Definitions and construction rules. (2023)

§1602. Definitions and construction rules.

(a) The definitions and design rules set out in this section apply for the purposes of this subchapter.

(b) The term "Board of Directors" means the Board of Governors of the Federal Reserve System.

(c) The term “Organization” means a corporation, government or governmental department or agency, trust, estate, partnership, cooperative or association.

(d) The term "person" means a natural person or an entity.

(e) The term “credit” means the right granted by a creditor to a debtor to defer payment of a debt or to incur a debt and defer payment thereof.

(f) The term “Lender” means only a person who (1) regularly, whether in connection with loans, sale of goods or services or otherwise, provides consumer credit payable in more than four installments by arrangement or for whom payment of a financing fee is or may be required and (2) is the person to whom the consumer credit transaction receivable is initially owed upon proof of debt or, failing such proof, by agreement. Notwithstanding the preceding sentence, in the case of an open credit card credit plan, the card issuer and any person redeeming the credit card and offering a discount constituting a financing fee. For the purposes of the requirements imposed in Part D of this subchapter and§§ 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8) and 1637(b)(10) of this title, the term “lender” also includes card issuers, whether or not the amount due is, by arrangement, due in more than four installments or payment of a financing fee is or may be required, and the Board will apply these requirements by regulation to such card issuers, as appropriate, although the requirements under their terms apply only to lenders offering open credit plans. Any person originating 2 or more mortgages under subsection (aa) of this section in any 12 month period, or any person originating 1 or more such mortgages through a mortgage broker, shall be deemed a creditor for purposes of this subsection. The term "lender" includes a private provider of education (like that term in theSection 1650 of this title) for the purposes of this subsection.

(g) The term "forward sale" refers to any sale in which the seller is a creditor. The term includes any contract in the form of a guarantee or lease where the trustee or lessee agrees to pay, in consideration for use, an amount substantially equal to or greater than the total value of the property and related services, and agrees that the trustee or lessee will, for no other nominal consideration, have the option to become the owner of the property in full performance of its contractual obligations.

(h) The adjective "consumer" used in relation to a credit transaction characterizes the transaction as one in which the party to whom credit is offered or granted is an individual and the money, goods or services The transactions that are the subject of the loan are mostly for personal, family or domestic purposes.

(i) The terms “open credit plan” and “open consumer credit plan” mean a plan under which the lender reasonably contemplates recurring transactions, determines the terms of such transactions, and establishes a financing fee, which may be calculated accordingly. Time on the outstanding balance. An open consumer credit plan or an open consumer credit plan that is an open consumer credit plan or an open consumer credit plan as defined in the preceding sentence is an open consumer credit plan or an open consumer credit plan, even if credit information is checked periodically.

(j) The term “due notice” as used inSection 1643 of this title, means a printed notice to the cardholder that states the relevant facts in a clear and concise manner such that the person against whom the transaction is being conducted may reasonably be expected to have noticed and understood their meaning. This notice may be given to the cardholder by printing it on any credit card or on any periodic statement issued to the cardholder or by any other means that reasonably ensures its receipt by the cardholder.

(k) The term “credit card” means any card, card, book of coupons or other means of credit provided for the purpose of acquiring money, property, work or services on credit.

(l) The term "accepted credit card" means any credit card that the cardholder has applied for and received or signed for or used or authorized for use by another to obtain money, property, work or services on credit.

(m) “Cardholder” means any person to whom a credit card has been issued or any person who has an agreement with the card issuer to perform the obligations arising out of the issuance of a credit card to another person.

(n) The term "card issuer" means any person who issues a credit card or that person's agent in connection with such card.

(o) The term “unauthorized use” as used inSection 1643 of this title, means the use of a credit card by a person other than the cardholder who has no actual, implied or apparent authority for such use and from which the cardholder derives no benefit.

(p) The term “Discount” as used inSection 1666f of this titlemeans a reduction on the regular price. The term "discount" used inSection 1666f of this titlethere is no extra charge.

(q) The term “Surcharge” as used in this Section andSection 1666f of this titlemeans any means of increasing the regular price for a cardholder that is not imposed on customers paying by cash, check or similar means."

(r) The term "state" means any state, the Commonwealth of Puerto Rico, the District of Columbia and any territory or possession of the United States.

