PUBLIC LAW 96-104—NOV. 5, 1979
93 STAT. 793
otherwise be applicable under such provision shall apply to such bank or affiliate or to any other person.". SEC. 203. Section 5B of the Federal Home Loan Bank Act (12 U.S.C. 1425b) is amended by inserting after subsection (d) the following new subsection: "(e) No member or nonmember association, institution, or bank or affiliate thereof, or any successor or assignee, or any endorser, guarantor, or surety thereof may plead, raise, or claim, directly or by counterclaim, setoff, or otherwise, with respect to any deposit or obligation of such member or nonmember association, institution, 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 may be charged, taken, received, or reserved, and any such provision is hereby preempted, and no civil or criminal penalty which would otherwise be applicable under such provision shall apply to such member or nonmember association, institution, bank, or affiliate or to any other person.". SEC. 204. The amendments made by this title shall apply only with Effective dates. respect to deposits made or obhgations issued in an)^ State during the 12 USC 37ib-i period beginning on the date of the enactment of this Act and ending ^°^on the earlier of— (1) July 1, 1981; (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 obhgations. TITLE m-LIMITATION SEC. 301. This Act shall apply only in those States having a 12 USC 86a note. constitutional provision which provides that all contracts for a greater rate of interest than 10 per centum per annum shall be void, as to principal and interest. Approved November 5, 1979.
LEGISLATIVE HISTORY: SENATE REPORT No. 96-364 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD, Vol. 125 (1979): Sept. 24, considered and passed House. Oct. 12, considered and passed Senate, amended. Nov. 1, House concurred in Senate amendment.
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