Notes on 15 U.S.C. § 1602 : US Code - Notes

Search Notes on 15 U.S.C. § 1602 : US Code - Notes

(Pub. L. 90-321, title I, Sec. 103, May 29, 1968, 82 Stat. 147;
Pub. L. 91-508, title V, Sec. 501, Oct. 26, 1970, 84 Stat. 1126;
Pub. L. 93-495, title III, Sec. 303, Oct. 28, 1974, 88 Stat. 1511;
Pub. L. 94-222, Sec. 3(a), Feb. 27, 1976, 90 Stat. 197; Pub. L. 96-
221, title VI, Secs. 602, 603(a), (b), 604, 612(a)(2), (b), Mar.
31, 1980, 94 Stat. 168, 169, 175, 176; Pub. L. 97-25, title I, Sec.
102, July 27, 1981, 95 Stat. 144; Pub. L. 97-320, title VII, Sec.
702(a), Oct. 15, 1982, 96 Stat. 1538; Pub. L. 103-325, title I,
Secs. 152(a)-(c), 154(a), Sept. 23, 1994, 108 Stat. 2190, 2191,
2196.)
REFERENCES IN TEXT
The Riegle Community Development and Regulatory Improvement Act
of 1994, referred to in subsec. (aa)(2)(A)(i), is Pub. L. 103-325,
Sept. 23, 1994, 108 Stat. 2160. Section 155 of the Act is set out
below. For classification of subtitle B of title I of the Act,
known as the "Home Ownership and Equity Protection Act of 1994",
see Short Title of 1994 Amendment note set out under section 1601
of this title. For complete classification of this Act to the Code,
see Short Title note set out under section 4701 of Title 12, Banks
and Banking, and Tables.
AMENDMENTS
1994 - Subsec. (f). Pub. L. 103-325, Sec. 152(c), inserted at end
"Any person who originates 2 or more mortgages referred to in
subsection (aa) of this section in any 12-month period or any
person who originates 1 or more such mortgages through a mortgage
broker shall be considered to be a creditor for purposes of this
subchapter."
Subsec. (u). Pub. L. 103-325, Sec. 152(b), substituted "the due
dates" for "and the due dates" and inserted before period at end ",
and the disclosures required by section 1639(a) of this title".
Subsec. (aa). Pub. L. 103-325, Sec. 152(a), added subsec. (aa).
Subsec. (bb). Pub. L. 103-325, Sec. 154(a), added subsec. (bb).
1982 - Subsec. (f). Pub. L. 97-320 struck out provision that a
person who regularly arranged for the extension of consumer credit
payable in more than four installments or for which the payment of
a finance charge was or might have been required from persons not
creditors was a creditor, and provision that this subchapter
applied to any creditor, irrespective of his or its status as a
natural person or any type of organization, who was a card issuer.
1981 - Subsecs. (x) to (z). Pub. L. 97-25 added subsec. (z) and,
effective Apr. 10, 1982, redesignated subsecs. (x), (y), and (z) as
(y), (z), and (x), respectively.
1980 - Subsec. (f). Pub. L. 96-221, Sec. 602(a), substituted
provisions defining term "creditor" as referring only to a person
who both regularly extends consumer credit, subject to specified
conditions, and is the person to whom the debt arising is initially
payable on the face of the indebtedness or by agreement, and
notwithstanding such provisions, also refers to a person regularly
arranging for the extension of consumer credit, and a card issuer
and any person honoring the credit card, subject to specified
conditions, for provisions defining term "creditor" as referring
only to creditors who regularly extend, or arrange for the
extension of credit payable in more than four installments or where
a finance charge is or may be required, and substituted "(a)(5)"
for "(a)(6)", "(a)(6)" for "(a)(7)", "(a)(7)" for "(a)(8)",
"(b)(8)" for "(b)(9)", and "(b)(10)" for "(b)(11)".
Subsec. (g). Pub. L. 96-221, Sec. 602(b), substituted "in which
the seller is a creditor" for "with respect to which credit is
extended or arranged by the seller".
Subsec. (h). Pub. L. 96-221, Sec. 603(a), struck out
applicability to agricultural purposes.
Subsec. (i). Pub. L. 96-221, Sec. 604, inserted provisions
respecting the reasonable contemplations of the creditor, and
verification of credit information from time to time.
Subsecs. (s), (t). Pub. L. 96-221, Sec. 603(b), added subsecs.
(s) and (t). Former subsecs. (s) and (t) redesignated (x) and (y),
respectively.
