WASHINGTON – Sen. Tim Johnson (D-S.D.) last week introduced a check truncation bill in the Senate, S.B. 3034, that is substantially the same as the House version on the bill. The only difference between the House and Senate bills is the waiting period between the date of signing of the measure and the effective date. S.B. 3034 takes effect 18 months after the enactment date of the measure. H.B. 5414, in comparison, is effective Jan. 1, 2006. Johnson's bill was referred to the Committee on Banking, Housing, and Urban Affairs on Oct. 2.
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