§ 3804. — Applicability of preemption provisions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
TITLE 12--BANKS AND BANKING
CHAPTER 39--ALTERNATIVE MORTGAGE TRANSACTIONS
Sec. 3804. Applicability of preemption provisions
(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
(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.
(Pub. L. 97-320, title VIII, Sec. 805, Oct. 15, 1982, 96 Stat. 1547;
Pub. L. 98-181, title IV, Sec. 472, Nov. 30, 1983, 97 Stat. 1237.)
1983--Subsec. (a). Pub. L. 98-181 inserted ``(or to any class or
type of alternative mortgage transaction)''.
Section effective Oct. 15, 1982, see section 807(a) of Pub. L. 97-
320, set out as a note under section 3801 of this title.