88 STAT. ]
PUBLIC LAW 93-495-OCT. 28, 1974
regulation, or interpretation thereof by the Board, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason. " is) Without regard to the amount in controversy, any action under this title may be brought in any United States district court, or in any other court of competent jurisdiction, within one year from the date of the occurrence of the violation. "§ 707. Effective date "This title takes effect upon the expiration of one year after the date of its enactment.".
1525
is use i69i note.
TITLE VI—DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER'S CHECKS FINDINGS
SEC. 601. The Congress finds and declares that— (1) the books and records of banking and financial organizations and business associations engaged in issuing and selling money orders and traveler's checks do not, as a matter of business practice, show the last known addresses of purchasers of such instruments; (2) a substantial majority of sudh purchasers reside in the States where such instruments are purchased; (3) the States wherein the purchasers of money orders and traveler's checks reside should, as a matter of equity among the several States, be entitled to the proceeds of such instruments in the event of abandonment; (4) it is a burden on interstate commerce that the proceeds of such instruments are not being distributed to the States entitled thereto; and (5) the cost of maintaining and retrieving addresses of purchasers of money orders and traveler's checks is an additional burden on interstate commerce since it has been determined that most purchasers reside in the State of purchase of such instruments.
12 USC 2501.
,
DEFINITIONS
SEC. 602. As used in this title— (1) "banking organization" means any bank, trust company, savings bank, safe deposit company, or a private banker engaged in business in the United States; (2) "business association" means any corporation (other than a public corporation), joint stock company, business trust, partnership, or any association for business purposes of two or more individuals; and (3) "financial organization" means any savings and loan association, building and loan association, credit union, or investment company engaged in business in the United States.
12 USC 2502.
STATE ENTITLED TO ESCHEAT OR TAKE CUSTODY
SEC. 603. Where any sum is payable on a money order, traveler's check, or other similar written instrument (other than a third party bank check) on which a banking or financial organization or a business association is directly liable— (1) if the books and records of such banking or financial organization or business association show the State in which such 38-194 O - 76 -14 Pt. 2
12 USC
2503.
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