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12 U.S.C. § 5806 — Preemption

submitted 4 years ago by Pub. L. 117-103 to r/title-12-BANKS-AND-BANKING · 71 words · no verdicts yet

in plain englishAI-generated · not legal advice

This chapter and its regulations override State and local rules about selecting or using a benchmark replacement and related conforming changes, and rules expressly limiting interest calculations when they apply to a Board-selected replacement or related changes.

This chapter, and regulations promulgated under this chapter, shall supersede any provision of any State or local law, statute, rule, regulation, or standard— (1) relating to the selection or use of a benchmark replacement or related conforming changes; or (2) expressly limiting the manner of calculating interest, including the compounding of interest, as that provision applies to the selection or use of a Board-selected benchmark replacement or benchmark replacement conforming changes.

the actual law source: uscode.house.gov ↗public domain

This chapter, and regulations promulgated under this chapter, shall supersede any provision of any State or local law, statute, rule, regulation, or standard—

(1)

relating to the selection or use of a benchmark replacement or related conforming changes; or

(2)

expressly limiting the manner of calculating interest, including the compounding of interest, as that provision applies to the selection or use of a Board-selected benchmark replacement or benchmark replacement conforming changes.

Source credit: (Pub. L. 117–103, div. U, § 107, Mar. 15, 2022, 136 Stat. 832.)

history & why it existsrecord from the source credit
  • 2022Enacted · Pub. L. 117-103 · 136 Stat. 832

A history note hasn’t been published yet. The record shows enactment by Pub. L. 117-103 on 2022-03-15.

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