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Can you summarize 3 NYCRR Part 34?
General Regulations of the Superintendent > Availability of Funds for Items Deposited for Collection
Short Summary
This legal document, part of the New York Codes, Rules and Regulations, specifically the General Regulations of the Superintendent under the Banking category, governs the availability of funds for items deposited for collection. It applies to depositary banks and their customers. The document outlines several exceptions to the requirements imposed, including deposited items drawn in an amount of more than $5,000, items deposited by new customers within 30 calendar days of opening an account, accounts of customers that have been overdrawn on three separate occasions within a six-month period, instances where the depositary bank doubts the collectibility of funds for an item, items drawn on an office located outside the United States and the District of Columbia, agreements between depositary banks and retail customers for a greater period of time, and delays caused by circumstances beyond the control of the depositary bank. No specific penalties are mentioned in this document.
Whom does it apply to?
Depositary banks and their customers
What does it govern?
Availability of funds for items deposited for collection
What are exemptions?
Deposited items drawn in an amount of more than $5,000, items deposited by new customers within 30 calendar days of opening an account, accounts of customers that have been overdrawn on three separate occasions within a six-month period, instances where the depositary bank doubts the collectibility of funds for an item, items drawn on an office located outside the United States and the District of Columbia, agreements between depositary banks and retail customers for a greater period of time, and delays caused by circumstances beyond the control of the depositary bank
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
New York