§ 371b-1. — Repealed.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC371b-1]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER X--POWERS AND DUTIES OF MEMBER BANKS
Sec. 371b-1. Repealed. Pub. L. 96-221, title V, Sec. 529, Mar.
31, 1980, 94 Stat. 168
Section, act Dec. 23, 1913, ch. 6, Sec. 19(k), as added Dec. 28,
1979, Pub. L. 96-161, title II, Sec. 208, 93 Stat. 1238, provided that
no member bank or affiliate thereof, or any successor or assignee of
such member bank or affiliate or any endorser, guarantor, or surety of
such member bank or affiliate could plead, raise, or claim directly or
by counterclaim, setoff, or otherwise, with respect to any deposit or
obligation of such member bank or affiliate, any defense, right, or
benefit under any provision of a statute or constitution of a State or
of a territory of the United States, or of any law of the District of
Columbia, regulating or limiting the rate of interest which could be
charged, taken, received, or reserved, that any such provision was
preempted, and that no civil or criminal penalty which would otherwise
have been applicable under such provision would apply to such member
bank or affiliate or to any other person.
Effective Date of Repeal
Section 529 of Pub. L. 96-221 provided in part that the repeal of
this section is effective at the close of Mar. 31, 1980.
Savings Provision
Section 529 of Pub. L. 96-221 provided in part that, notwithstanding
the repeal of Pub. L. 96-104 and title II of Pub. L. 96-161, this
section [which had been enacted by those laws] shall continue to apply
to any loan made, any deposit made, or any obligation issued in any
State during any period when this section was in effect in such State.
Prior Provisions
A prior section 371b-1, act Dec. 23, 1913, ch. 6, Sec. 19(k), as
added Nov. 5, 1979, Pub. L. 96-104, title II, Sec. 201, 93 Stat. 792,
identical to this section as added by Pub. L. 96-161, was repealed by
section 212 of Pub. L. 96-161, effective at the close of Dec. 27, 1979,
except that its provisions would continue to apply to deposits made or
obligations issued in any State on or after Nov. 5, 1979, but prior to
such repeal. See Effective Date of 1979 Amendment note set out below.
A prior section 371b-1, act Dec. 23, 1913, ch. 6, Sec. 19(k), as
added Oct. 29, 1974, Pub. L. 93-501, title III, Sec. 301, 88 Stat. 1560,
identical to this section as added by Pub. L. 96-104, was repealed by
section 1 of Pub. L. 96-104 except that its provisions shall continue to
apply to any deposit made or obligation issued in any State during the
period specified in section 304 of Pub. L. 93-501. See Effective and
Termination Date of 1974 Amendment note set out below.
Effective Date of 1979 Amendments
Prior to its repeal by section 529 of Pub. L. 96-221, section 211 of
Pub. L. 96-161 provided that: ``The amendments made by sections 208,
209, and 210 of this title [enacting this section and amending sections
1425b and 1828 of this title] shall apply only with respect to deposits
made or obligations issued in any State during the period beginning on
the date of the enactment of this Act [Dec. 28, 1979] and ending on the
earliest of--
``(1) in the case of a State statute, July 1, 1980;
``(2) the date, after the date of the enactment of this Act
[Dec. 28, 1979], on which such State adopts a law stating in
substance that such State does not want the amendments made by
sections 208, 209, and 210 of this title to apply with respect to
such deposits and obligations; or
``(3) the date on which such State certifies that the voters of
such State, after the date of the enactment of this Act [Dec. 28,
1979], have voted in favor of, or to retain, any law, provision of
the constitution of such state, or amendment to the constitution of
such State which limits the amount of interest which may be charged
in connection with such deposits and obligations.''
Prior to its repeal by section 212 of Pub. L. 96-161, section 204 of
Pub. L. 96-104 provided that: ``The amendments made by this title
[enacting this section and amending sections 1425b and 1828 of this
title] shall apply only with respect to deposits made or obligations
issued in any State during the period beginning on the date of the
enactment of this Act [Nov. 5, 1979] and ending on the earlier of--
``(1) July 1, 1981;
``(2) the date, after the date of the enactment of this Act
[Nov. 5, 1979], on which such State adopts a law stating in
substance that such State does not want the amendments made by this
title to apply with respect to such deposits and obligations; or
``(3) the date on which such State certifies that the voters of
such State, after the date of the enactment of this Act [Nov. 5,
1979], have voted in favor of, or to retain, any law, provision of
the constitution of such State, or amendment to the constitution of
such State which limits the amount of interest which may be charged
in connection with such deposits and obligations.''
Effective and Termination Dates of 1974 Amendment
Prior to its repeal by section 1 of Pub. L. 96-104, section 304 of
title III of Pub. L. 93-501 provided that: ``The amendments made by this
title [which enacted this section and amended sections 1425b and 1828 of
this title] shall apply to any deposit made or obligation issued in any
State after the date of enactment of this title [Oct. 29, 1974], but
prior to the earlier of (1) July 1, 1977 or (2) the date (after such
date of enactment) on which the State enacts a provision of law which
limits the amount of interest which may be charged in connection with
deposits or obligations referred to in the amendments made by this
title.''
States Having Constitutional Provisions Regarding Maximum Interest Rates
Section 213 of Pub. L. 96-161 provided that the provisions of title
II of Pub. L. 96-161, which enacted this section, repealed former
section 371b-1 of this title, and enacted provisions set out as a note
under this section, to continue to apply until July 1, 1981, in the case
of any State having a constitutional provision regarding maximum
interest rates.
