12 U.S.C. § 484 — Limitation on visitorial powers
submitted 151 years ago by Pub. L. 97-320 to r/title-12-BANKS-AND-BANKING · 104 words · no verdicts yet
National banks can't be inspected by outside "visitorial" powers unless federal law, courts, or Congress allow it. State auditors can still review bank records, but only to check compliance with unclaimed-property laws.
(a) A national bank cannot be subject to any "visitorial powers" — meaning outside oversight or inspection — except as authorized by federal law, or as exercised or directed by courts of justice, by Congress or either house of Congress, or by a duly authorized committee of Congress or of either house.
(b) Even so, lawfully authorized state* auditors and examiners may, at reasonable times and with reasonable notice to a bank, review its records — but only to check compliance with applicable state unclaimed-property or escheat laws, and only when there is reasonable cause to believe the bank has failed to comply with those laws.
No national bank shall be subject to any visitorial powers except as authorized by Federal law, vested in the courts of justice or such as shall be, or have been exercised or directed by Congress or by either House thereof or by any committee of Congress or of either House duly authorized.
Notwithstanding subsection (a), lawfully authorized State* auditors and examiners may, at reasonable times and upon reasonable notice to a bank, review its records solely to ensure compliance with applicable State unclaimed property or escheat laws upon reasonable cause to believe that the bank has failed to comply with such laws.
Source credit: (R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; Pub. L. 97–320, title IV, § 412, Oct. 15, 1982, 96 Stat. 1521; Pub. L. 97–457, § 23(a), Jan. 12, 1983, 96 Stat. 2510.)
- 1875Enacted · Act of Feb. 19, 1875, ch. 89 · 18 Stat. 329
- 1913Amended · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 272
- 1982Amended · Pub. L. 97-320 · 96 Stat. 1521
- 1983Amended · Pub. L. 97-457 · 96 Stat. 2510
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-320 on 1875-02-19.
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