benefit transfer services (including State-administered benefits with the consent of the States), as defined by the Secretary.
(R.S. § 5153; Mar. 3, 1901, ch. 871, 31 Stat. 1448; Mar. 4, 1907, ch. 2913, § 3, 34 Stat. 1290; Dec. 23, 1913, ch. 6, § 27, 38 Stat. 274; Aug. 4, 1914, ch. 225, 38 Stat. 682; June 25, 1930, ch. 604, 46 Stat. 809; Aug. 18, 1950, ch. 754, 64 Stat. 463; Pub. L. 96–153, title III, § 323(f), Dec. 21, 1979, 93 Stat. 1120; Pub. L. 104–208, div. A, title I, § 101(f) [§ 2(1)], Sept. 30, 1996, 110 Stat. 3009–314, 3009–386.)
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Cited by 43 sections · top 38
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TFM
- Chapter 3200Policy For Providing Depositary And Other Financial Services To Federal Agencies
- Chapter 7000Credit And Debit Card Collection Transactions
- Chapter 9000Securing Government Deposits In Federal Entity Accounts
- Chapter 2000Overall Disbursing Rules For All Federal Entities
- Chapter 1000Purpose And Plan Of Volume III Of The Treasury Financial Manual (TFM)
- Chapter 9000Stored Value Cards (SVCs)
- Chapter 4600Treasury Lockbox Network
- Chapter 2000Contact Information
- Chapter 1000Securing Government Funds On Deposit With A Depositary
- Chapter 6000Foreign Checks And Currency Drawn On Foreign Banks
- Chapter 1500General Terms And Conditions Governing Collection Services
- Chapter 3000Reimbursement Of Depositaries And Financial Agents
- Chapter 4100Requirements For Using Depositaries To Hold Public Money
- Chapter 4000Protecting Collateral Pledged by Depositaries to Secure Public Money on Deposit
- Chapter 3000Collecting Nontax, Administrative Receivables Through The Treasury Centralized Receivables Service
statutes-at-large
- Public Law 96–153To amend and extend certain Federal laws relating to housing, community and neighborhood development and preservation, and related programs, and for other purposes
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
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U.S. Code
24 references not yet in our index
- Mar. 3, 1901, ch. 871
- 31 Stat. 1448
- Mar. 4, 1907, ch. 2913, § 3
- 34 Stat. 1290
- Dec. 23, 1913, ch. 6, § 27
- 38 Stat. 274
- Aug. 4, 1914, ch. 225
- 38 Stat. 682
- June 25, 1930, ch. 604
- 46 Stat. 809
- Aug. 18, 1950, ch. 754
- 64 Stat. 463
- Pub. L. 96–153, title III, § 323(f)
- 93 Stat. 1120
- Pub. L. 104–208, div. A, title I, § 101(f) [§ 2(1)]
- 110 Stat. 3009–314
- Pub. L. 107–217, § 5(c)
- 116 Stat. 1303
- Pub. L. 111–350, § 6(c)
- 124 Stat. 3854
- act June 3, 1864, ch. 106, § 45
- 13 Stat. 113
- Pub. L. 104–208
- Pub. L. 96–153
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cites case law
§ 90
Depositaries of public moneys and financial agents of Government
Fed. Reg.×24
TFM×15
C.F.R.×2
Stat.×2
ActMar. 3, 1901, ch. 871
Stat.31 Stat. 1448
ActMar. 4, 1907, ch. 2913, § 3
Stat.34 Stat. 1290
ActDec. 23, 1913, ch. 6, § 27
Cites 25 · showing 6Cited by 43 across 4 sources