(s) The term "agricultural purposes" includes production, harvesting, display, trade, transportation, processing or manufacture of agricultural products by a person who cultivates, plants, propagates or tends such agricultural products, including but not limited to who Acquisition of agricultural land, agricultural residential real estate and chattels and services primarily used in agriculture.

(t) The term "agricultural products" includes agricultural, horticultural, wine and dairy products, livestock, wild animals, poultry, bees, forest products, fish and shellfish and all products derived from them, including processed and manufactured products, and all products based on grown or manufactured on farms and any processed or manufactured product.

(u) The term “material disclosures” means the disclosures required by this subsection of the APR, the method used to determine the Financing Fee and the balance on which a Financing Fee is applied, the amount of the Financing Fee, the amount to be financed, the total payments , the number and amount of payments, the due dates or periods of the payments intended to settle the debt and the information required by theSection 1639(a) of this title.

(v) The term "apartment" means a dwelling structure or mobile home containing one to four single-family dwelling units or individual condominiums or condominium units.

(w) The term “home mortgage transaction” means a transaction in which a mortgage, trust deed, installment purchase security, or equivalent contractual security is created or maintained against the consumer's home to finance the acquisition or initial construction of such homes.

(x) As used in this section andSection 1666f of this title, the term "regular price" means the label or published price charged for the property or service when a unit price is quoted or published, or the price charged for the property or service when payment is made through an open credit plan or credit card when (1) no prices are identified or published, or (2) two prices are identified or published, one of which is charged when paying by an open credit or credit card plan and the other when paying in cash , check, or similar. For purposes of this definition, payment by check, money order, or other negotiable instrument that may result in a charge against an open credit plan or the credit card holder's account shall not be considered payment for use of the plan or account . .

(y) Any reference to a requirement imposed under this sub-chapter or any provision thereof includes a reference to the requirements of the Board of Directors under this sub-chapter or the relevant provision thereof.

(z) Disclosure of an amount or percentage greater than the amount or percentage required to be disclosed pursuant to this sub-chapter does not in itself constitute a breach of this sub-chapter.

(aa)(1) For the purpose of this subsection, a mortgage means a consumer credit transaction secured by the consumer's primary residence, other than a residential mortgage transaction, a reverse mortgage transaction or a transaction under an open credit plan, if -

(a) the APR at the consummation of the transaction exceeds by more than 10 percentage points the yield on Treasury bills of comparable maturity on the fifteenth day of the month immediately preceding the month in which the credit application is received by the creditor; either

(B) the total points and fees payable by the consumer prior to or at the time of purchase exceed the higher amount

(i) 8% of the total loan amount; either

(ii) 400 $.

(2)(A) After the period of 2 years from the effective date of regulations promulgated under Section 155 of the Riegle Community Development and Regulatory Improvement Act, 1994 and not more than once every two years after the first increase or decrease under this sub-paragraph, the The Board of Directors shall increase or decrease by regulation the number of percentage points specified in paragraph (1)(A) if the Board determines that the increase or decrease:

(i) in accordance with consumer protections against predatory lending as amended by Title I, Subtitle B, of the Riegle Community Development and Regulatory Improvement Act 1994; Is

(ii) justified by credit needs.

(B) An increase or decrease pursuant to subparagraph (A) shall not result in the number of percentage points referred to in subparagraph (A).

(i) less than 8 percentage points; either

(ii) greater than 12 percentage points.

(C) In deciding whether to increase or decrease the number of percentage points referred to in subparagraph (A), the Board shall consult with consumer representatives, including low-income consumers and lenders.

(3) The amount specified in paragraph (1)(B)(ii) shall be adjusted annually on January 1st by the annual percentage change in the consumer price index reported on June 1st of the year preceding such adjustment.

(4) For the purposes of paragraph (1)(B), points and fees must include:

(A) all items included in the Financing Charge other than interest or price-time difference;

(B) all fees paid to mortgage brokers;

(C) any of the fees listed inSection 1605(e) of this title(other than a deposit for future tax payments), unless

(i) the fee is reasonable;

(ii) the creditor receives no direct or indirect compensation; Is

(iii) the Fee is paid to a third party unrelated to the Creditor; Is

(D) Other charges as the Board deems appropriate.

(5) Nothing in this subsection shall be construed to limit the interest rate or financing fee that a person may charge a consumer for a credit extension.

(bb) The term “reverse mortgage transaction” means a non-recourse transaction whereby a mortgage, deed of trust or equivalent mutually agreed security is created against the consumer's primary residence.

