Section 456.504 - Relationship to other laws(a) General rule.--All political subdivisions of this Commonwealth, including home rule municipalities, shall be prohibited from enacting and enforcing ordinances, resolutions and regulations pertaining to the financial or lending activities of persons who:(1) are subject to the jurisdiction of the department, including activities subject to this chapter;(2) are subject to the jurisdiction or regulatory supervision of the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Federal Trade Commission or the United States Department of Housing and Urban Development; or(3) that originate, purchase, sell, assign, securitize or service property interests or obligations created by financial transactions or loans made, executed or originated by persons referred to in paragraph (1) or (2) or assist or facilitate such transactions. The requirements of this subsection shall apply to all ordinances, resolutions and regulations pertaining to financial or lending activities, including any ordinances, resolutions or regulations disqualifying persons from doing business with a political subdivision based upon financial or lending activities or imposing reporting requirements or any other obligations upon persons regarding financial or lending activities.
(b) Corporate powers.-- Nothing in this chapter shall be deemed to limit the corporate powers of incorporated institutions or their subsidiaries subject to the act of November 30, 1965 (P.L. 847, No. 356), known as the Banking Code of 1965, or to impose conditions, limitations or restrictions upon the exercise of such powers contrary to the provisions ofsection 201 of the Banking Code of 1965.(c) Preemption.--Any provision of this chapter preempted by Federal law with respect to a national bank or Federal savings association shall not apply to the same extent to an operating subsidiary of a national bank or Federal savings association which satisfies the requirements for operating subsidiaries established in 12 CFR § 5.34 (relating to operating subsidiaries) or 559.3 (relating to what are the characteristics of, and what requirements apply to, subordinate organizations of Federal savings associations).(d) Interpretation.--The provisions of this chapter shall be interpreted and applied to the fullest extent practical in a manner consistent with applicable Federal laws and regulations, policies and orders of Federal regulatory agencies and shall not be deemed to constitute an attempt to override Federal law.1989, Dec. 22, P.L. 687, No. 90, § 504, added 2001, June 25, P.L. 621, No. 55, § 8.