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§ 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]
[CITE: 12USC3804]

 
                       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 
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.

(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.)


                               Amendments

    1983--Subsec. (a). Pub. L. 98-181 inserted ``(or to any class or 
type of alternative mortgage transaction)''.


                             Effective Date

    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.



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