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15 U.S.C. § 1636 — Repealed. Pub. L. 96–221, title VI, § 614(e)(1), Mar. 31, 1980, 94 Stat. 180
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 90–321, title I, § 126, May 29, 1968, 82 Stat. 153, related to contents of periodic statements.
#### Effective Date of Repeal
Repeal effective on expiration of two years and six months after Mar. 31, 1980, 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 section 625 of Pub. L. 96–221, set out as an Effective Date of 1980 Amendment note under [section 1602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1602&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-15/section-1636-repealed-pub-l-96221-title-vi-614-e-1-mar-31-1980-94-stat-180--c4010ca335.md
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Source location: Title 15, Chapter 41, § 1636; chapter-041-consumer-credit-protection.md
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### Statutory Notes
Section, Pub. L. 90–321, title I, § 126, May 29, 1968, 82 Stat. 153, related to contents of periodic statements.
#### Effective Date of Repeal
Repeal effective on expiration of two years and six months after Mar. 31, 1980, 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 section 625 of Pub. L. 96–221, set out as an Effective Date of 1980 Amendment note under [section 1602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1602&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.
**(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection.
**(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System.
**(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.
**(e)** The term “person” means a natural person or an organization.
**(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
**(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge
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Federal law — U.S. Code and appendices · legal_authorities
Page 1480
TITLE 15—COMMERCE AND TRADE
§ 1636
rescission rights after the initiation of any ju-
dicial or nonjudicial foreclosure process on the
principal dwelling of the obligor securing an
extension of credit, the disclosure of the fi-
nance charge and other disclosures affected by
any finance charge shall be treated as being
accurate for purposes of this section if the
amount disclosed as the finance charge does
not vary from the actual finance charge by
more than $35 or is greater than the amount
required to be disclosed under this subchapter.
(3) Right of recoupment under State law
Nothing in this subsection affects a con-
sumer’s right of rescission in recoupment
under State law.
(4) Applicability
This subsection shall apply to all consumer
credit
transactions
in
existence
or
con-
summated on or after September 30, 1995.
(Pub. L. 90–321, title I, § 125, May 29, 1968, 82 Stat.
153; Pub. L. 93–495, title IV, §§ 404, 405, 412, Oct.
28, 1974, 88 Stat. 1517, 1519; Pub. L. 96–221, title
VI, § 612(a)(1), (3)–(6), Mar. 31, 1980, 94 Stat. 175,
176; Pub. L. 98–479, title II, § 205, Oct. 17, 1984, 98
Stat. 2234; Pub. L. 104–29, §§ 5, 8, Sept. 30, 1995, 109
Stat. 274, 275; Pub. L. 111–203, title X, § 1100A(2),
July 21, 2010, 124 Stat. 2107.)
Editorial Notes
REFERENCES IN TEXT
Section 1602(w) of this title, referred to in subsec.
(e)(1), was redesignated section 1602(x) of this title by
Pub. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124
Stat. 2107.
AMENDMENTS
2010—Subsecs. (a), (d), (h), (i)(1)(B). Pub. L. 111–203
substituted ‘‘Bureau’’ for ‘‘Board’’ wherever appearing.
1995—Subsec. (h). Pub. L. 104–29, § 5, added subsec. (h).
Subsec. (i). Pub. L. 104–29, § 8, added subsec. (i).
1984—Subsec. (e). Pub. L. 98–479 redesignated par. (1
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1636
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