PUBLIC LAW 108–100—OCT. 28, 2003
117 STAT. 1187
(D) information sufficient for the indemnifying bank to identify the substitute check and to investigate the claim. (2) REQUIREMENTS RELATING TO COPIES OF SUBSTITUTE CHECKS.—If the information submitted by a claimant bank pursuant to paragraph (1) in connection with a claim for an expedited recredit includes a copy of any substitute check for which any such claim is made, the claimant bank shall take reasonable steps to ensure that any such copy cannot be— (A) mistaken for the legal equivalent of the check under section 4(b); or (B) sent or handled by any bank, including the indemnifying bank, as a forward collection or returned check. (3) CLAIM IN WRITING.— (A) IN GENERAL.—An indemnifying bank may, in the discretion of the bank, require the claimant bank to submit the information required by paragraph (1) in writing, including a copy of the written or electronically submitted claim, if any, that the consumer provided in accordance with section 7(b). (B) MEANS OF SUBMISSION.—An indemnifying bank that requires a submission of information under subparagraph (A) may permit the claimant bank to make the submission electronically, if the claimant bank has agreed to communicate with the indemnifying bank in that manner. (c) RECREDIT BY INDEMNIFYING BANK.— (1) PROMPT ACTION REQUIRED.—No later than 10 business days after the business day on which an indemnifying bank receives a claim under subsection (a) from a claimant bank with respect to a substitute check, the indemnifying bank shall— (A) provide, to the claimant bank, the original check (with respect to such substitute check) or a copy of the original check (including an image or a substitute check) that— (i) accurately represents all of the information on the front and back of the original check (as of the time the original check was truncated); or (ii) is otherwise sufficient to determine the bank’s claim is not valid; and (B) recredit the claimant bank for the amount of the claim up to the amount of the substitute check, plus interest if applicable; or (C) provide information to the claimant bank as to why the indemnifying bank is not obligated to comply with subparagraph (A) or (B). (2) RECREDIT DOES NOT ABROGATE OTHER LIABILITIES.— Providing a recredit under this subsection to a claimant bank with respect to a substitute check shall not absolve the indemnifying bank from liability for claims brought under any other law or from additional damages under section 6 or 10 with respect to such check. (3) REFUND TO INDEMNIFYING BANK.—If a claimant bank reverses, in accordance with section 7(e), a recredit previously made to a consumer account under section 7(c), or otherwise receives a credit or recredit with regard to such substitute
VerDate 11-MAY-2000
10:15 Aug 27, 2004
Jkt 019194
PO 00000
Frm 00139
Fmt 6580
Sfmt 6581
Deadline.
D:\STATUTES\2003\19194PT2.001
APPS10
PsN: 19194PT2
�
