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#2147273 - 09/22/17 04:54 PM State Code/Law Question - Multiple States
Anonymous
Unregistered

If a bank is state chartered and headquartered in one state, and crosses into another state - do they have to follow the state laws of the state they are entering into or can they refer to their own state laws? An attorney once told us it mattered only on the chartered state, but I'm not sure if that is for everything or for the one (dormancy) issue that was asked of them?

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#2147276 - 09/22/17 05:01 PM Re: State Code/Law Question - Multiple States Anonymous
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
All I can say is that regardless of where you are chartered, if you are making loans in Texas and not abiding by Texas law - good luck with that. With that said, I think you need to narrow down the scope of your question. There is not a single answer depending on what you are talking about.
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#2147277 - 09/22/17 05:04 PM Re: State Code/Law Question - Multiple States Anonymous
Monster Offline
Platinum Poster
Joined: Sep 2015
Posts: 500
I was under the impression you always had to follow the more restrictive (consumer friendly) version. Though, that may only apply to federal vs. state? No help here.

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#2147280 - 09/22/17 05:15 PM Re: State Code/Law Question - Multiple States Anonymous
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
Preemption rules are a very complex issue.
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#2147294 - 09/22/17 05:47 PM Re: State Code/Law Question - Multiple States Anonymous
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
Whether or not I should make an attempt to comply with a law is the kind of decision that demands an opinion from counsel licensed to practice in both states.
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#2147401 - 09/25/17 03:11 AM Re: State Code/Law Question - Multiple States Anonymous
SMQ, CRCM Offline
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SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
^^^^ And preferably one that has a better than average understanding of banking laws and regulations.
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