WILLIAM DONALD SCHAEFER, Governor                   Ch. 405

(1)  3 BUSINESS DAYS, WITHIN WHICH A BANKING
INSTITUTION SHALL BE REQUIRED TO PERMIT A BANKING CUSTOMER TO
DRAW, AS OF RIGHT, ON A LOCAL ITEM WHICH HAS BEEN RECEIVED FOR
DEPOSIT IN THE CUSTOMER'S ACCOUNT IN THE BANKING INSTITUTION;

(2)  6 BUSINESS DAYS, WITHIN WHICH A BANKING
INSTITUTION SHALL BE REQUIRED TO PERMIT A BANKING CUSTOMER TO
DRAW, AS OF RIGHT, ON AN OUT-OF-STATE ITEM WHICH HAS BEEN
RECEIVED FOR DEPOSIT IN THE CUSTOMER'S ACCOUNT IN THE BANKING
INSTITUTION;

(3)  1 BUSINESS DAY WITHIN WHICH A BANKING INSTITUTION
SHALL BE REQUIRED TO PERMIT A BANKING CUSTOMER TO DRAW, AS OF
RIGHT, ON A STATE OR FEDERAL GOVERNMENT ITEM WHICH HAS BEEN
RECEIVED FOR DEPOSIT IN THE CUSTOMER'S ACCOUNT IN THE BANKING
INSTITUTION; AND

(4)  2 BUSINESS DAYS WITHIN WHICH A BANKING
INSTITUTION SHALL BE REQUIRED TO PERMIT A BANKING CUSTOMER TO
DRAW, AS A RIGHT ON AN ITEM OF NOT MORE THAN $100, WHICH HAS BEEN
RECEIVED FOR DEPOSIT IN THE CUSTOMER'S ACCOUNT IN THE BANKING
INSTITUTION.

(B) THE BANK COMMISSIONER SHALL ADOPT REGULATIONS THAT
PROVIDE:

(1)  FOR PURPOSES OF CALCULATING THE NUMBER OF
BUSINESS DAYS BY WHICH A DEPOSITORY BANK IS REQUIRED TO MAKE
FUNDS AVAILABLE FOR WITHDRAWAL BY THE CUSTOMER, THE TERM
"BUSINESS DAY" EXCLUDES THE DAY OF DEPOSIT, AND IF THE DEPOSIT IS
MADE ON A SATURDAY, SUNDAY, LEGAL HOLIDAY, OR AFTER THE CLOSE OF
BUSINESS, THE TERM "BUSINESS DAY" EXCLUDES THE FIRST 1ST BUSINESS
DAY AFTER THE DAY OF DEPOSIT, WHERE:

(I)  A LEGAL HOLIDAY IS A HOLIDAY ON WHICH THE
DEPOSITORY BANK IS CLOSED; AND

(II)  THE CLOSE OF BUSINESS FOR A DEPOSITORY
BANK IS THE CLOSING TIME OF THE BRANCH OFFICE WHERE THE DEPOSIT
IS MADE, AS DETERMINED BY THE DEPOSITORY BANK, AND FOR AN
ELECTRONIC BANKING FACILITY, THE CLOSE OF BUSINESS IS THE CLOSING
TIME OF THE NEAREST BRANCH OFFICE OF THE DEPOSITORY BANK;

(2)  IF A DEPOSITORY BANK DOES NOT COLLECT ITEMS
DIRECTLY THROUGH A CLEARINGHOUSE, FEDERAL RESERVE, OR OTHER
COLLECTION SYSTEM AND USES ANOTHER FINANCIAL INSTITUTION TO
COLLECT ON ITEMS, THE DEPOSITORY BANK SHALL HAVE AN ADDITIONAL
BUSINESS DAY WITHIN WHICH TO MAKE FUNDS AVAILABLE TO A CUSTOMER;

(3)  WHEN A DEPOSITORY BANK FINDS THAT THE
COLLECTIBILITY OF AN ITEM IS DOUBTFUL, THE DEPOSITORY BANK MAY
MAKE FUNDS AVAILABLE FOR THE ITEM ON A COLLECTION BASIS IF THE
DEPOSITORY BANK NOTIFIES THE CUSTOMER ORALLY OR IN" WRITING " OF

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