12 C.F.R. § 34.4 Applicability of State Law
Library | Code of Federal Regulations |
Edition | 2023 |
Currency | Current through December 31, 2023 |
Citation | 12 C.F.R. § 34.4 |
Year | 2023 |
(a) A national bank may make real estate loans under 12 U.S.C. and § 371, without regard to state law limitations concerning: 34.3
-
(1) Licensing
registration (except for purposes of service of process), filings, or reports
by creditors;
-
(2) The ability of a
creditor to require or obtain private mortgage insurance, insurance for other
collateral, or other credit enhancements or risk mitigants, in furtherance of
safe and sound banking practices;
-
(3) Loan-to-value ratios;
-
(4) The terms of credit, including schedule
for repayment of principal and interest, amortization of loans, balance
payments due, minimum payments, or term to maturity of the loan, including the
circumstances under which a loan may be called due and payable upon the passage
of time or a specified event external to the loan;
-
(5) The aggregate amount of funds that may be
loaned upon the security of real estate;
-
(6) Escrow accounts, impound accounts, and
similar accounts;
-
(7) Security
property, including leaseholds;
-
(8)
Access to, and use of, credit reports;
-
(9) Disclosure and advertising, including
laws requiring specific statements, information, or other content to be
included in credit application forms, credit solicitations, billing statements
credit contracts, or other credit-related documents;
-
(10) Processing, origination, servicing, sale
or purchase of, or investment or participation in, mortgages;
-
(11) Disbursements and repayments;
-
(12) Rates of interest on loans;1
-
(13) Due-on-sale clauses except to the extent
provided in 12 U.S.C
and 1701j-312 CFR part 591 ; and
-
(14) Covenants and restrictions that must be
contained in a lease to qualify the leasehold as acceptable security for a real
estate loan.
(b) State laws on the following subjects are not inconsistent with the real estate lending powers of national banks and apply to national banks to the extent consistent with the decision of the Supreme Court in
-
(1) Contracts;
-
(2) Torts;
-
(3) Criminal law;2
-
(4) Homestead laws specified in...
To continue reading
Request your trial