FINAL RULE--AMENDMENT TO REGULATION CC.
Effective December 15, 1999, 12 C.F.R. Part 229 is amended as follows:
Part 229--Availability of Funds and Collection of Checks (Regulation CC)
1. The authority citation for Part 229 continues to read as follows:
Authority: 12 U.S.C. 4001 et seq.
2. In section 229.36, paragraph (c) is removed and reserved.
3. In Appendix E, under section XXII, paragraph C. is removed and reserved.
4. In Appendix E, under section XXIII, new paragraphs C.9. and C.10. are added to read as follows:
Appendix E to Part 229--Commentary
XXIII. Section 229.37 Variations by Agreement
C. * * *
9. A presenting bank and a paying bank may agree that presentment takes place when the paying bank receives an electronic transmission of information describing the check rather than upon delivery of the physical check. (See 12 C.F.R. 229.36(b).)
10. A depositary bank may agree with a paying or returning bank to accept an image or other notice in lieu of a returned check even when the check is available for return under this part. Except to the extent that other parties interested in the check assent to or are bound by the variation of the notice-in-lieu provisions of this part, banks entering into such an agreement may be responsible under this part or other applicable law to other interested parties for any losses caused by the handling of a returned check under the agreement. (See 12 C.F.R. 229.30(f), 229.31(f), 229.38(a).)
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|Publication:||Federal Reserve Bulletin|
|Date:||Dec 1, 1999|
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