As others have said, it is a grey area and I would not carry this way without a CPL. A similar thing happened in, I believe, NC. A police officer arrested someone for carrying concealed this way. In court the cop was asked, "How did you know he was carrying a concealed weapon?" The cop said, "I saw it."
So the judge threw it out. Nevertheless, the guy had to go to court over it. NC has since changed the wording of their laws, but the same thing could happen here.