Page 640 — Public Law 111-203 including PTFA amendments

124 STAT. 2014 PUBLIC LAW 111–203—JULY 21, 2010

(ii) be heard on all matters arising in the action;
and
(C) appeal any order or judgment, to the same extent
as any other party in the proceeding may.
(c) REGULATIONS.—The Bureau shall prescribe regulations to
implement the requirements of this section and, from time to time,
provide guidance in order to further coordinate actions with the
State attorneys general and other regulators.
(d) PRESERVATION OF STATE AUTHORITY.—
(1) STATE CLAIMS.—No provision of this section shall be
construed as altering, limiting, or affecting the authority of
a State attorney general or any other regulatory or enforcement
agency or authority to bring an action or other regulatory
proceeding arising solely under the law in effect in that State.
(2) STATE SECURITIES REGULATORS.—No provision of this
title shall be construed as altering, limiting, or affecting the
authority of a State securities commission (or any agency or
office performing like functions) under State law to adopt rules,
initiate enforcement proceedings, or take any other action with
respect to a person regulated by such commission or authority.
(3) STATE INSURANCE REGULATORS.—No provision of this
title shall be construed as altering, limiting, or affecting the
authority of a State insurance commission or State insurance
regulator under State law to adopt rules, initiate enforcement
proceedings, or take any other action with respect to a person
regulated by such commission or regulator.

12 USC 5553. SEC. 1043. PRESERVATION OF EXISTING CONTRACTS.
This title, and regulations, orders, guidance, and interpretations
prescribed, issued, or established by the Bureau, shall not be con-
strued 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
the date of enactment of this Act, by national banks, Federal
savings associations, or subsidiaries thereof that are regulated and
supervised by the Comptroller of the Currency or the Director
of the Office of Thrift Supervision, respectively.

SEC. 1044. STATE LAW PREEMPTION STANDARDS FOR NATIONAL
BANKS AND SUBSIDIARIES CLARIFIED.
(a) IN GENERAL.—Chapter one of title LXII of the Revised
Statutes of the United States (12 U.S.C. 21 et seq.) is amended
by inserting after section 5136B the following new section:

12 USC 25b. ‘‘SEC. 5136C. STATE LAW PREEMPTION STANDARDS FOR NATIONAL
BANKS AND SUBSIDIARIES CLARIFIED.
‘‘(a) DEFINITIONS.—For purposes of this section, the following
definitions shall apply:
‘‘(1) NATIONAL BANK.—The term ‘national bank’ includes—
‘‘(A) any bank organized under the laws of the United
States; and
‘‘(B) any Federal branch established in accordance with
the International Banking Act of 1978.

LAWS ‘‘(2) STATE CONSUMER FINANCIAL LAWS.—The term ‘State consumer financial law’ means a State law that does not directly or indirectly discriminate against national banks and thatPUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00640 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203