12 C.F.R. § 34.2

Definitions

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(a) Due-on-sale clause means any clause that gives the lender or any assignee or transferee of the lender the power to declare the entire debt payable if all or part of the legal or equitable title or an equivalent contractual interest in the property securing the loan is transferred to another person, whether by deed, contract, or otherwise.

(b) Escrow account means an account established in connection with a loan or extension of credit secured by a lien on interest in real estate in which the borrower places funds for the purpose of assuring payment of taxes, insurance premiums, or other charges with respect to the property.

(c) State means any State of the United States of America, the District of Columbia, Puerto Rico, the Virgin Islands, the Northern Mariana Islands, American Samoa, and Guam.

(d) State law limitations means any State statute, regulation, or order of any State agency, or judicial decision interpreting State law.

[61 FR 11300, Mar. 20, 1996, as amended at 91 FR 29347, May 19, 2026]

Notes of Decisions

Cited in 3 cases, 1987–2011 · leading case: Levine v. First Nat. Bank of Com., 948 So. 2d 1051 (La. 2006).

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Levine v. First Nat. Bank of Com., 948 So. 2d 1051 (La. 2006). “" 12 C.F.R. § 34.2 . Congressional intent concerning preemption may be expressed explicitly or implicitly in the law.”

Smith v. BAC Home Loans Servicing, LP, 769 F. Supp. 2d 1033 (S.D.W. Va 2011). “12 By 1996, the OCC had further clarified its preemption analysis, but it continued to emphasize that it was simply applying existing principles of conflict preemption. In fact, the OCC’s preemption regulation noted that the agency would “apply recognized principles of Federal…”

Norwest Bank Minneapolis v. Rutledge, 407 N.W.2d 409 (Minn. Ct. App. 1987). “12 C.F.R. § 34.2 (a) (1984) (emphasis added).”

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