Appendix C to Part 1030 - Effect on State Laws
12:9.0.1.1.2.0.1.12.24 : Appendix C
Appendix C to Part 1030 - Effect on State Laws (a) Inconsistent
Requirements
State law requirements that are inconsistent with the
requirements of the act and this part are preempted to the extent
of the inconsistency. A state law is inconsistent if it requires a
depository institution to make disclosures or take actions that
contradict the requirements of the federal law. A state law is also
contradictory if it requires the use of the same term to represent
a different amount or a different meaning than the federal law,
requires the use of a term different from that required in the
federal law to describe the same item, or permits a method of
calculating interest on an account different from that required in
the federal law.
(b) Preemption Determinations
A depository institution, state, or other interested party may
request the Bureau to determine whether a state law requirement is
inconsistent with the federal requirements. A request for a
determination shall be in writing and addressed to the Bureau of
Consumer Financial Protection, 1700 G Street NW., Washington, DC
20006. Notice that the Bureau intends to make a determination
(either on request or on its own motion) will be published in the
Federal Register, with an opportunity for public comment unless the
Bureau finds that notice and opportunity for comment would be
impracticable, unnecessary, or contrary to the public interest and
publishes its reasons for such decision. Notice of a final
determination will be published in the Federal Register and
furnished to the party who made the request and to the appropriate
state official.
(c) Effect of Preemption Determinations
After the Bureau determines that a state law is inconsistent, a
depository institution may not make disclosures using the
inconsistent term or take actions relying on the inconsistent
law.
(d) Reversal of Determination
The Bureau reserves the right to reverse a determination for any
reason bearing on the coverage or effect of state or federal law.
Notice of reversal of a determination will be published in the
Federal Register and a copy furnished to the appropriate state
official.