US Code

Public Law 119-73 (01/23/2026)

15 U.S.C. § 1603

Exempted transactions

This subchapter does not apply to the following:
(1)
Credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, or to government or governmental agencies or instrumentalities, or to organizations.
(2)
Transactions in securities or commodities accounts by a broker-dealer registered with the Securities and Exchange Commission.
(3)
section 1650(a) of this title1
1 See Adjustments for Inflation note below.
Credit transactions, other than those in which a security interest is or will be acquired in real property, or in personal property used or expected to be used as the principal dwelling of the consumer and other than private education loans (as that term is defined in ), in which the total amount financed exceeds $50,000.
(4)
Transactions under public utility tariffs, if the Bureau determines that a State regulatory body regulates the charges for the public utility services involved, the charges for delayed payment, and any discount allowed for early payment.
(5)
Transactions for which the Bureau, by rule, determines that coverage under this subchapter is not necessary to carry out the purposes of this subchapter.
(6)
Pub. L. 96–221, title VI, § 603(c)(3)94 Stat. 169 Repealed. , , .
(7)
20 U.S.C. 1070 Loans made, insured, or guaranteed pursuant to a program authorized by title IV of the Higher Education Act of 1965 [ et seq.].

Pub. L. 90–321, title I, § 10482 Stat. 147Pub. L. 93–495, title IV, § 40288 Stat. 1517Pub. L. 96–221, title VI, § 603(c)94 Stat. 169Pub. L. 97–320, title VII, § 701(a)96 Stat. 1538Pub. L. 104–208, div. A, title II, § 2102(a)110 Stat. 3009–398Pub. L. 110–315, title X, § 1022122 Stat. 3488Pub. L. 111–203, title X124 Stat. 2107(, , ; , , ; , , ; , , ; , , ; , , ; , §§ 1100A(2), 1100E(a)(1), , , 2111.)

Editorial Notes

References in Text

Pub. L. 89–32979 Stat. 1219section 1001 of Title 20The Higher Education Act of 1965, referred to in par. (7), is , , . Title IV of the Act is classified generally to subchapter IV (§ 1070 et seq.) of chapter 28 of Title 20, Education. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 111–203, § 1100E(a)(1)2010—Par. (3). , substituted “$50,000” for “$25,000”.

Pub. L. 111–203, § 1100A(2)Pars. (4), (5). , substituted “Bureau” for “Board”.

Pub. L. 110–315section 1650(a) of this title2008—Par. (3). inserted “and other than private education loans (as that term is defined in )” after “consumer”.

Pub. L. 104–2081996—Pars. (5) to (7). added par. (5) and redesignated former pars. (5) and (6) as (6) and (7), respectively.

Pub. L. 97–3201982—Par. (6). added par. (6).

Pub. L. 96–221, § 603(c)(1)1980—Par. (1). , inserted provision relating to applicability to agricultural purposes.

Pub. L. 96–221, § 603(c)(2)Par. (3). , substituted provision excepting security interest in real property, or in personal property used as the consumer’s principal dwelling, for provisions excepting real property transactions.

Pub. L. 96–221, § 603(c)(3)Par. (5). , struck out par. (5) which related to credit transactions primarily for agricultural purposes where the amount financed exceeds $25,000.

Pub. L. 93–4951974—Par. (5). added par. (5).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203section 1100H of Pub. L. 111–203section 552a of Title 5Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.

Effective Date of 1982 Amendment

Section 701(c) of Pub. L. 97–320Pub. L. 97–457, § 3196 Stat. 2511

section 1099 of Title 20“The amendment made by subsection (a) [amending this section] and subsection (b) [enacting , Education] shall be effective with respect to loans made prior to, on, and after the date of the enactment of this Act [].”
, as amended by , , , provided that:

Effective Date of 1980 Amendment

Pub. L. 96–221section 625 of Pub. L. 96–221section 1602 of this titleAmendment by effective on expiration of two years and six months after , with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see , set out as a note under .

Effective Date of 1974 Amendment

Pub. L. 93–495section 416 of Pub. L. 93–495section 1665a of this titleAmendment by effective , see , set out as an Effective Date note under .

Exceptions in Areas Where Major Disaster Exists

section 50002 of Pub. L. 105–18section 4008 of Title 12Board of Governors of Federal Reserve System authorized to make exceptions to requirements of this subchapter for transactions within an area in which the President has determined that a major disaster exists, if Board determines that exception can reasonably be expected to alleviate hardships to the public that outweigh possible adverse effects, see , set out as a note under , Banks and Banking, and similar provisions listed thereunder.

Adjustments for Inflation

Pub. L. 111–203, title X, § 1100E(b)124 Stat. 2111

15 U.S.C. 1603(3)“On and after , the Bureau [of Consumer Financial Protection] shall adjust annually the dollar amounts described in sections 104(3) and 181(1) of the Truth in Lending Act [, 1667(1)] (as amended by this section), by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of $100, or $1,000, as applicable.”
, , , provided that: Threshold amounts in effect during particular periods of time can be found in Code of Federal Regulations, Title 12, Supplement I to Part 1013, under Section 1013.2—Definitions, under 2(e)—Consumer Lease, paragraph 11.