(1) secure one or more advances; Is

(2) in respect of which payment of principal, interest and capital appreciation or divided principal is due and payable (except in the event of default) only after:

(A) the transfer of housing;

(B) the consumer no longer occupies the dwelling as his primary residence; either

(C) the death of the consumer.

(Bar. L. 90–321, Title I, §103, May 29, 1968, 82 Stat. 147;Bar. L. 91–508, Title V, §501, Oct. 26, 1970, 84 Stat. 1126;Bar. L. 93–495, Title III, §303, Oct. 28, 1974, 88 Stat. 1511;Pub. L. 94-222, §3(a), 27. February 1976, 90 Stat. 197;Bar. L. 96-221, Title VI, §§ 602, 603(a), (b), 604, 612(a)(2), (b), March 31, 1980, 94 Stat. 168,169,175,176;Bar. L. 97–25, Title I, §102, July 27, 1981, 95 Stat. 144;Bar. L. 97–320, Title VII, §702(a), Oct. 15, 1982, 96 Stat. 1538;Bar. L. 103–325, Titel I, §§152(a)–(c), 154(a), 23. September 1994, 108 Stat. 2190,2191,2196;Pub. L. 110–315, Titel X, §1011(b), 14. August 2008, 122 Stat. 3481;Bar. L. 111–24, Title I, §108, May 22, 2009, 123 Stat. 1743;Pub. L. 111–203, Title X, §1100A(1), (2), Title XIV, §§1401, 1431, 21. July 2010, 124 Stat. 2107,2137,2157.)

change of section

Pub. L. 111–203, Title X, §§1100A(1), (2), 1100H, July 21, 2010, 124 Stat. 2107,2113, provided that this section is amended from the designated transfer date –

(1) rename subsections (b) through (bb) to subsections (c) through (cc), respectively;

(2) by inserting the following after subsection (a):

"(B)Desk.-The term "Office" means the Office of Consumer Financial Protection."; and

(3) by deleting "Council" from every occurrence of the term and inserting "Office".

Pub. L. 111–203, Titel XIV, §§1400(c), 1401, 1431, 21. Juli 2010, 124 Stat. 2136,2137,2157, provided that from the date of entry into force of the final regulation implementing this amendment, or on a date 18 months after the designated transfer date if such regulation has not been enacted by that date, this section is amended -

(1) in subsection (aa) by deleting everything before paragraph (2) and inserting the following:

"(AA)Mortgage with high costs.-

"(1)Definition.-

"(A)Generally.-The term "high cost mortgage" and a mortgage referred to in this subsection means a consumer credit transaction secured by the consumer's primary residence, unless it is a reverse mortgage transaction

"(i) in the case of a secured credit transaction -

"(I) for a first mortgage on the consumer's primary residence, the APR at the consummation of the transaction will increase by more than 6.5 percentage points (8.5 percentage points if the home is personal property and the transaction is less than $50,000 US dollars) exceeded. the average preferential offer rate as defined inSection 1639c(b)(2)(B) of this title, for a comparable transaction; either

“(II) for a subordinated or subordinated mortgage on the consumer's primary residence, the APR at consummation must exceed the average primary offered rate by more than 8.5 percentage points, as defined inSection 1639c(b)(2)(B) of this title, for a comparable transaction;

"(ii) the total Points and Fees payable in connection with the Transaction, excluding bona fide third-party fees not withheld by the Mortgage Originator, Lender or an Affiliate of the Mortgage Originator and the -

“(I) in the case of a transaction of USD 20,000 or more, 5% of the total amount of the transaction; or

“(II) in the case of a transaction for less than $20,000, 8 percent of the total amount of the transaction or $1,000 (or such other dollar amount as the Board of Directors may determine by regulation), whichever amount is less; or

“(iii) the credit transaction documents permit the lender to levy or collect prepayment fees or penalties more than 36 months after the transaction is completed, or such fees or penalties exceed a total of more than 2% of the prepayment amount -outside paid.

"(B)Introductory prices considered.-For the purposes of subsection (A)(i), the annual percentage rate of charge is determined based on the following interest rate:

"(i) In the case of a fixed rate transaction where the annual percentage rate of charge does not change during the life of the loan, the interest rate prevailing on the date the transaction is entered into.

"(ii) In the case of a transaction where the rate of interest varies solely on the basis of an index, the rate of interest obtained by adding the index rate applicable on the day the transaction was entered into to the maximum margin permitted at any time during the loan agreement.

