[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR227.16]

[Page 500]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 227--UNFAIR OR DECEPTIVE ACTS OR PRACTICES (REGULATION AA)--Table of Contents
 
                    Subpart B--Credit Practices Rule
 
Sec. 227.16  State exemptions.

    (a) General rule. (1) An appropriate state agency may apply to the 
Board for a determination that:
    (i) There is a state requirement or prohibition in effect that 
applies to any transaction to which a provision of this subpart applies; 
and
    (ii) The state requirement or prohibition affords a level of 
protection to consumers that is substantially equivalent to, or greater 
than, the protection afforded by this subpart.
    (2) If the Board makes such a determination, the provision of this 
subpart will not be in effect in that state to the extent specified by 
the Board in its determination, for as long as the state administers and 
enforces the state requirement or prohibition effectively.
    (b) Applications. The procedures under which a state agency may 
apply for an exemption under this section are the same as those set 
forth in appendix B to Regulation Z (12 CFR part 226).

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