References in Text
The Riegle Community Development and Regulatory Improvement Act of 1994, referred to in subsec. (bb)(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.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, referred to in subsec. (dd)(3), is title V of div. A of Pub. L. 110–289, July 30, 2008, 122 Stat. 2810, also known as the S.A.F.E. Mortgage Licensing Act of 2008, which is classified generally to chapter 51 (§ 5101 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 5101 of Title 12 and Tables.
The National Housing Act, referred to in subsec. (ee)(1)(B), (2)(B), is act June 27, 1934, ch. 847, 48 Stat. 1246. Title I of the Act is classified generally to subchapter II (§ 1702 et seq.) of chapter 13 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 1701 of Title 12 and Tables.
Amendments
2018—Subsecs. (cc), (dd). Pub. L. 115–174, § 107(1), redesignated subsec. (cc), relating to definitions relating to mortgage origination and residential mortgage loans, as (dd). Former subsec. (dd) redesignated (ee).
Subsec. (dd)(2)(C). Pub. L. 115–174, § 107(2), added subpar. (C) and struck out former subpar. (C) which read as follows: “does not include any person who is (i) not otherwise described in subparagraph (A) or (B) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph, or (ii) an employee of a retailer of manufactured homes who is not described in clause (i) or (iii) of subparagraph (A) and who does not advise a consumer on loan terms (including rates, fees, and other costs);”.
Subsec. (ee). Pub. L. 115–174, § 107(1), redesignated subsec. (dd) as (ee).
2010—Pub. L. 111–203, § 1100A(2), which directed substitution of “Bureau” for “Board” wherever appearing, was executed by making the substitution wherever appearing in subsecs. (g), (z), and (bb)(2)(A), (C), (4)(D), but not in subsec. (c), to reflect the probable intent of Congress.
Subsecs. (b) to (z). Pub. L. 111–203, § 1100(A)(1), added subsec. (b) and redesignated former subsecs. (b) to (z) as (c) to (aa), respectively.
Subsec. (bb). Pub. L. 111–203, § 1431(a), which directed amendment of subsec. (aa) by inserting subsec. heading, adding par. (1), and striking out former par. (1), was executed by making the amendment to subsec. (bb) to reflect the probable intent of Congress and the redesignation of subsec. (aa) as (bb) by Pub. L. 111–203, § 1100(A)(1). See below. Text of former par. (1) read as follows: “A mortgage referred to in this subsection means a consumer credit transaction that is secured by the consumer’s principal dwelling, other than a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, if—
“(A) the annual percentage rate at consummation of the transaction will exceed by more than 10 percentage points the yield on Treasury securities having comparable periods of maturity on the fifteenth day of the month immediately preceding the month in which the application for the extension of credit is received by the creditor; or
“(B) the total points and fees payable by the consumer at or before closing will exceed the greater of—
“(i) 8 percent of the total loan amount; or
“(ii) $400.”
Pub. L. 111–203, § 1100(A)(1), redesignated subsec. (aa) as (bb). Former subsec. (bb) redesignated (cc).
Subsec. (bb)(2)(B). Pub. L. 111–203, § 1431(b), which directed amendment of subsec. (aa)(2) by adding subpar. (B) and striking out former subpar. (B), was executed by making the amendment to subsec. (bb)(2) to reflect the probable intent of Congress and the redesignation of subsec. (aa) as (bb) by Pub. L. 111–203, § 1100(A)(1). See above. Text of former subpar. (B) read as follows: “An increase or decrease under subparagraph (A) may not result in the number of percentage points referred to in subparagraph (A) being—
“(i) less that 8 percentage points; or
“(ii) greater than 12 percentage points.”
Subsec. (bb)(4)(B). Pub. L. 111–203, § 1431(c)(1)(A), which directed amendment of subsec. (aa)(4) by adding subpar. (B) and struck out former subpar. (B), was executed by making the amendment to subsec. (bb)(4) to reflect the probable intent of Congress and the redesignation of subsec. (aa) as (bb) by Pub. L. 111–203, § 1100(A)(1). See above. Text of former subpar. (B) read as follows: “all compensation paid to mortgage brokers;”.
