TITLE 12 - BANKS AND BANKING

CHAPTER II - FEDERAL RESERVE SYSTEM

SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

PART 229 - AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)

subpart c - COLLECTION OF CHECKS

229.43 - Checks payable in Guam, American Samoa, and the Northern Mariana Islands.

Link to an amendment published at 70 FR 71225, Nov. 28, 2005.

  (a) Definitions. The definitions in 229.2 apply to this section, unless otherwise noted. In addition, for the purposes of this section (1) Pacific island bank means an office of an institution that would be a bank as defined in 229.2(e) but for the fact that the office is located in Guam, American Samoa, or the Northern Mariana Islands; (2) Pacific island check means a demand draft drawn on or payable through or at a Pacific island bank, which is not a check as defined in 229.2(k).

  (b) Rules applicable to Pacific island checks. To the extent a bank handles a Pacific island check as if it were a check defined in 229.2(k), the bank is subject to the following sections of this part (and the word check in each such section is construed to include a Pacific island check) (1) 229.31, except that the returning bank is not subject to the requirement to return a Pacific island check in an expeditious manner; (2) 229.32; (3) 229.34(c)(2), (c)(3), (d), and (e); (4) 229.35; for purposes of 229.35(c), the Pacific island bank is deemed to be a bank; (5) 229.36(d); (6) 229.37; (7) 229.38(a) and (c) through (h); (8) 229.39(a), (b), (c) and (e); and (9) 229.40 through 229.42.

[Reg. CC, 62 FR 13810, Mar. 24, 1997]