Application Any state may apply to the Bureau for
a determination that a class of transactions subject to state law
is exempt from the requirements of the Act and this part. An application
shall be in writing and addressed to the Executive Secretary, Bureau
of Consumer Financial Protection, 1700 G Street NW, Washington, DC
20552, and shall be signed by the appropriate state official. The
application shall be made pursuant to the procedures herein.
Supporting Documents An application shall be accompanied by:
(1) The text of the state
statute or regulation that is the subject of the application, and
any other statute, regulation, or judicial or administrative opinion
that implements, interprets, or applies it.
(2) A comparison of the state law with
the corresponding provisions of the Federal law.
(3) The text of the state statute or regulation
that provides for civil and criminal liability and administrative
enforcement of the state law.
(4) A statement of the provisions for enforcement,
including an identification of the state office that administers the
relevant law, information on the funding and the number and qualifications
of personnel engaged in enforcement, and a description of the enforcement
procedures to be followed, including information on examination procedures,
practices, and policies. If an exemption application extends to federally
chartered institutions, the applicant must furnish evidence that arrangements
have been made with the appropriate Federal agencies to ensure adequate
enforcement of state law in regard to such creditors.
(5) A statement of reasons
to support the applicant’s claim that an exemption should be
granted.
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Public
Notice of Application Notice of an
application will be published, with an opportunity for public comment,
in the Federal Register, unless the Bureau finds that notice
and opportunity for comment would be impracticable, unnecessary, or
contrary to the public interest and publishes its reasons for such
decision.
Subject to the Bureau’s rules on Disclosure of Records
and Information (12 CFR Part 1070), all applications made, including
any documents and other material submitted in support of the applications,
will be made available for public inspection and copying.
Favorable Determination If the Bureau determines on the basis of the information
before it that an exemption should be granted, notice of the exemption
will be published in the Federal Register, and a copy furnished
to the applicant and to each Federal official responsible for administrative
enforcement. The appropriate state official shall inform the Bureau
within 30 days of any change in its relevant law or regulations. The
official shall file with the Bureau such periodic reports as the Bureau
may require.
The Bureau will inform the appropriate state official
of any subsequent amendments to the Federal law, regulation, interpretations,
or enforcement policies that might require an amendment to state law,
regulation, interpretations, or enforcement procedures.
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Adverse Determination If the Bureau makes an initial determination that an exemption
should not be granted, the Bureau will afford the applicant a reasonable
opportunity to demonstrate further that an exemption is proper. If
the Bureau ultimately finds that an exemption should not be granted,
notice of an adverse determination will be published in the Federal
Register and a copy furnished to the applicant.
Revocation of Exemption The Bureau reserves the right to revoke an exemption if
at any time it determines that the standards required for an exemption
are not met. Before taking such action, the Bureau will notify the
appropriate state official of its intent, and will afford the official
such opportunity as it deems appropriate in the circumstances to demonstrate
that revocation is improper. If the Bureau ultimately finds that revocation
is proper, notice of the Bureau’s intention to revoke such exemption
will be published in the Federal Register with a reasonable
period of time for interested persons to comment.
Notice of revocation of an exemption will be
published in the Federal Register . A copy of such notice will
be furnished to the appropriate state official and to the Federal
officials responsible for enforcement. Upon revocation of an exemption,
creditors in that state shall then be subject to the requirements
of the Federal law.
