12-U.S.C.-1861
§1861 – Short Title and Definitions
Pathway
Title 12 > Chapter 18 > Section 1861
Details
- Reference: Section 1861
- Legend: §1861 – Short Title and Definitions
- USCode Year: 2013
Provision Content
(a) Short title
This chapter may be cited as the Bank Service Company Act.
(b) Definitions
For the purpose of this chapter—
(1) the term appropriate Federal banking agency shall have the meaning provided in section 1813(q) of this title;
(2) the term bank service company means—
(A) any corporation—
(i) which is organized to perform services authorized by this chapter; and
(ii) all of the capital stock of which is owned by 1 or more insured depository institutions; and
(B) any limited liability company—
(i) which is organized to perform services authorized by this chapter; and
(ii) all of the members of which are 1 or more insured depository institutions.
(3) the term Board means the Board of Governors of the Federal Reserve System;
(4) the term depository institution means, except when such term appears in connection with the term insured depository institution, an insured bank, a savings association, a financial institution subject to examination by the appropriate Federal banking agency or the National Credit Union Administration Board, or a financial institution the accounts or deposits of which are insured or guaranteed under State law and are eligible to be insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration Board;
(5) Insured depository institution.—The terms depository institution and savings association have the same meanings as in section 1813 of this title;
(6) the term invest includes any advance of funds to a bank service company, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment;
(7) the term limited liability company means any company, partnership, trust, or similar business entity organized under the law of a State (as defined in section 1813 of this title) which provides that a member or manager of such company is not personally liable for a debt, obligation, or liability of the company solely by reason of being, or acting as, a member or manager of such company;
(8) the term principal investor means the insured depository institution that has the largest dollar amount invested in the equity of a bank service company. In any case where two or more insured depository institutions have equal dollar amounts invested in a bank service company, the company shall, prior to commencing operations, select one of the insured depository institutions as its principal investor and shall notify the depository institutions appropriate Federal banking agency of that choice within 5 business days of its selection; and
(9) the terms State depository institution, Federal depository institution, State savings association and Federal savings association have the same meanings as in section 1813 of this title.
(Pub. L. 87–856, §1, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97–320, title VII, §709, Oct. 15, 1982, 96 Stat. 1540; Pub. L. 97–457, §32(a), Jan. 12, 1983, 96 Stat. 2511; Pub. L. 104–208, div. A, title II, §2613(a), (b), Sept. 30, 1996, 110 Stat. 3009–476; Pub. L. 109–351, title VI, §602(b)(1), Oct. 13, 2006, 120 Stat. 1979; Pub. L. 111–203, title III, §357(1), (2), July 21, 2010, 124 Stat. 1547, 1548.)
Amendments
2010—Subsec. (b)(4). Pub. L. 111–203, §357(1), inserted a savings association, after an insured bank,, substituted appropriate Federal banking agency for Director of the Office of Thrift Supervision, and struck out , the Federal Savings and Loan Insurance Corporation, after Federal Deposit Insurance Corporation.
Subsec. (b)(5). Pub. L. 111–203, §357(2), substituted terms ‘depository institution’ and ‘savings association’ have the same meanings as in section 1813 for term ‘insured depository institution’ has the same meaning as in section 1813(c).
2006—Subsec. (b)(2)(A)(ii), (B)(ii). Pub. L. 109–351, §602(b)(1)(F), substituted insured depository institutions for insured banks.
Subsec. (b)(4). Pub. L. 109–351, §602(b)(1)(A), inserted , except when such term appears in connection with the term ‘insured depository institution’, after means and substituted Director of the Office of Thrift Supervision for Federal Home Loan Bank Board.
Subsec. (b)(5). Pub. L. 109–351, §602(b)(1)(B), added par. (5) and struck out former par. (5) which defined insured bank.
Subsec. (b)(8). Pub. L. 109–351, §602(b)(1)(G), substituted means the insured depository institution for means the insured bank, insured depository institutions for insured banks in two places, and the depository institutions appropriate for the banks appropriate.
Subsec. (b)(9). Pub. L. 109–351, §602(b)(1)(C)–(E), added par. (9).
1996—Subsec. (a). Pub. L. 104–208, §2613(a), inserted heading and amended text of subsec. (a) generally. Prior to amendment, text read as follows: This chapter may be cited as the ‘Bank Service Corporation Act’.
Subsec. (b)(2). Pub. L. 104–208, §2613(b)(1), amended par. (2) generally. Prior to amendment, par. (2) read as follows: the term ‘bank service corporation’ means a corporation organized to perform services authorized by this chapter, all of the capital stock of which is owned by one or more insured banks;.
Subsec. (b)(6). Pub. L. 104–208, §2613(b)(2), substituted company for corporation and struck out and after semicolon at end.
Subsec. (b)(7). Pub. L. 104–208, §2613(b)(3), added par. (7). Former par. (7) redesignated (8).
Subsec. (b)(8). Pub. L. 104–208, §2613(b)(4), substituted company for corporation wherever appearing and equity for capital stock.
Pub. L. 104–208, §2613(b)(3), redesignated par. (7) as (8).
1983—Subsec. (b)(4). Pub. L. 97–457 substituted a for or another after insured bank, and inserted reference to a financial institution insured by State law and eligible to be insured by certain Federal agencies.
1982—Subsec. (a). Pub. L. 97–320 substituted provision that this chapter may be cited as the Bank Service Corporation Act for provision that term Federal supervisory agency meant the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Board of Directors of the Federal Deposit Insurance Corporation.
Subsec. (b). Pub. L. 97–320 substituted definitions of appropriate Federal banking agency, bank service corporation, Board, depository institution, insured bank, invest, and principal investor for provision that term bank services meant services such as 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 bank.
Subsec. (c). Pub. L. 97–320 redesignated provisions of subsec. (c) defining bank service corporation as (b)(2), and revised definition.
Subsec. (d). Pub. L. 97–320 redesignated provisions of subsec. (d) as (b)(6).
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1861 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1861, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1841 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-1841, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
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