PRIA, Government Policy, Made Personal

Summary

Does not apply to loans or credit that are mainly for business, commercial, or agricultural purposes, or to the government, government agencies, or their instrumentalities. When making rules under section 2617(a), the Bureau must make sure the exemption for business, commercial, or agricultural credit in subsection (a)(1) matches the exemption in section 1603(1) of title 15.

Title 12, §2606

Banks and Banking, Source: USLM XML via OLRC

(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) of this section shall be the same as the exemption for such credit transactions under section 1603(1) of title 15.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Subsection (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 Provisions

A 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.

Amendments

2010–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 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.

§2606 Exempted Transactions