
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC6713]

 
                      TITLE 15--COMMERCE AND TRADE
 
                          CHAPTER 93--INSURANCE
 
               SUBCHAPTER I--STATE REGULATION OF INSURANCE
 
Sec. 6713. Title insurance activities of national banks and 
        their affiliates
        

(a) General prohibition

    No national bank may engage in any activity involving the 
underwriting or sale of title insurance.

(b) Nondiscrimination parity exception

                           (1) In general

        Notwithstanding any other provision of law (including section 
    6701 of this title), in the case of any State in which banks 
    organized under the laws of such State are authorized to sell title 
    insurance as agent, a national bank may sell title insurance as 
    agent in such State, but only in the same manner, to the same 
    extent, and under the same restrictions as such State banks are 
    authorized to sell title insurance as agent in such State.

            (2) Coordination with ``wildcard'' provision

        A State law which authorizes State banks to engage in any 
    activities in such State in which a national bank may engage shall 
    not be treated as a statute which authorizes State banks to sell 
    title insurance as agent, for purposes of paragraph (1).

(c) Grandfathering with consistent regulation

                           (1) In general

        Except as provided in paragraphs (2) and (3) and notwithstanding 
    subsections (a) and (b) of this section, a national bank, and a 
    subsidiary of a national bank, may conduct title insurance 
    activities which such national bank or subsidiary was actively and 
    lawfully conducting before November 12, 1999.

                       (2) Insurance affiliate

        In the case of a national bank which has an affiliate which 
    provides insurance as principal and is not a subsidiary of the bank, 
    the national bank and any subsidiary of the national bank may not 
    engage in the underwriting of title insurance pursuant to paragraph 
    (1).

                      (3) Insurance subsidiary

        In the case of a national bank which has a subsidiary which 
    provides insurance as principal and has no affiliate other than a 
    subsidiary which provides insurance as principal, the national bank 
    may not directly engage in any activity involving the underwriting 
    of title insurance.

(d) ``Affiliate'' and ``subsidiary'' defined

    For purposes of this section, the terms ``affiliate'' and 
``subsidiary'' have the same meanings as in section 1841 of title 12.

(e) Rule of construction

    No provision of this Act or any other Federal law shall be construed 
as superseding or affecting a State law which was in effect before 
November 12, 1999, and which prohibits title insurance from being 
offered, provided, or sold in such State, or from being underwritten 
with respect to real property in such State, by any person whatsoever.

(Pub. L. 106-102, title III, Sec. 303, Nov. 12, 1999, 113 Stat. 1408.)

                       References in Text

    This Act, referred to in subsec. (e), is Pub. L. 106-102, Nov. 12, 
1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For complete 
classification of this Act to the Code, see Short Title of 1999 
Amendment note set out under section 1811 of Title 12, Banks and 
Banking, and Tables.

                  Section Referred to in Other Sections

    This section is referred to in section 6712 of this title; title 12 
section 24a.
