WILLIAM DONALD SCHAEFER, Governor Ch. 481

CREDIT UNION TO DRAW, AS OF RIGHT, ON A LOCAL ITEM WHICH HAS BEEN
RECEIVED FOR DEPOSIT IN THE CUSTOMER'S CUSTOMER'S OR MEMBER'S
ACCOUNT IN THE CREDIT UNION;

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

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

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

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

(1)  FOR PURPOSES OF CALCULATING THE NUMBER OF
BUSINESS DAYS BY WHICH A DEPOSITORY CREDIT UNION IS REQUIRED TO
MAKE FUNDS AVAILABLE FOR WITHDRAWAL BY THE CUSTOMER CUSTOMER OR
MEMBER, 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 CREDIT UNION IS CLOSED; AND

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

(2)   IF A DEPOSITORY CREDIT UNION 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 CREDIT UNION SHALL HAVE AN
ADDITIONAL BUSINESS DAY WITHIN WHICH TO MAKE FUNDS AVAILABLE TO A
CUSTOMER CUSTOMER OR MEMBER;

(3)  WHEN A DEPOSITORY CREDIT UNION FINDS THAT THE
COLLECTIBILITY OF AN ITEM IS DOUBTFUL, THE DEPOSITORY CREDIT
UNION MAY MAKE FUNDS AVAILABLE FOR THE ITEM ON A COLLECTION BASIS

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