SIMPLIFIED DISCLOSURE FOR EXISTING DEPOSITORS.

SEC. 340. SIMPLIFIED DISCLOSURE FOR EXISTING DEPOSITORS. (a) In General.— Section 43(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(b)(3)) is amended to read as follows: “(3) Acknowledgement of disclosure.— “(A) New depositors.— With respect to any depositor who was not a depositor at the depository institution before June 19, 1994, receive any deposit for the account of such depositor only if the depositor has signed a written acknowledgement that— “(i) the institution is not federally insured; and “(ii) if the institution fails, the Federal Government does not guarantee that the depositor will get back the depositor’s money. “(B) Current depositors.— Receive any deposit after the effective date of this paragraph for the account of any depositor who was a depositor before June 19, 1994, only if— “(i) the depositor has signed a written acknowledgement described in subparagraph (A); or “(ii) the institution has complied with the provisions of subparagraph (C) which are applicable as of the date of the deposit. “(C) Alternative provision of notice to current depositors.— “(i) In general.— Transmit to each depositor who was a depositor before June 19, 1994, and has not signed a written acknowledgement described in subparagraph (A)— “(I) a card containing the information described in clauses (i) and (ii) of subparagraph (A.), and a line for the signature of the depositor; and “(II) accompanying materials requesting the depositor to sign the card, and return the signed card to the institution. “(ii) Manner and timing of notice.— 108 STAT. 2238 “(I) First notice.— Make the transmission described in clause (i) via first class mail not later than September 12, 1994. “(II) Second notice.— Make a second transmission described in clause (i) via first class mail not less than 30 days and not more than 45 days after a transmission to the depositor in accordance with subclause (I), if the institution has not, by the date of such mailing, received from the depositor a card referred to in clause (i) which has been signed by the depositor. “(III) Third notice.— Make a third transmission described in clause (i) via first class mail not less than 30 days and not more than 45 days after a transmission to the depositor in accordance with subclause (II), if the institution has not, by the date of such mailing, received from the depositor a card referred to in clause (i) which has been signed by the depositor.”. (b) Effective Date.— Section 43(b)(3) of the Federal Deposit Insurance Act, as amended by subsection (a), shall take effect in accordance with section 151(a)(2)(D) of the Federal Deposit Insurance Corporation Improvement Act of 1991.