12-U.S.C.-1863
§1863 – Permissible Bank Service Company Activities For Depository Institutions
Pathway
Title 12 > Chapter 18 > Section 1863
Details
- Reference: Section 1863
- Legend: §1863 – Permissible Bank Service Company Activities For Depository Institutions
- USCode Year: 2013
Provision Content
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.
(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.)
Amendments
2006—Pub. L. 109–351 substituted insured depository institution for insured bank.
1996—Pub. L. 104–208 substituted company for corporation wherever appearing in section catchline and text.
1982—Pub. L. 97–320 substituted provisions relating to permissible bank service corporation activities for depository institutions for provisions that a bank service corporation must provide bank services to a bank that applied for them if the applying bank competed with a bank which held stock in the corporation unless comparable services were available elsewhere at competitive cost or furnishing the services would be beyond the practical capacity of the corporation.
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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