“(iii) In the case of any other transaction where the interest rate may change at any time during the term of the Loan for any reason, the interest charged on the transaction shall be at the maximum rate that may be charged during the term of the Loan.

"(C)mortgage insurance.-For the purpose of calculating total points and fees in accordance with paragraph (4), total points and fees are not taken into account

“(i) any award conferred by any agency of the federal government or any agency of any state;

“(ii) any amount not exceeding the amount payable under Section 203(c)(2)(A) of the National Housing Act under the policies in force at the time of writing (12 USC 1709(c)(2)(A)), provided that the premium, fee or charge must be reimbursed pro rata and the reimbursement will be made automatically upon receipt of the underlying Mortgage Loan Satisfaction Order; Is

"(iii) any premium paid by the consumer after completion.";

(2) in subsection (aa)(2), deleting subparagraph (B) and inserting the following new subparagraph:

“(B) Any increase or decrease referred to in subparagraph (A)-

“(i) shall not cause the number of percentage points referred to in paragraph (1)(A)(i)(I) to be less than 6 percentage points or more than 10 percentage points; and

"(ii) shall not result in the number of percentage points referred to in paragraph (1)(A)(i)(II) being less than 8 percentage points or more than 12 percentage points.";

(3) in subsection (aa)(4), deleting subsection (B) and inserting the following:

"(B) any payment made directly or indirectly by a consumer or lender to a mortgage lender from any source, including a mortgage lender who is also the lender in a fee-financed transaction;";

(4) In subsection (aa)(4), rename subparagraph (D) to subparagraph (G) and insert the following new subparagraphs after subparagraph (C):

“(D) premiums or other charges payable upon or prior to the conclusion of any credit life insurance, disability loan, unemployment loan, or home loan, or other accident, loss of income, life or health insurance policy, or payment, direct or indirect, of any contract or any Debt Forgiveness or Suspension Agreement, except that insurance premiums or debt forgiveness or suspension fees calculated and paid in full monthly are not deemed to be funded by the obligee;

“(E) the maximum prepayment fees and penalties that are or may be charged under the terms of the credit transaction;

“(F) any prepayment fees or penalties incurred by the consumer where the loan refinances a previous loan made or currently held by the same lender or an affiliate of the lender; and";

(5) in subsection (aa), by renaming paragraph (5) paragraph (6) and inserting the following new paragraph after paragraph (4):

"(5)Calculation of points and commissions for open consumer credit plans.-In the case of consumer credit plans, points and fees are calculated for the purposes of this section andSection 1639 of this title, by adding the total points and charges known at or before conclusion, including the maximum prepayment penalties that are or may be charged under the terms of the credit transaction, plus any additional minimum charges that the consumer would have to pay to withdraw an amount equal to the entire line of credit.”; And

(6) add the following new paragraphs at the end:

"(cc)Definitions related to mortgage and real estate lending.-

"(1)Commission.-Unless otherwise specified, the term “Commission” means the Federal Trade Commission.

"(2)mortgage lender.-The term "mortgage origin" -

“(A) means any person working for, or in expectation of, direct or indirect remuneration or gain

“(i) receives an application for a residential mortgage loan;

“(ii) assist a consumer in obtaining or applying for a home loan; or

“(iii) offers or negotiates the terms of a residential mortgage loan;

“(B) includes any person who represents to the public, by advertising or other means of communication, or by the provision of information (including the use of business cards, letterhead, brochures, signs, price lists or other promotional items), who that person may be or will be a provide the Services or engage in any of the activities described in sub-paragraph (A);

“(C) does not include a person who (i) is not otherwise described in subparagraph (A) or (B) and who exclusively performs office or administrative functions on behalf of a person described in that subparagraph, or (ii) an employee of a prefab retailer not described in paragraph (i) or (iii) of subparagraph (A) and who does not advise a consumer on the terms of the loan (including fees, charges and other charges);

“(D) does not include an individual or entity engaged solely in real estate brokerage activities that is licensed or registered under applicable state law, unless such individual or entity is being indemnified by a lender, mortgage broker or other mortgage originator, or an agent of such lender, mortgage broker or other mortgage originator;

“(E) in relation to a home mortgage loan does not include any person, property or fund providing mortgage financing for the sale of 3 properties in any 12 month period to buyers of such properties, each owned by such person, such assets or such a fund and serves as collateral for the loan provided that loan

