US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 371b–1

Repealed. Pub. L. 96–221, title V, § 529, Mar. 31, 1980, 94 Stat. 168

act Dec. 23, 1913, ch. 6, § 19(k)Pub. L. 96–161, title II, § 20893 Stat. 1238Section, , as added , , , provided that no member bank or affiliate thereof, or any successor or assignee of such member bank or affiliate or any endorser, guarantor, or surety of such member bank or affiliate could plead, raise, or claim directly or by counterclaim, setoff, or otherwise, with respect to any deposit or obligation of such member bank or affiliate, any defense, right, or benefit under any provision of a statute or constitution of a State or of a territory of the United States, or of any law of the District of Columbia, regulating or limiting the rate of interest which could be charged, taken, received, or reserved, that any such provision was preempted, and that no civil or criminal penalty which would otherwise have been applicable under such provision would apply to such member bank or affiliate or to any other person.

Editorial Notes

Prior Provisions

act Dec. 23, 1913, ch. 6, § 19(k)Pub. L. 96–104, title II, § 20193 Stat. 792Pub. L. 96–161section 212 of Pub. L. 96–161A prior section 371b–1, , as added , , , identical to this section as added by , was repealed by , effective at the close of , except that its provisions would continue to apply to deposits made or obligations issued in any State on or after , but prior to such repeal. See Effective Date of 1979 Amendment note set out below.

act Dec. 23, 1913, ch. 6, § 19(k)Pub. L. 93–501, title III, § 30188 Stat. 1560Pub. L. 96–104section 1 of Pub. L. 96–104section 304 of Pub. L. 93–501A prior section 371b–1, , as added , , , identical to this section as added by , was repealed by except that its provisions shall continue to apply to any deposit made or obligation issued in any State during the period specified in . See Effective and Termination Date of 1974 Amendment note set out below.

Statutory Notes and Related Subsidiaries

Effective Date of Repeal

Pub. L. 96–221, title V, § 52994 Stat. 168, , , provided in part that the repeal of this section is effective at the close of .

Savings Provision

Pub. L. 96–221, title V, § 52994 Stat. 168Pub. L. 96–104Pub. L. 96–161, , , provided in part that, notwithstanding the repeal of and title II of , this section [which had been enacted by those laws] shall continue to apply to any loan made, any deposit made, or any obligation issued in any State during any period when this section was in effect in such State.

Effective Date of 1979 Amendments

Pub. L. 96–221, title V, § 52994 Stat. 168Pub. L. 96–161, title II, § 21193 Stat. 1239

“The amendments made by sections 208, 209, and 210 of this title [enacting this section and amending sections 1425b and 1828 of this title] shall apply only with respect to deposits made or obligations issued in any State during the period beginning on the date of the enactment of this Act [] and ending on the earliest of—
“(1)
in the case of a State statute, ;
“(2)
the date, after the date of the enactment of this Act [], on which such State adopts a law stating in substance that such State does not want the amendments made by sections 208, 209, and 210 of this title to apply with respect to such deposits and obligations; or
“(3)
the date on which such State certifies that the voters of such State, after the date of the enactment of this Act [], have voted in favor of, or to retain, any law, provision of the constitution of such state, or amendment to the constitution of such State which limits the amount of interest which may be charged in connection with such deposits and obligations.”
Prior to repeal by , , , it was provided by , , , that:

Pub. L. 96–161, title II, § 21293 Stat. 1239Pub. L. 96–104, title II, § 20493 Stat. 793

“The amendments made by this title [enacting this section and amending sections 1425b and 1828 of this title] shall apply only with respect to deposits made or obligations issued in any State during the period beginning on the date of the enactment of this Act [] and ending on the earlier of—
“(1)
;
“(2)
the date, after the date of the enactment of this Act [], on which such State adopts a law stating in substance that such State does not want the amendments made by this title to apply with respect to such deposits and obligations; or
“(3)
the date on which such State certifies that the voters of such State, after the date of the enactment of this Act [], have voted in favor of, or to retain, any law, provision of the constitution of such State, or amendment to the constitution of such State which limits the amount of interest which may be charged in connection with such deposits and obligations.”
Prior to its repeal by , , , it was provided by , , , that:

Effective and Termination Dates of 1974 Amendment

Pub. L. 96–104, § 193 Stat. 789Pub. L. 93–501, title III, § 30488 Stat. 1561

“The amendments made by this title [which enacted this section and amended sections 1425b and 1828 of this title] shall apply to any deposit made or obligation issued in any State after the date of enactment of this title [], but prior to the earlier of (1) or (2) the date (after such date of enactment) on which the State enacts a provision of law which limits the amount of interest which may be charged in connection with deposits or obligations referred to in the amendments made by this title.”
Prior to repeal by , , , it was provided by , , , that:

States Having Constitutional Provisions Regarding Maximum Interest Rates

Pub. L. 96–161, title II, § 21393 Stat. 1240Pub. L. 96–161section 371b–1 of this title, , , provided that the provisions of title II of , which enacted this section, repealed former , and enacted provisions set out as a note under this section, continued to apply until , in the case of any State having a constitutional provision regarding maximum interest rates.