§ 4007. Effect on State law

188 words·~1 min read·/usc/title-12/section-4007

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(a)In general Any law or regulation of any State in effect on September 1, 1989, which requires that funds deposited or received for deposit in an account at a depository institution chartered by such State be made available for withdrawal in a shorter period of time than the period of time provided in this chapter or in regulations prescribed by the Board under this chapter (as in effect on September 1, 1989) shall—

(1)supersede the provisions of this chapter and any regulations by the Board to the extent such provisions relate to the time by which funds deposited or received for deposit in an account shall be available for withdrawal; and

(2)apply to all federally insured depository institutions located within such State.

(b)Override of certain State laws Except as provided in subsection (a), this chapter and regulations prescribed under this chapter shall supersede any provision of the law of any State, including the Uniform Commercial Code as in effect in such State, which is inconsistent with this chapter or such regulations.

(Pub. L. 100–86, title VI, § 608, Aug. 10, 1987, 101 Stat. 647.)

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Sec. 608
EFFECT ON STATE LAW

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Public Law 100–86
To regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, regulate consumer checkholds, and for other purpo

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Pub. L. 100–86, title VI, § 608
101 Stat. 647

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§ 4007

Effect on State law

Stat. Comp.×1

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Pub. L.Pub. L. 100–86, title VI, § 608

Stat.101 Stat. 647

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