15 U.S.C. § 1691b | Promulgation of regulations by the Bureau

(a)

In general

The Bureau shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.

(b)

Exempt transactions

Such regulations may exempt from the provisions of this subchapter any class of transactions that are not primarily for personal, family, or household purposes, or business or commercial loans made available by a financial institution, except that a particular type within a class of such transactions may be exempted if the Bureau determines, after making an express finding that the application of this subchapter or of any provision of this subchapter of such transaction would not contribute substantially to effecting the purposes of this subchapter.

(c)

Limitation on exemptions

1 So in original. Probably should be “subsection,”.

An exemption granted pursuant to subsection (b) shall be for no longer than five years and shall be extended only if the Bureau makes a subsequent determination, in the manner described by such paragraph, that such exemption remains appropriate.

(d)

Maintenance of records

2 So in original.

3 So in original. Probably should be “subsection”.

Pursuant to Bureau regulations, entities making business or commercial loans shall maintain such records or other data relating to such loans as may be necessary to evidence compliance with this subsection  or enforce any action pursuant to the authority of this chapter. In no event shall such records or data be maintained for a period of less than one year. The Bureau shall promulgate regulations to implement this paragraph  in the manner prescribed by chapter 5 of title 5.

(e)

Notice of denial of loan

The Bureau shall provide in regulations that an applicant for a business or commercial loan shall be provided a written notice of such applicant’s right to receive a written statement of the reasons for the denial of such loan.

(f)

Board authority

section 5519(a) of title 12Notwithstanding subsection (a), the Board shall prescribe regulations to carry out the purposes of this subchapter with respect to a person described in . These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.

(g)

Deference

4 So in original. Probably should be followed by a period.

Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 

Pub. L. 90–321, title VII, § 703 Pub. L. 93–495, title V, § 503Oct. 28, 197488 Stat. 1522 Pub. L. 94–239, § 3(a)Mar. 23, 197690 Stat. 252 Pub. L. 100–533, title III, § 301Oct. 25, 1988102 Stat. 2692 Pub. L. 111–203, title X, § 1085(1)July 21, 2010124 Stat. 2083(, as added , , ; amended , , ; , , ; , (3), , .)

Editorial Notes

Amendments

Pub. L. 111–203, § 1085(3)(A)2010—, substituted “Promulgation of regulations by the Bureau” for “Regulations” in section catchline.

Pub. L. 111–203, § 1085(1), substituted “Bureau” for “Board” wherever appearing.

Pub. L. 111–203, § 1085(3)(B)Subsecs. (a) to (e). –(E), in subsec. (a), struck out “(a)” designation before “(1)”, redesignated subsec. (a) pars. (1) to (5) as subsecs. (a) to (e), respectively, in subsec. (c) substituted “subsection (b)” for “paragraph (2)”, and struck out former subsec. (b), which related to establishment of a Consumer Advisory Council to advise and consult with the Board.

Pub. L. 111–203, § 1085(3)(F)Subsecs. (f), (g). , added subsecs. (f) and (g).

Pub. L. 100–5331988—Subsec. (a). amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The Board shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith. In particular, such regulations may exempt from one or more of the provisions of this subchapter any class of transactions not primarily for personal, family, or household purposes, if the Board makes an express finding that the application of such provision or provisions would not contribute substantially to carrying out the purposes of this subchapter. Such regulations shall be prescribed as soon as possible after the date of enactment of this Act, but in no event later than the effective date of this Act.”

Pub. L. 94–2391976— designated existing provisions as subsec. (a), inserted provisions exempting from regulations of this subchapter any class of transactions not primarily for personal, family, or household purposes to be determined by the Board, and added subsec. (b).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203 section 1100H of Pub. L. 111–203 section 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 1976 Amendment

Pub. L. 94–239Mar. 23, 1976section 708 of Pub. L. 90–321 section 1691 of this titleAmendment by effective , see , set out as an Effective Date note under .