15-U.S.C.-6713
§6713 – Title Insurance Activities of National Banks and Their Affiliates
Pathway
Title 15 > Chapter 93 > Subchapter I > Section 6713
Details
- Reference: Section 6713
- Legend: §6713 – Title Insurance Activities of National Banks and Their Affiliates
- USCode Year: 2013
Provision Content
(a) General prohibition
No national bank may engage in any activity involving the underwriting or sale of title insurance.
(b) Nondiscrimination parity exception
(1) In general
Notwithstanding any other provision of law (including section 6701 of this title), in the case of any State in which banks organized under the laws of such State are authorized to sell title insurance as agent, a national bank may sell title insurance as agent in such State, but only in the same manner, to the same extent, and under the same restrictions as such State banks are authorized to sell title insurance as agent in such State.
(2) Coordination with wildcard provision
A State law which authorizes State banks to engage in any activities in such State in which a national bank may engage shall not be treated as a statute which authorizes State banks to sell title insurance as agent, for purposes of paragraph (1).
(c) Grandfathering with consistent regulation
(1) In general
Except as provided in paragraphs (2) and (3) and notwithstanding subsections (a) and (b) of this section, a national bank, and a subsidiary of a national bank, may conduct title insurance activities which such national bank or subsidiary was actively and lawfully conducting before November 12, 1999.
(2) Insurance affiliate
In the case of a national bank which has an affiliate which provides insurance as principal and is not a subsidiary of the bank, the national bank and any subsidiary of the national bank may not engage in the underwriting of title insurance pursuant to paragraph (1).
(3) Insurance subsidiary
In the case of a national bank which has a subsidiary which provides insurance as principal and has no affiliate other than a subsidiary which provides insurance as principal, the national bank may not directly engage in any activity involving the underwriting of title insurance.
(d) Affiliate and subsidiary defined
For purposes of this section, the terms affiliate and subsidiary have the same meanings as in section 1841 of title 12.
(e) Rule of construction
No provision of this Act or any other Federal law shall be construed as superseding or affecting a State law which was in effect before November 12, 1999, and which prohibits title insurance from being offered, provided, or sold in such State, or from being underwritten with respect to real property in such State, by any person whatsoever.
(Pub. L. 106–102, title III, §303, Nov. 12, 1999, 113 Stat. 1408.)
References in Text
This Act, referred to in subsec. (e), is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables.
U.S. Encyclopedia of Law Coverage
15-U.S.C.-6713 in the Legal Encyclopedia: Trade Law
In this entry about 15-U.S.C.-6713, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.
15-U.S.C.-8232 in the Legal Encyclopedia: Insurance
In this entry about 15-U.S.C.-8232, find legal reference material, bibliographies and premiere content related to insurance in the American Encyclopedia of Law, presenting a comprehensive view of the United States insurance-specific issues, written by authorities in the field.
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