Subsec. (u). Pub. L. 96-221, Sec. 612(a)(2), added subsec. (u).
Subsecs. (v), (w). Pub. L. 96-221, Sec. 612(b), added subsecs.
(v) and (w).
Subsecs. (x), (y). Pub. L. 96-221, Sec. 603(b), redesignated
former subsecs. (s) and (t) as (x) and (y), respectively.
1976 - Subsecs. (p) to (t). Pub. L. 94-222 added subsecs. (p) and
(q) and redesignated former subsecs. (p) to (r) as (r) to (t),
respectively.
1974 - Subsec. (f). Pub. L. 93-495 inserted provision requiring
the credit to be payable by agreement in more than four
installments and defining term "creditor" for the purposes of the
requirements imposed under the enumerated sections of this chapter.
1970 - Subsecs. (j) to (r). Pub. L. 91-508 added subsecs. (j) to
(o) and redesignated former subsecs. (j) to (l) as (p) to (r),
respectively.
EFFECTIVE DATE OF 1982 AMENDMENT
Section 702(b) of Pub. L. 97-320 provided that: "The amendment
made by subsection (a) [amending this section] shall take effect on
the effective date of title VI of the Depository Institutions
Deregulation and Monetary Control Act of 1980 [two years and six
months after Mar. 31, 1980, see Effective Date of 1980 Amendment
note below]."
EFFECTIVE DATE OF 1981 AMENDMENT
Section 102(b) of Pub. L. 97-25 provided that the amendment made
by that section is effective Apr. 10, 1982.
EFFECTIVE DATE OF 1980 AMENDMENT
Section 625 of title VI of Pub. L. 96-221, as amended by Pub. L.
97-25, title III, Sec. 301, July 27, 1981, 95 Stat. 145; Pub. L. 97-
110, title III, Sec. 301, Dec. 26, 1981, 95 Stat. 1515, provided
that:
"(a) Except as provided in section 608(b) [set out as an
Effective Date of 1980 Amendment note under section 1607 of this
title], the amendments made by this title [enacting section 1646 of
this title, amending sections 57a, 1602 to 1606, 1610, 1612, 1613,
1631, 1632, 1635, 1637, 1638, 1640, 1641, 1643, 1663, 1664, 1665a,
1666, 1666d, 1667d, and 1691f of this title, repealing sections
1614, 1636, and 1639 of this title, and enacting provisions set out
as a note under section 1601 of this title] shall take effect upon
the expiration of two years and six months after the date of
enactment of this title [Mar. 31, 1980].
"(b) All regulations, forms, and clauses required to be
prescribed under the amendments made by this title shall be
promulgated at least one year prior to such effective date.
"(c) Notwithstanding subsections (a) and (b), any creditor may
comply with the amendments made by this title, in accordance with
the regulations, forms, and clauses prescribed by the Board, prior
to such effective date. Any creditor who elects to comply with such
amendments and any assignee of such a creditor shall be subject to
the provisions of sections 130 and 131 of the Truth in Lending Act,
as amended by sections 615 and 616, respectively, of this title
[sections 1640 and 1641 of this title]."
EFFECTIVE DATE OF 1974 AMENDMENT
For effective date of amendment by Pub. L. 93-495, see section
308 of Pub. L. 93-495, set out as an Effective Date note under
section 1666 of this title.
REGULATIONS
Section 155 of title I of Pub. L. 103-325 provided that: "Not
later than 180 days after the date of enactment of this Act [Sept.
23, 1994], the Board of Governors of the Federal Reserve System
shall issue such regulations as may be necessary to carry out this
subtitle [subtitle B (Secs. 151-158) of title I of Pub. L. 103-325,
see Short Title of 1994 Amendment note set out under section 1601
of this title], and such regulations shall become effective on the
date on which disclosure regulations are required to become
effective under section 105(d) of the Truth in Lending Act [15
U.S.C. Sec. 1604(d)]."
APPLICABILITY OF 1994 AMENDMENTS AND REGULATIONS TO SUBSECTION (AA)
MORTGAGES
Section 156 of title I of Pub. L. 103-325 provided that: "This
subtitle [subtitle B (Secs. 151-158) of title I of Pub. L. 103-325,
see Short Title of 1994 Amendment note set out under section 1601
of this title], and the amendments made by this subtitle, shall
apply to every mortgage referred to in section 103(aa) of the Truth
in Lending Act [15 U.S.C. 1602(aa)] (as added by section 152(a) of
this Act) consummated on or after the date on which regulations
issued under section 155 [set out above] become effective."