“(i) was not constructed by any person, estate or trust who, in the ordinary course of business of that person, estate or trust, built a residence on the property or acted as a contractor for the construction of a residence;

“(ii) will be amortized in full;

“(iii) refers to a sale where the seller has a good faith determination and documents that the buyer has a reasonable ability to repay the loan;

“(iv) has a fixed rate of interest or a variable rate of interest that may be adjusted after 5 years or more, subject to reasonable annual and lifetime limits on rate increases; and

“(v) meets such other criteria as the Board may prescribe;

“(F) does not include the creditor (other than the creditor in a fee-financed transaction) referred to in paragraph (1), (2) or (4) of theSection 1639b(c) of this title; mi

“(G) does not include any service provider or employee, agent and contractor, including but not limited to those who offer or negotiate the terms of a home mortgage loan for the purpose of renegotiating, modifying, replacing and principal subordinating existing mortgages in which the Borrowers are, are, or are likely to be in default or overdue on their payments.

"(3)Register and National System of Mortgage Licensing.-The term "National Mortgage Licensing Registry and System" has the same meaning as in the Safe and Fair Mortgage Licensing Law of 2008.

"(4)Other definitions related to the originator of the mortgage.-For purposes of this subsection, “a person assists a consumer in obtaining or applying for a home mortgage loan” by, among other things, advising on the terms of the home mortgage loan (including fees, charges and other costs), preparing the home mortgage loan packages or the Gathering information on behalf of a consumer in connection with a home loan.

"(5)home loan.-The term “residential mortgage loan” means any consumer credit transaction secured by a mortgage, deed of trust, or other equivalent mutually agreed security interest in any dwelling or residential property, including a dwelling, that is not a consumer credit transaction under an open credit plan or with the purpose ofSections 1639b and 1639c of this titleand Section 1638(a)(16), (17), (18) and (19) of this title andSections 1638(f) and 1640(k) of this title, and all regulations promulgated thereunder, a credit extension in connection with a plan described inSection 101 (53D) of Title 11.

"(6)Secretary.-The term "Secretary" when used in connection with any transaction or person involved in a home loan means the Secretary of State for Housing and Urban Affairs.

"(7)Server.-The term "Administrator" has the same meaning as inSection 2605(i)(2) of Title 12.

"(dd)Good faith rebate points and prepayment penalties.-For purposes of determining the value of points and charges referred to in subsection (aa), the values ​​described in paragraph (1) or (2) of the following paragraphs, but not both, are excluded:

"(1) Up to and including 2 bona fide discount points to be paid by the consumer in connection with the mortgage, but only if the interest rate from which the mortgage interest is to be discounted does not exceed by more than 1 percentage point -

"(A) the average offer rate from prospects, as defined in theSection 1639c of this title; Ö

"(B) when secured by a personal property loan, the average interest rate on a loan for which insurance is provided under Title I of the National Housing Act (12 USC 1702 ff.).

"(2) Unless 2 bona fide discount points have been excluded pursuant to paragraph (1), up to and including 1 bona fide discount point shall be payable by the consumer in respect of the mortgage loan, but only if the interest rate from which the mortgage loan is discounted equals, the interest rate does not exceed 2 percentage points-

"(A) the average offer rate from prospects, as defined in theSection 1639c of this title; Ö

"(B) when secured by a personal property loan, the average interest rate on a loan for which insurance is provided under Title I of the National Housing Act (12 USC 1702 ff.).

"(3) For the purposes of paragraph (1), the term "credit rebate points" means credit rebate points that the consumer knowingly pays in order to reduce them and which actually result in a reduction in the credit interest differential or the time rate applicable to the mortgage.

“(4) Paragraphs (1) and (2) shall not apply to rebate points used to purchase a rate cut unless the amount of the rate cut purchased is reasonably consistent with established industry practices for secondary transactions in the mortgage market. "

See the 2010 Effective Date Change Notes below.

references in the text

The Riegle Community Development and Regulatory Improvement Act 1994 referred to in subsection (aa)(2)(A)(i).Bar. L. 103-325, 23. September 1994, 108 Stat. 2160. Article 155 of the Law is defined below. For the classification of Subtitle B of Title I of the Act, known as the Homeownership and Property Protection Act 1994, see the summary title of the 1994 Amendment Notice atSection 1601 of this title. See the abbreviated title note for the full attribution of this law to the CodeSection 4701 of Title 12, benches and benches and tables.

changes

2009-Subsec. (I).Bar. L.111–24in the first sentence "the terms 'open credit plan' and 'open consumer credit plan' means" replaced by "the term 'open credit plan' means" and inserted after "credit plan credit" always "or open consumer credit plan" appeared in the second sentence.

