117 STAT. 1186
Applicability. 12 USC 5007.
PUBLIC LAW 108–100—OCT. 28, 2003
(B) the date the recredit was reversed. (4) MODE OF DELIVERY.—A notice described in this subsection shall be delivered by United States mail or by any other means through which the consumer has agreed to receive account information. (g) OTHER CLAIMS NOT AFFECTED.—Providing a recredit in accordance with this section shall not absolve the bank from liability for a claim made under any other law, such as a claim for wrongful dishonor under the Uniform Commercial Code, or from liability for additional damages under section 6 or 10. (h) CLARIFICATION CONCERNING CONSUMER POSSESSION.—A consumer who was provided a substitute check may make a claim for an expedited recredit under this section with regard to a transaction involving the substitute check whether or not the consumer is in possession of the substitute check. (i) SCOPE OF APPLICATION.—This section shall only apply to customers who are consumers. SEC. 8. EXPEDITED RECREDIT PROCEDURES FOR BANKS.
(a) RECREDIT CLAIMS.— (1) IN GENERAL.—A bank may make a claim against an indemnifying bank for expedited recredit for which that bank is indemnified if— (A) the claimant bank (or a bank that the claimant bank has indemnified) has received a claim for expedited recredit from a consumer under section 7 with respect to a substitute check or would have been subject to such a claim had the consumer’s account been charged; (B) the claimant bank has suffered a resulting loss or is obligated to recredit a consumer account under section 7 with respect to such substitute check; and (C) production of the original check, another substitute check, or a better copy of the original check is necessary to determine the validity of the charge to the customer account or any warranty claim connected with such substitute check. (2) 120-DAY PERIOD.—Any claim under paragraph (1) may be submitted by the claimant bank to an indemnifying bank before the end of the 120-day period beginning on the date of the transaction that gave rise to the claim. (b) PROCEDURES FOR CLAIMS.— (1) IN GENERAL.—To make a claim under subsection (a) for an expedited recredit relating to a substitute check, the claimant bank shall send to the indemnifying bank— (A) a description of— (i) the claim, including an explanation of why the substitute check cannot be properly charged to the consumer account; or (ii) the warranty claim; (B) a statement that the claimant bank has suffered a loss or is obligated to recredit the consumer’s account under section 7, together with an estimate of the amount of the loss or recredit; (C) the reason why production of the original check, another substitute check, or a better copy of the original check is necessary to determine the validity of the charge to the consumer account or the warranty claim; and
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