Check Truncation Act - Sets forth a statutory framework under which a substitute check is the legal equivalent of an original check for all purposes, if the substitute check: (1) accurately represents all of the information on the front and back of the original check as of the time the original check was truncated; and (2) bears the legend: "This is a legal copy of your check. You can use it the same way you would use the original check." Prescribes implementation guidelines, including: (1) indemnity procedures; (2) substitute check warranties; (3) expedited recredit claims for consumers and for banks; (4) procedures for claims; (5) measure of damages; (6) statute of limitations; and (7) consumer education materials.
Actions
Oct 2, 2002
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 2, 2002
Sponsor introductory remarks on measure. (CR S9852)