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Consumer Credit Regulation: Okla. Stat. tit. 59, § 3150 to 3150.27 (Small Lenders Act) (applicable to loans made on or after August 1, 2020).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Banks, savings institutions, trust companies, building and loan associations, industrial loan associations, and credit unions are ineligible for licensure. § 3150.2(C).

Licensure requirements and implications of licensure: All persons engaged in the business of making small loans as defined by this Act must be licensed. § 3150.2.

Consumer Credit Regulation: Tenn. Code Ann. §§ 45-5-101 to 45-5-612 (Industrial Loan and Thrift Companies).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Industrial loan and thrift companies, industrial banks, industrial investment companies. § 45-5-103(a). Law is inapplicable to banks (other than industrial banks), savings and loan associations, credit unions, insurance companies, any other persons engaged in the business of making loans who are subject to supervision and regulation by a state or federal administrative agency, and licensed pawnbrokers. § 45-5-104.

Consumer Credit Regulation: Va. Code Ann. §§ 6.2-1500 to 6.2-1543 (Consumer Finance Companies).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Does not apply to banks, savings institutions, trust companies, building and loan associations, industrial loan associations, credit unions, licensed pawnbrokers, or persons operating in accordance with the specific provisions of any other provision of title 6.2, which includes provisions regarding vehicle title lenders, short-term loan lenders, and mortgage lenders. § 6.2-1503.

Consumer Credit Regulation: Wis. Stat. § 138.09 (Licensed Lenders).

What types of lenders does it apply to (e.g., banks vs. non-banks)? Does not apply to banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates, or to payday loans. § 138.09(1a).

Licensure requirements and implications of licensure: Must obtain license to do business under provision, charge interest authorized by provision, or assess finance charge on consumer loan over 18% per year. § 138.09(1m)(a).

Consumer Credit Regulation: Introduction

These provisions were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, tit. X, §§ 1044(a), 1045, 1047(a), 1048, 124 Stat. 2014, 2017, 2018 (July 21, 2010).

Consumer Credit Regulation: 12 U.S.C. § 1465. State law preemption standards for Federal savings associations clarified

(a) In general

Any determination by a court or by the Director or any successor officer or agency regarding the relation of State law to a provision of this chapter or any regulation or order prescribed under this chapter shall be made in accordance with the laws and legal standards applicable to national banks regarding the preemption of State law.

(b) Principles of conflict preemption applicable

Consumer Credit Regulation: 12 U.S.C. § 5553. Preservation of existing contracts

This subchapter, and regulations, orders, guidance, and interpretations prescribed, issued, or established by the Bureau, shall not be construed to alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the Comptroller of the Currency or the Director of the Office of Thrift Supervision regarding the applicability of State law under Federal banking law to any contract entered into on or before July 21, 2010, by national banks, Federal savings associations, or subsidiaries thereof that are regulated and supervised by the

Consumer Credit Regulation: 12 C.F.R. § 7.4002 National bank charges.

(a) Authority to impose charges and fees. A national bank may charge its customers non-interest charges and fees, including deposit account service charges.

(b) Considerations.

(1) All charges and fees should be arrived at by each bank on a competitive basis and not on the basis of any agreement, arrangement, undertaking, understanding, or discussion with other banks or their officers.

Consumer Credit Regulation: 12 C.F.R. § 7.4007 Deposit-taking by national banks.

(a) Authority of national banks. A national bank may receive deposits and engage in any activity incidental to receiving deposits, including issuing evidence of accounts, subject to such terms, conditions, and limitations prescribed by the Comptroller of the Currency and any other applicable Federal law.

(b) A national bank may exercise its deposit-taking powers without regard to state law limitations concerning:

(1) Abandoned and dormant accounts;3

Consumer Credit Regulation: 12 C.F.R. § 7.4008 Lending by national banks.

(a) Authority of national banks. A national bank may make, sell, purchase, participate in, or otherwise deal in loans and interests in loans that are not secured by liens on, or interests in, real estate, subject to such terms, conditions, and limitations prescribed by the Comptroller of the Currency and any other applicable Federal law.

Consumer Credit Regulation: 12 C.F.R. § 7.4010 Applicability of state law and visitorial powers to Federal savings associations and subsidiaries.

(a) In accordance with section 1046 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 25b), Federal savings associations and their subsidiaries shall be subject to the same laws and legal standards, including regulations of the OCC, as are applicable to national banks and their subsidiaries, regarding the preemption of state law.

Consumer Credit Regulation: 12 C.F.R. § 7.5002 Furnishing of products and services by electronic means and facilities.

(a) Use of electronic means and facilities. A national bank may perform, provide, or deliver through electronic means and facilities any activity, function, product, or service that it is otherwise authorized to perform, provide, or deliver, subject to § 7.5001(b) and applicable OCC guidance. The following list provides examples of permissible activities under this authority. This list is illustrative and not exclusive; the OCC may determine that other activities are permissible pursuant to this authority.

Consumer Credit Regulation: 12 C.F.R. § 34.6 Applicability of state law to Federal savings associations and subsidiaries.

In accordance with section 1046 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 25b), Federal savings associations and their subsidiaries shall be subject to the same laws and legal standards, including regulations of the OCC, as are applicable to national banks and their subsidiaries, regarding the preemption of state law.

[76 Fed. Reg. 43,569 (July 21, 2011)]

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Consumer Credit Regulation: G.3 OCC/OTS Interpretations

The Office of the Comptroller of the Currency and the former Office of Thrift Supervision have issued a large number of interpretive and advisory letters concerning preemption of state law. The full text and summaries of letters that were issued prior to the enactment of the Dodd-Frank Act are available as online companion material to this treatise.

Student Loan Law: 12 C.F.R. § 1026.46 Special disclosure requirements for private education loans.

(a) Coverage.

The requirements of this subpart apply to private education loans as defined in § 1026.46(b)(5). A creditor may, at its option, comply with the requirements of this subpart for an extension of credit subject to §§ 1026.17 and 1026.18 that is extended to a consumer for expenses incurred after graduation from a law, medical, dental, veterinary, or other graduate school and related to relocation, study for a bar or other examination, participation in an internship or residency program, or similar purposes.

Student Loan Law: 12 C.F.R. § 1026.48 Limitations on private education loans.

(a) Co-branding prohibited.

(1) Except as provided in paragraph (b) of this section, a creditor, other than the covered educational institution itself, shall not use the name, emblem, mascot, or logo of a covered educational institution, or other words, pictures, or symbols identified with a covered educational institution, in the marketing of private education loans in a way that implies that the covered education institution endorses the creditor’s loans.

Student Loan Law: 34 C.F.R. § 668.15 Factors of financial responsibility.

(a) General. To begin and to continue to participate in any Title IV, HEA program, an institution must demonstrate to the Secretary that the institution is financially responsible under the requirements established in this section.

(b) General standards of financial responsibility. In general, the Secretary considers an institution to be financially responsible only if it—