12-U.S.C.-484
§484 – Limitation On Visitorial Powers
Pathway
Title 12 > Chapter 3 > Subchapter XV > Section 484
Details
- Reference: Section 484
- Legend: §484 – Limitation On Visitorial Powers
- USCode Year: 2013
Provision Content
(a) 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.
(b) Notwithstanding subsection (a) of this section, 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.
(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.)
Codification
R.S. §5240 derived from act June 3, 1864, ch. 106, §54, 13 Stat. 116, which was part of the National Bank Act. See section 38 of this title.
Section is comprised of sixth par. of R.S. §5240, as amended. See Codification note set out under section 481 of this title.
Section 412 of Pub. L. 97–320, set out in the credit of this section, was amended by section 23(a) of Pub. L. 97–457 to correct an error in the directory language of section 412 of Pub. L. 97–320. That amendment involved only directory language and not the content of the text being amended by Pub. L. 97–320 so no change in the text of this section resulted from the amendment by Pub. L. 97–457.
Amendments
1982—Subsec. (a). Pub. L. 97–320, as amended by Pub. L. 97–457, designated existing provisions as subsec. (a), and amended subsec. (a) generally. Prior to amendment subsec. (a) read as follows: No bank shall be subject to any visitorial powers other than such as are authorized by law, or vested in the courts of justice or such as shall be or shall have been exercised or directed by Congress, or by either House thereof or by any committee of Congress or of either House duly authorized.
Subsec. (b). Pub. L. 97–320, as amended by Pub. L. 97–457, added subsec. (b).
Effective Date of 1983 Amendment
Pub. L. 97–457, §23(b), Jan. 12, 1983, 96 Stat. 2510, provided that: The amendment made by subsection (a) [amending section 412 of Pub. L. 97–320, which amended this section] shall be deemed to have taken effect upon the enactment of Public Law 97–320 [Oct. 15, 1982].
U.S. Encyclopedia of Law Coverage
12-U.S.C.-419 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-419, 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.-482 in the Legal Encyclopedia: Federal Reserve System
In this entry about 12-U.S.C.-482, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.
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