
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: 12USC1951]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 21--FINANCIAL RECORDKEEPING
 
Sec. 1951. Congressional findings and declaration of purpose

    (a) The Congress finds that certain records maintained by businesses 
engaged in the functions described in section 1953(b) of this title have 
a high degree of usefulness in criminal, tax, and regulatory 
investigations and proceedings. The Congress further finds that the 
power to require reports of changes in the ownership, control, and 
managements of types of financial institutions referred to in section 
1952 of this title may be necessary for the same purpose.
    (b) It is the purpose of this chapter to require the maintenance of 
appropriate types of records and the making of appropriate reports by 
such businesses in the United States where such records or reports have 
a high degree of usefulness in criminal, tax, or regulatory 
investigations or proceedings.

(Pub. L. 91-508, title I, Sec. 121, Oct. 26, 1970, 84 Stat. 1116.)


                             Effective Date

    Section 401(a), (b) of Pub. L. 91-508 provided that:
    ``(a) Except as otherwise provided in this section, titles I, II, 
and III of this Act and the amendments made thereby [enacting this 
chapter and sections 1730d and 1829b of this title and section 1051 et 
seq. of former Title 31, Money and Finance, amending section 78g of 
Title 15, Commerce and Trade, and enacting provisions set out as notes 
under section 78g of Title 15 and section 1051 of former Title 31] take 
effect on the first day of the seventh calendar month which begins after 
the date of enactment [Oct. 26, 1970].
    ``(b) The Secretary of the Treasury may by regulation provide that 
any provision of title I or II or any amendment made thereby [enacting 
this chapter and sections 1730d and 1829b of this title] shall be 
effective on any date not earlier than the publication of the regulation 
in the Federal Register and not later than the first day of the 
thirteenth calendar month which begins after the date of enactment [Oct. 
26, 1970].''
