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12 U.S.C. § 4306 — Payment of interest

submitted 35 years ago by Pub. L. 102-242 to r/title-12-BANKS-AND-BANKING · 127 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) Calculated on full amount of principal

Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this chapter.

(b) No particular method of compounding interest required

Subsection (a) shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest.

(c) Date by which interest must accrue

Interest on accounts that are subject to this chapter shall begin to accrue not later than the business day specified for interest-bearing accounts in section 4005 of this title, subject to subsections (b) and (c) of such section.

Source credit: (Pub. L. 102–242, title II, § 267, Dec. 19, 1991, 105 Stat. 2338; Pub. L. 102–550, title XVI, § 1604(e)(2)(B), (C), Oct. 28, 1992, 106 Stat. 4084.)

history & why it existsrecord from the source credit
  • 1991Enacted · Pub. L. 102-242 · 105 Stat. 2338
  • 1992Amended · Pub. L. 102-550 · 106 Stat. 4084

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-242 on 1991-12-19.

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