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Can you summarize 12 USC 5001?
CHECK TRUNCATION > Findings; purposes
Short Summary
This chapter of the United States Code governs check truncation. It authorizes substitute checks to facilitate check truncation and foster innovation in the check collection system. The chapter aims to improve the overall efficiency of the Nation’s payments system. The Congress finds that check truncation is desirable to reduce costs, improve efficiency in check collections, and expedite funds availability for customers. The chapter applies to Federal reserve banks, depository institutions, financial service customers, and the financial services industry. There are no specific exemptions or penalties mentioned in this chapter.
Whom does it apply to?
Federal reserve banks, depository institutions, financial service customers, and the financial services industry
What does it govern?
Check truncation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government