12-U.S.C.-2606

§2606 – Exempted Transactions

Pathway

Title 12 > Chapter 27 > Section 2606

Details

• Reference: Section 2606
• Legend: §2606 – Exempted Transactions
• USCode Year: 2013

Provision Content

(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.

(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.)

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).

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.

U.S. Encyclopedia of Law Coverage

Chapter 25 – National Commission On Electronic Fund Transfers in the Legal Encyclopedia: Banking Law

In this entry about Chapter 25 – National Commission On Electronic Fund Transfers, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-2279AA in the Legal Encyclopedia: Mortgage

In this entry about 12-U.S.C.-2279AA, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.

Topic Map

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