2008-Subsec. (F).Bar. W 110–315inserted at the end “The term 'lender' includes a private educational lender (as that term is defined inSection 1650 of this title) for the purpose of this subchapter”.

1994-Subsec. (F).Bar. L. 103–325,§152(c), inserted at the end “Any person originating 2 or more mortgages under subsection (aa) of this section in any 12 month period, or each person originating 1 or more such mortgages through a mortgage broker for the Effects of this subchapter shall be deemed to be creditors”.

subsection (you).Bar. L. 103–325,§152(b), “expiration dates” replaced by “and expiration dates” and inserted before the end of the period, “and disclosures required bySection 1639(a) of this title".

Subsection (British Automobile Club).Bar. L. 103–325,§152(a), subsection added. (AA).

Subsection (bed and breakfast).Bar. L. 103–325,§154(a), subsection added. (Bed and breakfast).

1982-Subsec. (F).Bar. L.97–320repealed the provision that a lender was a person who regularly extended a consumer loan in more than four instalments, or for whom payment of a financial charge was or could be required from non-creditors, and the provision to which this subsection belonged applies to any creditor, whether an individual or an organization, that is a card issuer.

1981-Subsec. (x) a (z).Bar. L.97–25Subsection (z) and Subsections redesignated effective 10 April 1982. (x), (y) and (z) as (y), (z) and (x), respectively.

1980-Subsec. (F).Bar. L.96–221,§602(a), superseded provisions that define the term “lender” as referring only to a person who regularly provides consumer credit, subject to specified conditions, and is the person to whom the resulting debt is originally due or by arrangement, and notwithstanding these Terms, a person who regularly arranges consumer credit, as well as a card issuer and any person who redeems the credit card, also refers to the terms using the term "Lender", subject to certain conditions. define refer only to creditors who regularly originate or renew a loan payable in more than four instalments, or where a financing charge is or may be required, and replace "(a)(5)" with "(a)(6 )" replace "(a)(6)" through "(a)(7)", "(a)(7)" through "(a)(8)", "(b)(8)" through " (b)(9)" and "(b)(10)" to "(b)(11)".

subsection (grams).Bar. L.96–221,§602(b), replaces "in which the seller is a obligee" with "in respect of which the seller makes or arranges credit."

subsection (h).Bar. L.96–221,§603(a), remote applicability for agricultural purposes.

Subsection (I).Bar. L.96–221,§604, Added Provisions Regarding Reasonable Creditor Considerations and Review of Credit Information from Time to Time.

Einzüge (s), (t).Bar. L.96–221,§603(b), subclauses added. (s) and (t). Previous subsection. (s) and (t) renamed to (x) and (y), respectively.

subsection (you).Bar. L.96–221,§612(a)(2), subsection added. (You).

Sections (v), (w).Bar. L.96–221,§612(b), subclauses added. (v) and (w).

Subsections (x), (y).Bar. L.96–221,§603(b), previous subsections renamed. (s) and (t) as (x) and (y), respectively.

1976-Subsec. (p) a (t).Bar. L.94–222Subsection (p) and (q) and renamed ex-subsec. (p) to (r) or (r) to (t).

1974-Subsec. (F).Bar. L.93–495inserted a provision requiring that the credit be arranged in more than four instalments, and defining the term “creditor” for the purposes of the requirements imposed in the points set out in this chapter.

1970-Subsec. (Bottle).Bar. L.91–508Subsection (j) a (o) y reassigned ex-subsec. (j) to (l) as (p) to (r), respectively.

Effective date of the 2010 amendment

Modified by Section 1100A(1),(2) ofBar. L.111–203effective on the Specified Transfer Date, see section 1100H of theBar. L.111–203,defined as a low noteSection 552a of Title 5, government organization and employees.

Reformed by Articles 1401 and 1431 of theBar. L.111–203effective on the date on which the final provisions implementing this amendment become effective or on a date which is 18 months after the scheduled transfer date if such provisions have not been issued by that date, see Section 1400(c) of theBar. L.111–203,defined as a low noteSection 1601 of this title.

