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15 U.S.C. § 1603 — Exempted transactions

Federal law — U.S. Code and appendices · legal_authorities

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) 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 [section 1650(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1650/a&num=0&edition=prelim)), in which the total amount financed exceeds $50,000.11 See Adjustments for Inflation note below. (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 (6) Repealed. Pub. L. 96–221, title VI, § 603(c)(3), Mar. 31, 1980, 94 Stat. 169. (7) Loans made, insured, or guaranteed pursuant to a program authorized by title IV of the Higher Education Act of 1965 [[20 U.S.C. 1070](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1070&num=0&edition=prelim) et seq.].

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Source location: Title 15, Chapter 41, § 1603; chapter-041-consumer-credit-protection.md

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 1099 — Transferred

### Statutory Notes #### Codification Section, Pub. L. 97–320, title VII, § 701(b), Oct. 15, 1982, 96 Stat. 1538, which related to exemption from State disclosure requirements, was transferred to [section 1098g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1098g&num=0&edition=prelim).

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20 U.S.C. § 1001 — General definition of institution of higher education

**(a) Institution of higher education** For purposes of this chapter, other than subchapter IV, the term “institution of higher education” means an educational institution in any State that— (1) admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate, or persons who meet the requirements of [section 1091(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1091/d&num=0&edition=prelim); (2) is legally authorized within such State to provide a program of education beyond secondary education; (3) provides an educational program for which the institution awards a bachelor’s degree or provides not less than a 2-year program that is acceptable for full credit toward such a degree, or awards a degree that is acceptable for admission to a graduate or professional degree program, subject to review and approval by the Secretary; (4) is a public or other nonprofit institution; and (5) is accredited by a nationally recognized accrediting agency or association, or if not so accredited, is an institution that has been granted preaccreditation status by such an agency or association that has been recognized by the Secretary for the granting of preaccreditation status, and the Secretary has determined that there is satisfactory assurance that the institution will meet the accreditation standards of such an agency or association within a reasonable time. **(b) Additional institutions included** For purposes of this chapter, other than subchapter IV, the term “institution of higher education” also includes— (1) any school that provides not less than a 1-year program of training to prepare students for gainful employment in a re

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15 U.S.C. § 1602 — Definitions and rules of construction

**(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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20 U.S.C. § 1070 — Repealed. Pub. L. 117–103, div. R, § 103(c)(2), Mar. 15, 2022, 136 Stat. 821

### Statutory Notes Section, Pub. L. 89–329, title IV, § 420R, as added Pub. L. 111–39, title IV, § 401(a)(9), July 1, 2009, 123 Stat. 1939, related to grants for veteran’s dependents, known as Iraq and Afghanistan Service Grants. #### Effective Date of Repeal Repeal effective as if included in title VII of div. FF of Pub. L. 116–260 and subject to the effective date of section 701(b) of title VII (July 1, 2024), see section 103(d) of div. R of Pub. L. 117–103, set out as an Effective Date of 2022 Amendment note under [section 1070a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1070a&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

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15 U.S.C. § 1665a — Use of annual percentage rate in oral disclosures; exceptions

In responding orally to any inquiry about the cost of credit, a creditor, regardless of the method used to compute finance charges, shall state rates only in terms of the annual percentage rate, except that in the case of an open end credit plan, the periodic rate also may be stated and, in the case of an other than open end credit plan where a major component of the finance charge consists of interest computed at a simple annual rate, the simple annual rate also may be stated. The Bureau may, by regulation, modify the requirements of this section or provide an exception from this section for a transaction or class of transactions for which the creditor cannot determine in advance the applicable annual percentage rate.

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12 U.S.C. § 4008 — Regulations and reports by Board

**(a) In general** After notice and opportunity to submit comment in accordance with [section 553(c) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553/c&num=0&edition=prelim), the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe regulations— (1) to carry out the provisions of this chapter; (2) to prevent the circumvention or evasion of such provisions; and (3) to facilitate compliance with such provisions. **(b) Regulations relating to improvement of check processing system** In order to improve the check processing system, the Board shall consider (among other proposals) requiring, by regulation, that— (1) depository institutions be charged based upon notification that a check or similar instrument will be presented for payment; (2) the Federal Reserve banks and depository institutions provide for check truncation; (3) depository institutions be provided incentives to return items promptly to the depository institution of first deposit; (4) the Federal Reserve banks and depository institutions take such actions as are necessary to automate the process of returning unpaid checks; (5) each depository institution and Federal Reserve bank— (A) place its endorsement, and other notations specified in regulations of the Board, on checks in the positions specified in such regulations; and (B) take such actions as are necessary to— (i) automate the process of reading endorsements; and (ii) eliminate unnecessary endorsements; (6) within one business day after an originating depository institution is presented a check (for more than such minimum amount as the Board may prescribe)— (A) such originating depository institution determines whether it will pay such chec

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1667 — Definitions

For purposes of this part— (1) The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,11 See Adjustments for Inflation note below. primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 22 See References in Text note below. of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization. (2) The term “lessee” means a natural person who leases or is offered a consumer lease. (3) The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease. (4) The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease. (5) The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.

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20 U.S.C. § 1098g — Exemption from State disclosure requirements

Loans made, insured, or guaranteed pursuant to a program authorized by title IV of the Higher Education Act of 1965 ([20 U.S.C. 1070](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1070&num=0&edition=prelim) et seq.) shall not be subject to any disclosure requirements of any State law.

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15 U.S.C. § 1603 — Exempted transactions

Page 1462 TITLE 15—COMMERCE AND TRADE § 1603 1 See Adjustments for Inflation note below. System (in this Act [see Short Title of 2009 Amendment note set out under section 1601 of this title] referred to as the ‘Board’) may issue such rules and publish such model forms as it considers necessary to carry out this Act and the amendments made by this Act.’’ Pub. L. 103–325, title I, § 155, Sept. 23, 1994, 108 Stat. 2197, 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 (§§ 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 sec- tion 105(d) of the Truth in Lending Act [15 U.S.C. § 1604(d)].’’ APPLICABILITY OF 1994 AMENDMENTS AND REGULATIONS TO SUBSECTION (aa) MORTGAGES Pub. L. 103–325, title I, § 156, Sept. 23, 1994, 108 Stat. 2197, provided that: ‘‘This subtitle [subtitle B (§§ 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 [now 15 U.S.C. 1602(bb)] (as added by section 152(a) of this Act) con- summated on or after the date on which regulations issued under section 155 [set out above] become effec- tive.’’ § 1603. Exempted transactions This subchapter does not apply to the fol- lowing: (1) Credit transactions involving extensions of credit primarily for busi

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