§ 6713. — Title insurance activities of national banks and their affiliates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6713]
TITLE 15--COMMERCE AND TRADE
CHAPTER 93--INSURANCE
SUBCHAPTER I--STATE REGULATION OF INSURANCE
Sec. 6713. Title insurance activities of national banks and
their affiliates
(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, Sec. 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.
Section Referred to in Other Sections
This section is referred to in section 6712 of this title; title 12
section 24a.
