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Article: Appeal Favors State Farm.(Market Monitor)(State Farm Bank)(Brief article)

Article from:
American Banker
Article date:
August 25, 2008
Author:
Copyright

Byline: Cheyenne Hopkins

A federal appeals court on Friday upheld an Office of Thrift Supervision argument that a thrift's independent contractors are exempt from state licensing laws.

The U.S. Court of Appeals for the Sixth Circuit in Cincinnati overturned a lower court's ruling that the Home Owners Loan Act did not preempt state and local laws covering exclusive agents selling mortgage products for State Farm Bank.

State Farm Bank relies on ...

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