Page 637

PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 2011

(C) to make reports or provide information to the
Bureau; or
(3) any person to knowingly or recklessly provide substan-
tial assistance to a covered person or service provider in viola-
tion of the provisions of section 1031, or any rule or order
issued thereunder, and notwithstanding any provision of this
title, the provider of such substantial assistance shall be
deemed to be in violation of that section to the same extent
as the person to whom such assistance is provided.
(b) EXCEPTION.—No person shall be held to have violated sub-
section (a)(1) solely by virtue of providing or selling time or space
to a covered person or service provider placing an advertisement.

SEC. 1037. EFFECTIVE DATE. 12 USC 5531
note.
This subtitle shall take effect on the designated transfer date.

Subtitle D—Preservation of State Law

SEC. 1041. RELATION TO STATE LAW. 12 USC 5551. (a) IN GENERAL.— (1) RULE OF CONSTRUCTION.—This title, other than sections 1044 through 1048, may not be construed as annulling, altering, or affecting, or exempting any person subject to the provisions of this title 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 title, and then only to the extent of the inconsistency. (2) GREATER PROTECTION UNDER STATE LAW.—For purposes of this subsection, a statute, regulation, order, or interpretation in effect in any State is not inconsistent with the provisions of this title if the protection that such statute, regulation, order, or interpretation affords to consumers is greater than the protection provided under this title. A determination regarding whether a statute, regulation, order, or interpretation in effect in any State is inconsistent with the provisions of this title may be made by the Bureau on its own motion or in response to a nonfrivolous petition initiated by any interested person. (b) RELATION TO OTHER PROVISIONS OF ENUMERATED CON- SUMER LAWS THAT RELATE TO STATE LAW.—No provision of this title, except as provided in section 1083, 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 Federal law. (c) ADDITIONAL CONSUMER PROTECTION REGULATIONS IN RESPONSE TO STATE ACTION.— (1) NOTICE OF PROPOSED RULE REQUIRED.—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 regula- tion by the Bureau. (2) BUREAU CONSIDERATIONS REQUIRED FOR ISSUANCE OF LAWS FINAL REGULATION.—Before prescribing a final regulation based upon a notice issued pursuant to paragraph (1), the Bureau shall take into account whether—PUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00637 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203