2019 US Code
Title 12 - Banks and Banking
Chapter 26 - Disposition of Abandoned Money Orders and Traveler's Checks
Sec. 2501 - Congressional findings and declaration of purpose

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Citation 12 U.S.C. § 2501 (2019)
Section Name §2501. Congressional findings and declaration of purpose
Section Text

The Congress finds and declares that—

(1) the books and records of banking and financial organizations and business associations engaged in issuing and selling money orders and traveler's checks do not, as a matter of business practice, show the last known addresses of purchasers of such instruments;

(2) a substantial majority of such purchasers reside in the States where such instruments are purchased;

(3) the States wherein the purchasers of money orders and traveler's checks reside should, as a matter of equity among the several States, be entitled to the proceeds of such instruments in the event of abandonment;

(4) it is a burden on interstate commerce that the proceeds of such instruments are not being distributed to the States entitled thereto; and

(5) the cost of maintaining and retrieving addresses of purchasers of money orders and traveler's checks is an additional burden on interstate commerce since it has been determined that most purchasers reside in the State of purchase of such instruments.

Source Credit

(Pub. L. 93–495, title VI, §601, Oct. 28, 1974, 88 Stat. 1525.)

Editorial Notes APPLICABILITY TO SUMS PAYABLE ON MONEY ORDERS, ETC., DEEMED ABANDONED ON OR AFTER FEBRUARY 1, 1965; EXCEPTION

Pub. L. 93–495, title VI, §604, Oct. 28, 1974, 88 Stat. 1526, provided that: "This title [enacting this chapter] shall be applicable to sums payable on money orders, traveler's checks, and similar written instruments deemed abandoned on or after February 1, 1965, except to the extent that such sums have been paid over to a State prior to January 1, 1974."

Publication Title United States Code, 2018 Edition, Supplement 1, Title 12 - BANKS AND BANKING
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 12 - BANKS AND BANKING
CHAPTER 26 - DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER'S CHECKS
Sec. 2501 - Congressional findings and declaration of purpose
Contains section 2501
Date 2019
Laws In Effect As Of Date January 24, 2020
Positive Law No
Disposition standard
Statutes at Large References 88 Stat. 1525, 1526
Public Law References Public Law 93-495
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