§ 2606. — Exempted transactions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2606]
TITLE 12--BANKS AND BANKING
CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES
Sec. 2606. Exempted transactions
(a) In general
This chapter does not apply to credit transactions involving
extensions of credit--
(1) primarily for business, commercial, or agricultural
purposes; or
(2) to government or governmental agencies or instrumentalities.
(b) Interpretation
In prescribing regulations under section 2617(a) of this title, the
Secretary shall ensure that, with respect to subsection (a) of this
section, the exemption for credit transactions involving extensions of
credit primarily for business, commercial, or agricultural purposes, as
provided in subsection (a)(1) \1\ of this section shall be the same as
the exemption for such credit transactions under section 1603(1) of
title 15.
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\1\ See References in Text note below.
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(Pub. L. 93-533, Sec. 7, as added Pub. L. 103-325, title III, Sec. 312,
Sept. 23, 1994, 108 Stat. 2221; amended Pub. L. 104-208, div. A, title
II, Sec. 2103(b), Sept. 30, 1996, 110 Stat. 3009-399.)
References in Text
Subsection (a)(1) of this section, referred to in subsec. (b), was
in the original ``section 7(1) of the Real Estate Settlement Procedures
Act of 1974'', and was translated as referring to section 7(a)(1) of
that Act to reflect the probable intent of Congress.
Prior Provisions
A prior section 2606, Pub. L. 93-533, Sec. 7, Dec. 22, 1974, 88
Stat. 1727, related to seller or his agent confirming that information
concerning an existing residence was disclosed to buyer in writing
before a commitment for a mortgage loan was made, prior to repeal by
Pub. L. 94-205, Sec. 6, Jan. 2, 1976, 89 Stat. 1158.
Amendments
1996--Pub. L. 104-208 designated existing provisions as subsec. (a),
inserted heading, and added subsec. (b).
