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12 U.S.C. § 3804 — Applicability of preemption provisions
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The provisions of [section 3803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) 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 prio
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Source file: Laws/federal/codes/united-states-code/title-12/section-3804-applicability-of-preemption-provisions--369061c551.md
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Source location: Title 12, Chapter 39, § 3804; chapter-039-alternative-mortgage-transactions.md
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**(a)** The provisions of [section 3803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress hereby finds that—
(1) increasingly volatile and dynamic changes in interest rates have seriously impared 11 So in original. Probably should be “impaired”. the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;
(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980’s; and
(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.
**(b)** It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3801
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General authority; compliance by banks, credit unions and all other housing creditors with applicable regulations** In order to prevent discrimination against State-chartered depository institutions, and other nonfederally chartered housing creditors, with respect to making, purchasing, and enforcing alternative mortgage transactions, housing creditors may make, purchase, and enforce alternative mortgage transactions, except that this section shall apply—
(1) with respect to banks, only to transactions made on or before the designated transfer date, as determined under section 1062 of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5582](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5582&num=0&edition=prelim)], in accordance with regulations governing alternative mortgage transactions as issued by the Comptroller of the Currency for national banks, to the extent that such regulations are authorized by rulemaking authority granted to the Comptroller of the Currency with regard to national banks under laws other than this section;
(2) with respect to credit unions, only to transactions made on or before the designated transfer date, as determined under section 1062 of the Consumer Financial Protection Act of 2010, in accordance with regulations governing alternative mortgage transactions as issued by the National Credit Union Administration Board for Federal credit unions, to the extent that such regulations are authorized by rulemaking authority granted to the National Credit Union Administration with regard to Federal credit unions under laws other than this section;
(3) with respect to all other housing creditors, including without limitation, savings and loan associations, mutual savings banks, and savings banks, only t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3803
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Federal law — U.S. Code and appendices · legal_authorities
Page 1572
TITLE 12—BANKS AND BANKING
§ 3804
1 So in original. The comma probably should not appear.
alternative mortgage transactions as issued
by the National Credit Union Administration
Board for Federal credit unions, to the extent
that such regulations are authorized by rule-
making authority granted to the National
Credit Union Administration with regard to
Federal credit unions under laws other than
this section;
(3) with respect to all other housing credi-
tors, including without limitation, savings
and loan associations, mutual savings banks,
and savings banks, only to transactions made
on or before the designated transfer date, as
determined under section 1062 of the Consumer
Financial Protection Act of 2010, in accord-
ance with regulations governing alternative
mortgage transactions as issued by the Direc-
tor of the Office of Thrift Supervision for fed-
erally chartered savings and loan associations,
to the extent that such regulations are au-
thorized by rulemaking authority granted to
the Director of the Office of Thrift Supervision
with regard to federally chartered savings and
loan associations under laws other than this
section; and
(4) with respect to transactions made after
the designated transfer date, only in accord-
ance with regulations governing alternative
mortgage transactions, as issued by the Bu-
reau of Consumer Financial Protection for fed-
erally chartered housing creditors, in accord-
ance with the rulemaking authority granted
to the Bureau of Consumer Financial Protec-
tion with regard to federally chartered hous-
ing creditors under provisions of law other
than this section.
(b) Transactions deemed in compliance with ap-
plicable regulations
For the purpose of determining the applica-
bility of this section, an
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3804
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