12 CFR 226.29 - State exemptions.

§ 226.29 State exemptions.
(a) General rule. Any State may apply to the Board to exempt a class of transactions within the State from the requirements of chapter 2 (Credit transactions) or chapter 4 (Credit billing) of the Act and the corresponding provisions of this regulation. The Board shall grant an exemption if it determines that:
(1) The State law is substantially similar to the Federal law or, in the case of chapter 4, affords the consumergreater protection than the Federal law; and
(2) There is adequate provision for enforcement.
(b) Civil liability.
(1) No exemptions granted under this section shall extend to the civil liability provisions ofsections 130 and 131 of the Act.
(2) If an exemption has been granted, the disclosures required by the applicable State law (except any additional requirements not imposed by Federal law) shall constitute the disclosures required by this Act.
(c) Applications. The procedures under which a State may apply for an exemption under this section are set forth in appendix B.
[46 FR 20892, Apr. 7, 1981; 46 FR 29246, June 1, 1981]
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§ 226.29 State exemptions.

(a) General rule. Any State may apply to the Board to exempt a class of transactions within the State from the requirements of chapter 2 (Credit transactions) or chapter 4 (Credit billing) of the Act and the corresponding provisions of this regulation. The Board shall grant an exemption if it determines that:

(1) The State law is substantially similar to the Federal law or, in the case of chapter 4, affords the consumer greater protection than the Federal law; and

(2) There is adequate provision for enforcement.

(b) Civil liability.

(1) No exemptions granted under this section shall extend to the civil liability provisions of sections 130 and 131 of the Act.

(2) If an exemption has been granted, the disclosures required by the applicable State law (except any additional requirements not imposed by Federal law) shall constitute the disclosures required by this Act.

(c) Applications. The procedures under which a State may apply for an exemption under this section are set forth in appendix B.

[46 FR 20892, Apr. 7, 1981; 46 FR 29246, June 1, 1981]

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United States Code
Statutes at Large

Title 12 published on 2015-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 226 after this date.

  • 2015-11-27; vol. 80 # 228 - Friday, November 27, 2015
    1. 80 FR 73943 - Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, FEDERAL RESERVE SYSTEM, BUREAU OF CONSUMER FINANCIAL PROTECTION, Office of the Comptroller of the Currency
      Final rule; official interpretations; technical amendment.
      This final rule is effective January 1, 2016.
      12 CFR Part 34