H.R.5414 - Check Clearing for the 21st Century Act107th Congress (2001-2002)
This bill has the status Introduced
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Introduced in House (09/19/2002)
Check Clearing for the 21st Century 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.