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Can you summarize 12 USC 5002?
CHECK TRUNCATION > Definitions
Short Summary
This chapter of the United States Code provides definitions related to check truncation in the context of banks and banking. It defines various terms such as ‘account’, ‘bank’, ‘collecting bank’, ‘depositary bank’, ‘paying bank’, ‘returning bank’, ‘Board’, ‘business day’, ‘check’, ‘consumer’, ‘consumer account’, ‘customer’, ‘forward collection’, ‘indemnifying bank’, ‘MICR line’, ’noncash item’, ‘person’, ‘reconverting bank’, ‘substitute check’, ‘State’, ’truncate’, ‘Uniform Commercial Code’, and ‘other terms’. These definitions are applicable to the laws and regulations governing check truncation in the United States, ensuring clarity and consistency in the legal framework surrounding this banking practice.
Whom does it apply to?
Banks and banking institutions in the United States
What does it govern?
Definitions related to check truncation in the United States Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government