§ 2808. — Effective date.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2808]
TITLE 12--BANKS AND BANKING
CHAPTER 29--HOME MORTGAGE DISCLOSURE
Sec. 2808. Effective date
(a) In general
This chapter shall take effect on the one hundred and eightieth day
beginning after December 31, 1975. Any institution specified in section
2802(2)(A) of this title which has total assets as of its last full
fiscal year of $10,000,000 or less is exempt from the provisions of this
chapter. The Board, in consultation with the Secretary, may exempt
institutions described in section 2802(2)(B) of this title that are
comparable within their respective industries to institutions that are
exempt under the preceding sentence (as determined without regard to the
adjustment made by subsection (b) of this section).
(b) CPI adjustments
(1) In general
Subject to paragraph (2), the dollar amount applicable with
respect to institutions described in section 2802(2)(A) of this
title under the 2d sentence of subsection (a) of this section shall
be adjusted annually after December 31, 1996, by the annual
percentage increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers published by the Bureau of Labor
Statistics.
(2) 1-time adjustment for prior inflation
The first adjustment made under paragraph (1) after September
30, 1996, shall be the percentage by which--
(A) the Consumer Price Index described in such paragraph for
the calendar year 1996, exceeds
(B) such Consumer Price Index for the calendar year 1975.
(3) Rounding
The dollar amount applicable under paragraph (1) for any
calendar year shall be the amount determined in accordance with
subparagraphs (A) and (B) of paragraph (2) and rounded to the
nearest multiple of $1,000,000.
(Pub. L. 94-200, title III, Sec. 309, Dec. 31, 1975, 89 Stat. 1128; Pub.
L. 102-242, title II, Sec. 224(a), Dec. 19, 1991, 105 Stat. 2307; Pub.
L. 102-550, title XVI, Sec. 1604(a)(15), Oct. 28, 1992, 106 Stat. 4083;
Pub. L. 104-208, div. A, title II, Sec. 2225(a), Sept. 30, 1996, 110
Stat. 3009-415.)
Amendments
1996--Pub. L. 104-208 designated existing provisions as subsec. (a),
inserted heading, inserted ``(as determined without regard to the
adjustment made by subsection (b) of this section)'' before period at
end, and added subsec. (b).
1992--Pub. L. 102-550, Sec. 1604(a)(15), amended directory language
of Pub. L. 102-242, Sec. 224(a). See 1991 Amendment note below.
1991--Pub. L. 102-242, Sec. 224(a), as amended by Pub. L. 102-550,
Sec. 1604(a)(15), struck out ``depository'' before ``institution'',
inserted ``specified in section 2802(2)(A) of this title'' after
``institution'', and inserted at end: ``The Board, in consultation with
the Secretary, may exempt institutions described in section 2802(2)(B)
of this title that are comparable within their respective industries to
institutions that are exempt under the preceding sentence.''
Effective Date of 1992 Amendment
Amendment by Pub. L. 102-550 effective as if included in the Federal
Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242,
as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102-550, set out as
a note under section 191 of this title.
Effective Date of 1991 Amendment
Section 224(b) of Pub. L. 102-242 provided that: ``This section
[amending this section] shall become effective on January 1, 1992.''
