defined term Proposed change to Section XX deletes the option of a Definition of Electronic Deleted returning bank to use an electronic message return (without Message Return “Electronic Message Return.” the corresponding check image). Former Section I(W) With the proposed deletion of the option of a “message only” return under Section XX, the defined term (Page 7) “Electronic Message is not needed. Return” Revised definition of NOI to change phrase defined term “subsequent Definition of Not Our Item Revised the to Collecting Bank in the forward Collecting Bank” “any (NOI) “Not Our Item/NOI.” collection of the same item.” Draft Section I(JJ) Revisions intended to clarify definition. Not related to Reg CC amendment rules changes. Former Section I(JJ) (Page 9) defined term Revised definition to directly refer to the Definition of Sending Bank Revised the of “Sending Bank” sending of of sending of “Electronic Checks,” instead “items.” “Sending Bank.” Draft Section I(EEE) Former Section I(EEE) (Page 12) Definitions of Image and Revised the defined term Revised definition of term to include portions of the “Image” Electronic Image and deleted prior definitions of both and “Image” “Image” “Electronic Image.” defined term “Electronic Draft Section I(DD) The new defined term is used in Rules to refer to the Image.” “Image” image portion of the Electronic Check (without the related (Page 9) Electronic Information). Former Section I(T) When the Image is combined with the “Electronic the or the Information,” they form “Electronic Check” (Page 9) Returned as applicable. “Electronic Check”, Former Section I(CC) This drafting approach to having separate terms for “Image” and tracks Regulation CC which “Electronic Information” (Page 9) defines as consisting of an image and “Electronic Check” electronic information derived from the paper check. Revised the defined term Revised definition of term to include “Electronic Indorsement” Definition of Electronic reference to the indorsement requirements under Regulation “Electronic Indorsement.” Indorsement CC. Reg CC now applies the industry standard for indorsements as a matter of law to Electronic Indorsements Draft Section I(V) on Electronic Checks. Former Section I(V) (Page 7) Added new definition of Added defined term for MICR line based on amended Definition of MICR Line Regulation CC definition. “Magnetic Ink Character
Definition of Electronic Message Return Former Section I(W) (Page 7) Deleted defined term “Electronic Message Return.” Proposed change to Section XX deletes the option of a returning bank to use an electronic message return (without the corresponding check image). With the proposed deletion of the option of a “message only” return under Section XX, the defined term “Electronic Message Return” is not needed. Definition of Not Our Item (NOI) Draft Section I(JJ) Former Section I(JJ) (Page 9) Revised the defined term “Not Our Item/NOI.” Revised definition of NOI to change phrase “subsequent Collecting Bank” to “any Collecting Bank in the forward collection of the same item.” Revisions intended to clarify definition. Not related to Reg CC amendment rules changes. Definition of Sending Bank Draft Section I(EEE) Former Section I(EEE) (Page 12) Revised the defined term “Sending Bank.” Revised definition of “Sending Bank” to directly refer to the sending of “Electronic Checks,” instead of sending of “items.” Definitions of Image and Electronic Image Draft Section I(DD) (Page 9) Former Section I(T) (Page 9) Former Section I(CC) (Page 9) Revised the defined term “Image” and deleted defined term “Electronic Image.” Revised definition of term “Image” to include portions of the prior definitions of both “Image” and “Electronic Image.” The new defined term “Image” is used in Rules to refer to the image portion of the Electronic Check (without the related Electronic Information). When the Image is combined with the “Electronic Information,” they form the “Electronic Check” or the “Electronic Returned Check”, as applicable. This drafting approach to having separate terms for “Image” and “Electronic Information” tracks Regulation CC which defines “Electronic Check” as consisting of an image and electronic information derived from the paper check. Definition of Electronic Indorsement Draft Section I(V) Former Section I(V) (Page 7) Revised the defined term “Electronic Indorsement.” Revised definition of term “Electronic Indorsement” to include reference to the indorsement requirements under Regulation CC. Reg CC now applies the industry standard for indorsements as a matter of law to Electronic Indorsements on Electronic Checks. Definition of MICR Line Added new definition of “Magnetic Ink Character Added defined term for MICR line based on amended Regulation CC definition.