(a) In general. Any provision of a law or regulation
of any state in effect on or before September 1, 1989, that requires funds
deposited in an account at a bank chartered by the state to be made available
for withdrawal in a shorter time than the time provided in subpart B, and,
in connection therewith, subpart A, shall--
(1) Supersede the provisions of the EFA
Act and
subpart B, and, in connection therewith, subpart A, to the extent the provisions
relate to the time by which funds deposited or received for deposit in
an account are available for withdrawal; and
(2) Apply to all federally insured banks located
within the state.
No amendment to a state law or regulation governing the availability
of funds that becomes effective after September 1, 1989, shall supersede
the EFA Act and subpart B, and, in connection therewith, subpart A, but unamended
provisions of state law shall remain in effect.
(b) Preemption of inconsistent law. Except
as provided in paragraph (a), the EFA Act and subpart B, and, in connection
therewith, subpart A, supersede any provision of inconsistent state law.
(c) Standards for preemption. A provision
of a state law in effect on or before September 2, 1989, is not inconsistent
with the EFA Act, or subpart B, or in connection therewith, subpart A, if it
requires that funds shall be available in a shorter period of time than
the time provided in this subpart. Inconsistency with the EFA Act and subpart
B, and in connection therewith, subpart A, may exist when state law--
(1) Permits a depositary bank to make funds
deposited in an account by cash, electronic payment, or check available
for withdrawal in a longer period of time than the maximum period of time
permitted under subpart B, and, in connection therewith, subpart A; or
(2) Provides for disclosures or notices concerning
funds availability relating to accounts.
(d) Preemption determinations. The Board may
determine, upon the request of any state, bank, or other interested party,
whether the EFA Act and subpart B, and, in connection therewith, subpart A,
preempt provisions of state laws relating to the availability of funds.
(e) Procedures for preemption determinations.
A request for a preemption determination shall include the following--
(1) A copy of the full text of the state law
in question, including any implementing regulations or judicial interpretations
of that law; and
(2) A comparison of the provisions of state
law with the corresponding provisions in the EFA Act and subparts A and B of
this part, together with a discussion of the reasons why specific provisions
of state law are either consistent or inconsistent with corresponding sections
of the EFA Act and subparts A and B of this part. A request for a preemption
determination shall be addressed to the Secretary, Board of Governors of
the Federal Reserve System.
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