§ 5011. Consumer awareness
(a)
In general
Each bank shall provide, in accordance with subsection (b), a brief notice about substitute checks that describes—
(1)
how a substitute check is the legal equivalent of an original check for all purposes, including any provision of any Federal or State law, and for all persons, if the substitute check—
(2)
the consumer recredit rights established under section
5006 of this title when a consumer believes in good faith that a substitute check was not properly charged to the account of the consumer.
(b)
Distribution
(1)
Existing customers
With respect to consumers who are customers of a bank on the effective date of this chapter and who receive original checks or substitute checks, a bank shall provide the notice described in subsection (a) to each such consumer no later than the first regularly scheduled communication with the consumer after the effective date of this chapter.
(2)
New account holders
A bank shall provide the notice described in subsection (a) to each consumer who will receive original checks or substitute checks, other than existing customers referred to in paragraph (1), at the time at which the customer relationship is initiated.
(c)
Model language
(1)
In general
Before the end of the 9-month period beginning on October 28, 2003, the Board shall publish model forms and clauses that a bank may use to describe each of the elements required by subsection (a).