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Title 12: Banks and Banking
CHAPTER V: OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY
PART 535: PROHIBITED CONSUMER CREDIT PRACTICES (Eff. until 7-1-2010)
535.5 - State exemptions.
(a) Upon application to the Office by an appropriate state agency, the Office shall determine if:
(1) There is a state requirement or prohibition in effect that applies to any transaction to which a provision of this rule applies; and
(2) The state requirement or prohibition affords a level of protection to consumers that is substantially equivalent to, or greater than, the protection afforded by this rule.
(b) If the Office makes a determination as specified under paragraph (a) of this section, then that provision of this section will not be in effect in that state to the extent specified by the Office in its determination, for as long as the state administers and enforces the state requirement or prohibition effectively, as determined by the Office.
(c) The Director of Consumer Affairs in consultation with the Chief Counsel shall have delegated authority to make such determinations as are required under this part 535.
Effective Date Note:
At 74 FR 5567, Jan. 29, 2009, part 535 was revised, effective July 1, 2010. For the convenience of the user, the revised text is set forth as follows:
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