AN ACT PROVIDING FOR UNIFORM FUNDS AVAILABILITY REQUIREMENTS.
Whereas, The deferred operation of this act would
tend to defeat its purpose, which is to
immediately provide for uniform funds availability requirements,
therefore it is hereby declared to be an emergency law,
necessary for the immediate preservation of the
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Chapter 167D of the General Laws is hereby amended by
striking out section 35, as appearing in the 1986 Official Edition, and
inserting in place thereof the following section:-
Section 35. For the purposes of this section, the following terms shall
have the following meanings:
"Account", any demand deposit, negotiable withdrawal order account,
savings deposit, share account or other asset account.
"Banking institution", every state-chartered bank and credit union, every
federally chartered bank as defined in section one, and foreign banks
authorized to do business in the commonwealth; and
"Local originating depository institution", any originating depository
institution located in the commonwealth.
Each banking institution shall disclose to account holders its policy
relative to the time period between the deposit of funds by means of a
check, negotiable order of withdrawal or money order and the availability
of such deposit for withdrawal or use as of right.
Except as provided herein, such disclosure and relevant availability
requirements shall be in accordance with
the provisions of the Expedited Funds Availability Act, 12 USC 4001 et seq.
and regulations promulgated thereunder.
SECTION 2. This act shall take effect on September first,
nineteen hundred and eighty-eight.