PUBLIC LAW 108–100—OCT. 28, 2003
117 STAT. 1189
(2) ACCRUAL.—A cause of action accrues as of the date the injured party first learns, or by which such person reasonably should have learned, of the facts and circumstances giving rise to the cause of action. (b) DISCHARGE OF CLAIMS.—Except as provided in subsection (c), unless a person gives notice of a claim to the indemnifying or warranting bank within 30 days after the person has reason to know of the claim and the identity of the indemnifying or warranting bank, the indemnifying or warranting bank is discharged from liability in an action to enforce a claim under this Act to the extent of any loss caused by the delay in giving notice of the claim. (c) NOTICE OF CLAIM BY CONSUMER.—A timely claim by a consumer under section 7 for expedited recredit constitutes timely notice of a claim by the consumer for purposes of subsection (b). SEC. 12. CONSUMER AWARENESS.
(a) IN GENERAL.—Each bank shall provide, in accordance with subsection (b), a brief notice about substitute checks that describes— (1) how a substitute check is the legal equivalent of an original check for all purposes, including any provision of any Federal or State law, and for all persons, if the substitute check— (A) accurately represents all of the information on the front and back of the original check as of the time at which the original check was truncated; and (B) bears the legend: ‘‘This is a legal copy of your check. You can use it in the same way you would use the original check.’’; and (2) the consumer recredit rights established under section 7 when a consumer believes in good faith that a substitute check was not properly charged to the account of the consumer. (b) DISTRIBUTION.— (1) EXISTING CUSTOMERS.—With respect to consumers who are customers of a bank on the effective date of this Act and who receive original checks or substitute checks, a bank shall provide the notice described in subsection (a) to each such consumer no later than the first regularly scheduled communication with the consumer after the effective date of this Act. (2) NEW ACCOUNT HOLDERS.—A bank shall provide the notice described in subsection (a) to each consumer who will receive original checks or substitute checks, other than existing customers referred to in paragraph (1), at the time at which the customer relationship is initiated. (3) MODE OF DELIVERY.—A bank may send the notices required by this subsection by United States mail or by any other means through which the consumer has agreed to receive account information. (4) CONSUMERS WHO REQUEST COPIES OF CHECKS.—Notice shall be provided to each consumer of the bank that requests a copy of a check and receives a substitute check, at the time of the request. (c) MODEL LANGUAGE.— (1) IN GENERAL.—Before the end of the 9-month period beginning on the date of the enactment of this Act, the Board
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Notice. 12 USC 5011.
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