Subsec. (bb)(4)(D) to (G). Pub. L. 111–203, § 1431(c)(1)(B), (C), which directed amendment of subsec. (aa)(4) by adding subpars. (D) to (F) and redesignating former subpar. (D) as (G), was executed by making the amendment to subsec. (bb)(4) to reflect the probable intent of Congress and the redesignation of subsec. (aa) as (bb) by Pub. L. 111–203, § 1100(A)(1). See above.
Subsec. (bb)(5), (6). Pub. L. 111–203, § 1431(c)(2), which directed amendment of subsec. (aa) by adding par. (5) and redesignating former par. (5) as (6), was executed by making the amendment to subsec. (bb) to reflect the probable intent of Congress and the redesignation of subsec. (aa) as (bb) by Pub. L. 111–203, § 1100(A)(1). See above.
Subsec. (cc). Pub. L. 111–203, § 1401, added subsec. (cc) relating to definitions relating to mortgage origination and residential mortgage loans.
Pub. L. 111–203, § 1100(A)(1), redesignated subsec. (bb) as (cc) defining the term “reverse mortgage transaction”.
Subsec. (dd). Pub. L. 111–203, § 1431(d), added subsec. (dd).
2009—Subsec. (i). Pub. L. 111–24 substituted “terms ‘open end credit plan’ and ‘open end consumer credit plan’ mean” for “term ‘open end credit plan’ means” in first sentence and inserted “or open end consumer credit plan” after “credit plan” wherever appearing in second sentence.
2008—Subsec. (f). Pub. L. 110–315 inserted at end “The term ‘creditor’ includes a private educational lender (as that term is defined in section 1650 of this title) for purposes of this subchapter.”
1994—Subsec. (f). Pub. L. 103–325, § 152(c), inserted at end “Any person who originates 2 or more mortgages referred to in subsection (aa) 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, § 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, § 152(a), added subsec. (aa).
Subsec. (bb). Pub. L. 103–325, § 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, § 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, § 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, § 603(a), struck out applicability to agricultural purposes.
Subsec. (i). Pub. L. 96–221, § 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, § 603(b), added subsecs. (s) and (t). Former subsecs. (s) and (t) redesignated (x) and (y), respectively.
Subsec. (u). Pub. L. 96–221, § 612(a)(2), added subsec. (u).
Subsecs. (v), (w). Pub. L. 96–221, § 612(b), added subsecs. (v) and (w).
Subsecs. (x), (y). Pub. L. 96–221, § 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 2010 Amendment
Amendment by section 1100A(1), (2) of Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Amendment by sections 1401 and 1431 of Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of this title.
Effective Date of 2009 Amendment
Pub. L. 111–24, § 3, May 22, 2009, 123 Stat. 1735, provided that:
“This Act [enacting sections 1616, 1651, 1665c to 1665e, 1666i–1, 1666i–2, and 1693l–1 of this title and section 1a–7b of Title 16, Conservation, amending this section and sections 1632, 1637, 1640, 1650, 1666b, 1666c, 1666j, 1681b, 1681j, and 1693m to 1693r of this title, enacting provisions set out as notes under this section and sections 1637, 1638, 1666b, 1681j, and 1693l–1 of this title and section 5311 of Title 31, Money and Finance, and amending provisions set out as notes under sections 1638 and 1693 of this title] and the amendments made by this Act shall become effective 9 months after the date of enactment of this Act [May 22, 2009], except as otherwise specifically provided in this Act.”
Effective Date of 1982 Amendment
Pub. L. 97–320, title VII, § 702(b), Oct. 15, 1982, 96 Stat. 1538, 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
Pub. L. 96–221, title VI, § 625, Mar. 31, 1980, 94 Stat. 185, as amended by Pub. L. 97–25, title III, § 301, July 27, 1981, 95 Stat. 145; Pub. L. 97–110, title III, § 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
Pub. L. 111–24, § 2, May 22, 2009, 123 Stat. 1735, provided that:
“The Board of Governors of the Federal Reserve 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 section 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) consummated on or after the date on which regulations issued under section 155 [set out above] become effective.”
