2016 US Code
Title 12 - Banks and Banking
Chapter 39 - Alternative Mortgage Transactions
Sec. 3804 - Applicability of preemption provisions
| 12 U.S.C. § 3804 (2016) |
| §3804. Applicability of preemption provisions |
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(a) The provisions of section 3803 of this title shall not apply to any alternative mortgage transaction in any State made on or after the effective date (if such effective date occurs on or after October 15, 1982, and prior to a date three years after October 15, 1982) of a State law or a certification that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the preemption provided in section 3803 of this title to apply with respect to alternative mortgage transactions (or to any class or type of alternative mortgage transaction) subject to the laws of such State, except that section 3803 of this title shall continue to apply to— (1) any alternative mortgage transaction undertaken on or after such date pursuant to an agreement to undertake such alternative mortgage transaction which was entered into on or after October 15, 1982, and prior to such later date (the "preemption period"); and (2) any renewal, extension, refinancing, or other modification of an alternative mortgage transaction that was entered into during the preemption period. (b) An alternative mortgage transaction shall be deemed to have been undertaken during the preemption period to which this section applies if it— (1) is funded or extended in whole or in part during the preemption period, regardless of whether pursuant to a commitment or other agreement therefor made prior to that period; or (2) is a renewal, extension, refinancing, or other modification of an alternative mortgage transaction entered into before the preemption period and such renewal, extension, or other modification is made during such period with the written consent of any person obligated to repay such credit. |
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(Pub. L. 97–320, title VIII, §805, Oct. 15, 1982, 96 Stat. 1547; Pub. L. 98–181, title I [title IV, §472], Nov. 30, 1983, 97 Stat. 1237.) |
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AMENDMENTS
1983—Subsec. (a). Pub. L. 98–181 inserted "(or to any class or type of alternative mortgage transaction)". EFFECTIVE DATESection effective Oct. 15, 1982, see section 807(a) of Pub. L. 97–320, set out as a note under section 3801 of this title. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 39 - ALTERNATIVE MORTGAGE TRANSACTIONS Sec. 3804 - Applicability of preemption provisions |
| section 3804 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 96 Stat. 1547 97 Stat. 1237 |
| Public Law 97-320, Public Law 98-181 |
