12 U.S.C. § 2606

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 2606 - Exempted transactions

(a) In general

This chapter does not apply to credit transactions involving extensions of credit-

(1) primarily for business, commercial, or agricultural purposes; or

(2) to government or governmental agencies or instrumentalities.

(b) Interpretation

In prescribing regulations under section 2617(a) of this title, the Bureau shall ensure that, with respect to subsection (a) of this section, the exemption for credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, as provided in subsection (a)(1) ¹ of this section shall be the same as the exemption for such credit transactions under section 1603(1) of title 15.

¹ See References in Text note below.

12 U.S.C. § 2606

Pub. L. 93-533, §7, as added Pub. L. 103-325, title III, §312, Sept. 23, 1994, 108 Stat. 2221; amended Pub. L. 104-208, div. A, title II, §2103(b), Sept. 30, 1996, 110 Stat. 3009-399; Pub. L. 111-203, title X, §1098(5), July 21, 2010, 124 Stat. 2104.

EDITORIAL NOTES

REFERENCES IN TEXTSubsection (a)(1) of this section, referred to in subsec. (b), was in the original "section 7(1) of the Real Estate Settlement Procedures Act of 1974", and was translated as referring to section 7(a)(1) of that Act to reflect the probable intent of Congress.

PRIOR PROVISIONSA prior section 2606, Pub. L. 93-533, §7, Dec. 22, 1974, 88 Stat. 1727, related to seller or his agent confirming that information concerning an existing residence was disclosed to buyer in writing before a commitment for a mortgage loan was made, prior to repeal by Pub. L. 94-205, §6, Jan. 2, 1976, 89 Stat. 1158.

AMENDMENTS2010-Subsec. (b). Pub. L. 111-203 substituted "Bureau" for "Secretary". 1996- Pub. L. 104-208 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111-203 effective on the designated transfer date, see section 1100H of Pub. L. 111-203 set out as a note under section 552a of Title 5, Government Organization and Employees.

Bureau

The term "Bureau" means the Bureau of Consumer Financial Protection.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.

designated transfer date

The term "designated transfer date" means the date established under section 5582 of this title.

Secretary

the term "Secretary" means the Secretary of Housing and Urban Development;