§ 27b. — Exclusion of certain identified banking products offered by banks after December 5, 2000.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC27b]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 27b. Exclusion of certain identified banking products
offered by banks after December 5, 2000
No provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.]
shall apply to, and the Commodity Futures Trading Commission shall not
exercise regulatory authority with respect to, an identified banking
product which had not been commonly offered, entered into, or provided
in the United States by any bank on or before December 5, 2000, under
applicable banking law if--
(1) the product has no payment indexed to the value, level, or
rate of, and does not provide for the delivery of, any commodity (as
defined in section 1a(4) of the Commodity Exchange Act [7 U.S.C.
1a(4)]); or
(2) the product or commodity is otherwise excluded from the
Commodity Exchange Act [7 U.S.C. 1 et seq.].
(Pub. L. 106-554, Sec. 1(a)(5) [title IV, Sec. 404], Dec. 21, 2000, 114
Stat. 2763, 2763A-459.)
References in Text
The Commodity Exchange Act, referred to in text, is act Sept. 21,
1922, ch. 369, 42 Stat. 998, as amended, which is classified generally
to this chapter. For complete classification of this Act to the Code,
see section 1 of this title and Tables.
Codification
Section was enacted as part of the Legal Certainty for Bank Products
Act of 2000, and also as part of the Commodity Futures Modernization Act
of 2000, and not as part of the Commodity Exchange Act which comprises
this chapter.
Section Referred to in Other Sections
This section is referred to in sections 1a, 2, 7a-1, 16, 27, 27d,
27f of this title; title 15 section 78c.
