In direct response to your question, the law that you cited (12 USC 82) has been repealed and is no longer in effect. As a result, the OCC Interpretive Ruling 7.1131 that you cite, is no longer in effect. Also, we do not believe that the law or the OCC ruling would have been relevant to your bank, as they applied only to national banks. 

You should also be aware of the FDIC’s policies regarding retail repurchase agreement disclosures. Retail repurchase agreements fall under the requirements of the Government Securities Act (GSA), and the FDIC’s implementation of the disclosure requirements in the GSA are found in 17 CFR 403.5. In addition, the FDIC, FED, and OCC have issued a joint institution letter to consolidate disclosure requirements for non-deposit products such as repurchase agreements. The minimum disclosures include a statement that the agreement is not a deposit and is not insured by the FDIC, the product is not a deposit and not guaranteed by the institution, and is subject to investment risks including a loss of principal. (http://www.fdic.gov/news/news/financial/1994/fil9409.html). This letter contains additional helpful information for specific disclosures necessary for certain circumstances in which financial institutions sell non-deposit products.