US Laws, Codes, Statutes & Cases

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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: 15USC1612]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part A--General Provisions
 
Sec. 1612. Effect on government agencies


(a) Consultation requirements respecting compliance of credit 
        instruments issued to participating creditor

    Any department or agency of the United States which administers a 
credit program in which it extends, insures, or guarantees consumer 
credit and in which it provides instruments to a creditor which contain 
any disclosures required by this subchapter shall, prior to the issuance 
or continued use of such instruments, consult with the Board to assure 
that such instruments comply with this subchapter.

(b) Inapplicability of Federal civil or criminal penalties to Federal, 
        State, and local agencies

    No civil or criminal penalty provided under this subchapter for any 
violation thereof may be imposed upon the United States or any 
department or agency thereof, or upon any State or political subdivision 
thereof, or any agency of any State of political subdivision.

(c) Inapplicability of Federal civil or criminal penalties to 
        participating creditor where violating instrument issued by 
        United States

    A creditor participating in a credit program administered, insured, 
or guaranteed by any department or agency or the United States shall not 
be held liable for a civil or criminal penalty under this subchapter in 
any case in which the violation results from the use of an instrument 
required by any such department or agency.

(d) Applicability of State penalties to violations by participating 
        creditor

    A creditor participating in a credit program administered, insured, 
or guaranteed by any department or agency of the United States shall not 
be held liable for a civil or criminal penalty under the laws of any 
State (other than laws determined under section 1610 of this title to be 
inconsistent with this subchapter) for any technical or procedural 
failure, such as a failure to use a specific form, to make information 
available at a specific place on an instrument, or to use a specific 
typeface, as required by State law, which is caused by the use of an 
instrument required to be used by such department or agency.

(Pub. L. 90-321, title I, Sec. 113, May 29, 1968, 82 Stat. 151; Pub. L. 
96-221, title VI, Sec. 622(a), Mar. 31, 1980, 94 Stat. 184.)


                               Amendments

    1980--Pub. L. 96-221 amended section generally, designating existing 
provisions as subsec. (b) and adding subsecs. (a), (c), and (d).


                    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.