
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC1863]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 18--BANK SERVICE COMPANIES
 
Sec. 1863. Permissible bank service company activities for 
        depository institutions
        
    Without regard to the provisions of sections 1864 and 1865 of this 
title, an insured bank may invest in a bank service company that 
performs, and a bank service company may perform, the following services 
only for depository institutions: check and deposit sorting and posting, 
computation and posting of interest and other credits and charges, 
preparation and mailing of checks, statements, notices, and similar 
items, or any other clerical, bookkeeping, accounting, statistical, or 
similar functions performed for a depository institution.

(Pub. L. 87-856, Sec. 3, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97-320, 
title VII, Sec. 709, Oct. 15, 1982, 96 Stat. 1541; Pub. L. 104-208, div. 
A, title II, Sec. 2613(d), Sept. 30, 1996, 110 Stat. 3009-477.)


                               Amendments

    1996--Pub. L. 104-208 substituted ``company'' for ``corporation'' 
wherever appearing in section catchline and text.
    1982--Pub. L. 97-320 substituted provisions relating to permissible 
bank service corporation activities for depository institutions for 
provisions that a bank service corporation must provide bank services to 
a bank that applied for them if the applying bank competed with a bank 
which held stock in the corporation unless comparable services were 
available elsewhere at competitive cost or furnishing the services would 
be beyond the practical capacity of the corporation.
