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12 U.S.C. § 1863 — Permissible bank service company activities for depository institutions

submitted 64 years ago by Pub. L. 87-856 to r/title-12-BANKS-AND-BANKING · 81 words · no verdicts yet

in plain englishAI-generated · not legal advice

Without regard to the provisions of sections 1864 and 1865 of this title, an insured depository institution may invest in a bank service company that performs, and a bank service company may perform, the following services only for depository institutions: check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a depository institution.

Without regard to the provisions of sections 1864 and 1865 of this title, an insured depository institution may invest in a bank service company that performs, and a bank service company may perform, the following services only for depository institutions: check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a depository institution.
the actual law source: uscode.house.gov ↗public domain

Without regard to the provisions of sections 1864 and 1865 of this title, an insured depository institution may invest in a bank service company that performs, and a bank service company may perform, the following services only for depository institutions: check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a depository institution.

Source credit: (Pub. L. 87–856, § 3, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97–320, title VII, § 709, Oct. 15, 1982, 96 Stat. 1541; Pub. L. 104–208, div. A, title II, § 2613(d), Sept. 30, 1996, 110 Stat. 3009–477; Pub. L. 109–351, title VI, § 602(a), Oct. 13, 2006, 120 Stat. 1978.)

history & why it existsrecord from the source credit
  • 1962Enacted · Pub. L. 87-856 · 76 Stat. 1132
  • 1982Amended · Pub. L. 97-320 · 96 Stat. 1541
  • 1996Amended · Pub. L. 104-208 · 110 Stat. 3009
  • 2006Amended · Pub. L. 109-351 · 120 Stat. 1978

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-856 on 1962-10-23.

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