Editorial Notes
Amendments
2010—Par. (3). Pub. L. 111–203, § 1100E(a)(1), substituted “$50,000” for “$25,000”.
Pars. (4), (5). Pub. L. 111–203, § 1100A(2), substituted “Bureau” for “Board”.
2008—Par. (3). Pub. L. 110–315 inserted “and other than private education loans (as that term is defined in section 1650(a) of this title)” after “consumer”.
1996—Pars. (5) to (7). Pub. L. 104–208 added par. (5) and redesignated former pars. (5) and (6) as (6) and (7), respectively.
1982—Par. (6). Pub. L. 97–320 added par. (6).
1980—Par. (1). Pub. L. 96–221, § 603(c)(1), inserted provision relating to applicability to agricultural purposes.
Par. (3). Pub. L. 96–221, § 603(c)(2), substituted provision excepting security interest in real property, or in personal property used as the consumer’s principal dwelling, for provisions excepting real property transactions.
Par. (5). Pub. L. 96–221, § 603(c)(3), struck out par. (5) which related to credit transactions primarily for agricultural purposes where the amount financed exceeds $25,000.
1974—Par. (5). Pub. L. 93–495 added par. (5).
Statutory Notes and Related Subsidiaries
Effective Date of 1982 Amendment
Section 701(c) of Pub. L. 97–320, as amended by Pub. L. 97–457, § 31, Jan. 12, 1983, 96 Stat. 2511, provided that:
“The amendment made by subsection (a) [amending this section] and subsection (b) [enacting
section 1099 of Title 20, Education] shall be effective with respect to loans made prior to, on, and after the date of the enactment of this Act [
Oct. 15, 1982].”
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–221 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 a note under section 1602 of this title.
Exceptions in Areas Where Major Disaster Exists
Board of Governors of Federal Reserve System authorized to make exceptions to requirements of this subchapter for transactions within an area in which the President has determined that a major disaster exists, if Board determines that exception can reasonably be expected to alleviate hardships to the public that outweigh possible adverse effects, see section 50002 of Pub. L. 105–18, set out as a note under section 4008 of Title 12, Banks and Banking, and similar provisions listed thereunder.
Adjustments for Inflation
Pub. L. 111–203, title X, § 1100E(b), July 21, 2010, 124 Stat. 2111, provided that:
“On and after
December 31, 2011, the
Bureau [of Consumer Financial Protection] shall adjust annually the dollar amounts described in sections 104(3) and 181(1) of the
Truth in Lending Act [
15 U.S.C. 1603(3), 1667(1)] (as amended by this section), by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the
Bureau of Labor Statistics, rounded to the nearest multiple of $100, or $1,000, as applicable.”
Threshold amounts in effect during particular periods of time can be found in Code of Federal Regulations, Title 12, Supplement I to Part 1013, under Section 1013.2—Definitions, under 2(e)—Consumer Lease, paragraph 11.
