Source: http://www.law.cornell.edu/cfr/text/12/part-1026/appendix-B
Timestamp: 2014-10-23 04:16:07
Document Index: 38244853

Matched Legal Cases: ['art 1026', 'art 1026', 'art 1026', 'art 1026', 'art 1026', 'art 1026', 'art 1070']

12 CFR Part 1026, Appendix B to Part 1026 - State Exemptions | LII / Legal Information Institute
CFR › Title 12 › Chapter X › Part 1026 › Appendix B 12 CFR Part 1026, Appendix B to Part 1026 - State Exemptions
Pt. 1026, App. B
Appendix B to Part 1026—State Exemptions
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 20006, and shall be signed by the appropriate state official. The application shall be made pursuant to the procedures herein.
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.
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.
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.
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.