US Laws, Codes, Statutes & Cases

From the U.S. Code Online via GPO Access
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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 15USC1603]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part A--General Provisions
 
Sec. 1603. Exempted transactions

    This subchapter does not apply to the following:
        (1) Credit transactions involving extensions of credit primarily 
    for business, commercial, or agricultural purposes, or to government 
    or governmental agencies or instrumentalities, or to organizations.
        (2) Transactions in securities or commodities accounts by a 
    broker-dealer registered with the Securities and Exchange 
    Commission.
        (3) Credit transactions, other than those in which a security 
    interest is or will be acquired in real property, or in personal 
    property used or expected to be used as the principal dwelling of 
    the consumer, in which the total amount financed exceeds $25,000.
        (4) Transactions under public utility tariffs, if the Board 
    determines that a State regulatory body regulates the charges for 
    the public utility services involved, the charges for delayed 
    payment, and any discount allowed for early payment.
        (5) Transactions for which the Board, by rule, determines that 
    coverage under this subchapter is not necessary to carry out the 
    purposes of this subchapter.
        (6) Repealed. Pub. L. 96-221, title VI, Sec. 603(c)(3), Mar. 31, 
    1980, 94 Stat. 169.
        (7) Loans made, insured, or guaranteed pursuant to a program 
    authorized by title IV of the Higher Education Act of 1965 [20 
    U.S.C. 1070 et seq., 42 U.S.C. 2751 et seq.].

(Pub. L. 90-321, title I, Sec. 104, May 29, 1968, 82 Stat. 147; Pub. L. 
93-495, title IV, Sec. 402, Oct. 28, 1974, 88 Stat. 1517; Pub. L. 96-
221, title VI, Sec. 603(c), Mar. 31, 1980, 94 Stat. 169; Pub. L. 97-320, 
title VII, Sec. 701(a), Oct. 15, 1982, 96 Stat. 1538; Pub. L. 104-208, 
div. A, title II, Sec. 2102(a), Sept. 30, 1996, 110 Stat. 3009-398.)

                       References in Text

    The Higher Education Act of 1965, referred to in par. (7), is Pub. 
L. 89-329, Nov. 8, 1965, 79 Stat. 1219, as amended. Title IV of the 
Higher Education Act of 1965 is classified generally to subchapter IV 
(Sec. 1070 et seq.) of chapter 28 of Title 20, Education, and part C 
(Sec. 2751 et seq.) of subchapter I of chapter 34 of Title 42, The 
Public Health and Welfare. For complete classification of this Act to 
the Code, see Short Title note set out under section 1001 of Title 20 
and Tables.


                               Amendments

    1996--Pars. (5) to (7). Pub. L. 104-208 added par. (5) and 
redesignated former pars. (5) and (6) as (6) and (7), respectively.
    1982--Par. (6). Pub. L. 97-320 added par. (6).
    1980--Par. (1). Pub. L. 96-221, Sec. 603(c)(1), inserted provision 
relating to applicability to agricultural purposes.
    Par. (3). Pub. L. 96-221, Sec. 603(c)(2), substituted provision 
excepting security interest in real property, or in personal property 
used as the consumer's principal dwelling, for provisions excepting real 
property transactions.
    Par. (5). Pub. L. 96-221, Sec. 603(c)(3), struck out par. (5) which 
related to credit transactions primarily for agricultural purposes where 
the amount financed exceeds $25,000.
    1974--Par. (5). Pub. L. 93-495 added par. (5).


                    Effective Date of 1982 Amendment

    Section 701(c) of Pub. L. 97-320, as amended by Pub. L. 97-457, 
Sec. 31, Jan. 12, 1983, 96 Stat. 2511, provided that: ``The amendment 
made by subsection (a) [amending this section] and subsection (b) 
[enacting section 1099 of Title 20, Education] shall be effective with 
respect to loans made prior to, on, and after the date of the enactment 
of this Act [Oct. 15, 1982].''


                    Effective Date of 1980 Amendment

    Amendment by Pub. L. 96-221 effective on expiration of two years and 
six months after Mar. 31, 1980, with all regulations, forms, and clauses 
required to be prescribed to be promulgated at least one year prior to 
such effective date, and allowing any creditor to comply with any 
amendments, in accordance with the regulations, forms, and clauses 
prescribed by the Board prior to such effective date, see section 625 of 
Pub. L. 96-221, set out as a note under section 1602 of this title.


                    Effective Date of 1974 Amendment

    Amendment by Pub. L. 93-495 effective Oct. 28, 1974, see section 416 
of Pub. L. 93-495, set out as an Effective Date note under section 1665a 
of this title.


             Exceptions in Areas Where Major Disaster Exists

    Board of Governors of Federal Reserve System authorized to make 
exceptions to requirements of this subchapter for transactions within an 
area in which the President has determined that a major disaster exists, 
if Board determines that exception can reasonably be expected to 
alleviate hardships to the public that outweigh possible adverse 
effects, see section 2 of Pub. L. 103-76, set out as a note under 
section 4008 of Title 12, Banks and Banking.

                  Section Referred to in Other Sections

    This section is referred to in section 1645 of this title; title 12 
section 2606.