Check Truncation Act of 2003

Summary

Check Truncation Act of 2003 - 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) substitute check warranties; (2) indemnity procedures; (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.

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Documents

4 official files

• Reported to Senate (text)

  Reported to Senate · EN · 25 June 2003

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• Reported to Senate (PDF)

  Reported to Senate · EN · 25 June 2003

  ViewDownloadOpen at official source

• Reported to Senate without amendment

  summary · EN · 25 June 2003

  Open at official source

• Introduced in Senate

  summary · EN · 25 June 2003

  Open at official source

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