Sec. 602. Relation to State law
509 words·~2 min read·
/bill/118/s/136/is/section-602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
This Act, other than the provisions of titles I and III and section 501, may not be construed as annulling, altering, or affecting, or exempting any person subject to the provisions of this Act from complying with the statutes, regulations, orders, or interpretations in effect in any State, except to the extent that any such provision of law is inconsistent with the provisions of this Act, and then only to the extent of the inconsistency. For purposes of this subsection, a statute, regulation, order, or interpretation in effect in any State is not inconsistent with the provisions of this Act if the protection that such statute, regulation, order, or interpretation affords to ISA recipients or applicants is greater than the protection provided under this Act.
A determination regarding whether a statute, regulation, order, or interpretation in effect in any State is inconsistent with the provisions of this Act may be made by the Bureau on its own motion or in response to a nonfrivolous petition initiated by any interested person. No provision of this Act, except as provided in titles I and III and section 501, shall be construed as modifying, limiting, or superseding the operation of any provision of an enumerated consumer law that relates to the application of a law in effect in any State with respect to such enumerated consumer law.
The Bureau shall issue a notice of proposed rulemaking whenever a majority of the States has enacted a resolution in support of the establishment or modification of a consumer protection regulation by the Bureau. Before prescribing a final regulation based upon a notice issued under paragraph (1), the Bureau shall take into account whether— the proposed regulation would afford greater protection to consumers than any existing regulation; the intended benefits of the proposed regulation for consumers would outweigh any increased costs or inconveniences for consumers, and would not discriminate unfairly against any category or class of consumers; and a Federal banking agency has advised that the proposed regulation is likely to present an unacceptable safety and soundness risk to insured depository institutions.
The Bureau— shall include a discussion of the considerations required in paragraph
(2)in the Federal Register notice of a final regulation prescribed pursuant to this subsection; and whenever the Bureau determines not to prescribe a final regulation, shall publish an explanation of such determination in the Federal Register, and provide a copy of such explanation to each State that enacted a resolution in support of the proposed regulation, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives. No provision of this subsection shall be construed as limiting or restricting the authority of the Bureau to enhance consumer protection standards established pursuant to this Act in response to a motion of the Bureau or in response to a request by any other interested person. No provision of this subsection shall be construed as exempting the Bureau from complying with subchapter II of chapter 5 of title 5, United States Code.