Title 15 — Commerce and TradeRelease 119-73
§1691b Promulgation of regulations by the Bureau
Title 15 › Chapter CHAPTER 41— - CONSUMER CREDIT PROTECTION › Subchapter SUBCHAPTER IV— - EQUAL CREDIT OPPORTUNITY › § 1691b
Summary
The Bureau must make rules to carry out this part of the law. The rules can group different transactions, set exceptions, and make adjustments the Bureau thinks are needed to make the law work, stop people from avoiding it, or help people follow it. The Bureau can also exempt groups of transactions that are not mainly for personal, family, or household use, or business or commercial loans from banks, but it can only exempt a specific kind within a group after making a clear finding that applying the law to that kind would not help the law’s goals. Any exemption can last no more than five years and can only be renewed after another finding. Lenders who make business or commercial loans must keep records for enforcement and at least one year. The rules must give loan applicants a written right to get reasons if their loan is denied. The Board must write similar rules for certain persons covered by another law, and courts must treat an agency’s interpretation of this part as if that agency were the only one in charge.
Full Legal Text
Title 15, §1691b
Commerce and Trade — Source: USLM XML via OLRC
(a)The Bureau shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.
(b)Such regulations may exempt from the provisions of this subchapter any class of transactions that are not primarily for personal, family, or household purposes, or business or commercial loans made available by a financial institution, except that a particular type within a class of such transactions may be exempted if the Bureau determines, after making an express finding that the application of this subchapter or of any provision of this subchapter of such transaction would not contribute substantially to effecting the purposes of this subchapter.
(c)An exemption granted pursuant to subsection (b) shall be for no longer than five years and shall be extended only if the Bureau makes a subsequent determination, in the manner described by such paragraph,11 So in original. Probably should be “subsection,”. that such exemption remains appropriate.
(d)Pursuant to Bureau regulations, entities making business or commercial loans shall maintain such records or other data relating to such loans as may be necessary to evidence compliance with this subsection 22 So in original. or enforce any action pursuant to the authority of this chapter. In no event shall such records or data be maintained for a period of less than one year. The Bureau shall promulgate regulations to implement this paragraph 33 So in original. Probably should be “subsection”. in the manner prescribed by chapter 5 of title 5.
(e)The Bureau shall provide in regulations that an applicant for a business or commercial loan shall be provided a written notice of such applicant’s right to receive a written statement of the reasons for the denial of such loan.
(f)Notwithstanding subsection (a), the Board shall prescribe regulations to carry out the purposes of this subchapter with respect to a person described in section 5519(a) of title 12. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.
(g)Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 44 So in original. Probably should be followed by a period.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2010—Pub. L. 111–203, § 1085(3)(A), substituted “Promulgation of
Regulations
by the Bureau” for “
Regulations
” in section catchline. Pub. L. 111–203, § 1085(1), substituted “Bureau” for “Board” wherever appearing. Subsecs. (a) to (e). Pub. L. 111–203, § 1085(3)(B)–(E), in subsec. (a), struck out “(a)” designation before “(1)”, redesignated subsec. (a) pars. (1) to (5) as subsecs. (a) to (e), respectively, in subsec. (c) substituted “subsection (b)” for “paragraph (2)”, and struck out former subsec. (b), which related to establishment of a Consumer Advisory Council to advise and consult with the Board. Subsecs. (f), (g). Pub. L. 111–203, § 1085(3)(F), added subsecs. (f) and (g). 1988—Subsec. (a). Pub. L. 100–533 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The Board shall prescribe
Regulations
to carry out the purposes of this subchapter. These
Regulations
may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith. In particular, such
Regulations
may exempt from one or more of the provisions of this subchapter any class of transactions not primarily for personal, family, or household purposes, if the Board makes an express finding that the application of such provision or provisions would not contribute substantially to carrying out the purposes of this subchapter. Such
Regulations
shall be prescribed as soon as possible after the date of enactment of this Act, but in no event later than the
Effective Date
of this Act.” 1976—Pub. L. 94–239 designated existing provisions as subsec. (a), inserted provisions exempting from
Regulations
of this subchapter any class of transactions not primarily for personal, family, or household purposes to be determined by the Board, and added subsec. (b).
Statutory Notes and Related Subsidiaries
Effective Date
of 2010 AmendmentAmendment 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.
Effective Date
of 1976 AmendmentAmendment by Pub. L. 94–239 effective Mar. 23, 1976, see section 708 of Pub. L. 90–321, set out as an
Effective Date
note under section 1691 of this title.
Reference
Citations & Metadata
Citation
15 U.S.C. § 1691b
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73