Effective date of the 2009 amendment

Bar. L. 111–24, §3, 22. May 2009, 123 Stat. 1735, with the proviso: “This law [theSections 1616, 1651, 1665c to 1665e, 1666i-1, 1666i-2 and 1693l-1 of this titlemiSection 1a-7b of Title 16, preservation, modification of this section andSections 1632, 1637, 1640, 1650, 1666b, 1666c, 1666j, 1681b, 1681j and 1693m through 1693r of this title, promulgation of the provisions set forth in this section as annotations, andSections 1637, 1638, 1666b, 1681j and 1693l-1 of this titlemiSection 5311 of Title 31, Money and Finance, and amends the provisions set out as notes inSections 1638 and 1693 of this title] and the amendments made by this Act shall come into effect 9 months after the date of promulgation of this Act [22. May 2009], unless expressly provided otherwise in this Act".

Effective date of the 1982 amendment

Section 702(b) ofBar. L.97–320provided: "The amendment made by subsection (a) [amendment to this section] shall become effective on the effective date of Title VI of the Depository Institutions Deregulation and Monetary Control Act 1980 [two years and six months after 31 March 1980 , see Effective Date of 1980 Amendment Note below]".

Effective date of the 1981 Amendment

Section 102(b) ofBar. L.97–25Provided that the amendment made by this section takes effect on April 10, 1982.

Effective date of the 1980 Amendment

Article 625 of Title VI ofBar. L.96–221,adjusted byPub. L. 97–25, Title III, §301, July 27, 1981, 95 Stat. 145;Pub. L. 97–110, Title III, §301, Dec. 26; 1981, 95 Stat. 1515, as long as:

“(a) Except as set out in Section 608(b) [set out as the Effective Date of the 1980 Amendment Notice underSection 1607 of this title], the reforms of this title [ProclamationSection 1646 of this title, ChangeSections 57a, 1602 to 1606, 1610, 1612, 1613, 1631, 1632, 1635, 1637, 1638, 1640, 1641, 1643, 1663, 1664, 1665a, 1666, 1666d, 1661d and 161 of this title, rememberingSections 1614, 1636 and 1639 of this title, and proclaim the provisions laid down as a note inSection 1601 of this title] occurs two years and six months after the promulgation of this title [March. 31, 1980].

“(b) All regulations, forms and clauses which are to be prescribed pursuant to the amendments made by this Title shall be promulgated at least one year before the Effective Date.

“(c) Notwithstanding the provisions of subparagraphs (a) and (b), any holder may carry out the changes made by this Title in accordance with the rules, forms and regulations prescribed by the Council before the Date of Record decides to carry out such changes and any assignee of the creditor are subject to the provisions of Sections 130 and 131 of the Truth Concerning Credit Act as amended by Sections 615 and 616, respectively, of this title [Sections 1640 and 1641 of this title]".

Effective date of the 1974 Amendment

Until the effective date of the changeBar. L.93–495,see section 308 ofBar. L.93–495,set as an effective date note belowSection 1666 of this title.

regulations

Bar. L. 111–24, §2, 22. May 2009, 123 Stat. 1735, provided that: “The Board of Governors of the Federal Reserve System (in this Act [see summary title of the 2009 Amendment Notice contained inSection 1601 of this title] called 'Council') may dictate the rules and publish the model forms it deems necessary to comply with this Act and amendments made by this Act.”

Article 155 des Titles I desBar. L.103–325with the proviso: “No later than 180 days after the date of promulgation of this Act [23 – 158) of Title I ofBar. L. 103–325,see the abbreviated title of the 1994 change notice atSection 1601 of this title], and these rules will become effective on the date the disclosure requirements under Section 105(d) of the Truth in Lending Act [15 U.S.C. §1604(d)]".

Applicability of the 1994 Amendments and Regulations to Subsection (aa) Mortgages

Article 156 des Titles I desBar. L.103–325provided: "This subtitle [Subtitle B (§§151-158) of Title I ofBar. L. 103–325,see the abbreviated title of the 1994 change notice atSection 1601 of this title] and the changes made by this subheading apply to all mortgages within the meaning of Section 103(aa) of the Truth About Credit Act [15 USC 1602 (aa)] (as added by Section 152(a) of this Act) effected on or after the date on which the regulations made pursuant to Section 155 [set out above] become effective.”