Business Checking Freedom Act of 2003
Last action on Mar 5, 2003Subcommittee Hearings Held.
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Summary
Business Checking Freedom Act of 2003 - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits.
States that specified actions and benefits relating to an escrow account maintained at a depository institution in connection with a real estate transaction shall not be treated as the payment or receipt of interest for purposes of this Act and the other named Acts.
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