§ 2606. Exempted transactions

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1994

   Real Estate Settlement Procedures Act of 1974

   Pub. L. 93–533 § 7 · 88 Stat. 1724

   Enacted · 12 U.S.C. § 2606

   Pub. L. 93–533, § 7, as added Pub. L. 103–325, title III, § 312, Sept. 23, 1994, 108 Stat. 2221

   Source evidence

   Code source credit
   Pub. L. 93–533, § 7, as added Pub. L. 103–325, title III, § 312, Sept. 23, 1994, 108 Stat. 2221

   Enacted provision · exact public law section
   Sec. 7. disclosure of previous selling price of existing real property (a) No lender shall make any commitment for a federally 12 USC 2606. related mortgage loan on a residence on which construction has been completed more than twelve months prior to the date of such commitment unless it has confirmed that the following information has been disclosed in writing by the seller or his agent to the buyer— (1) the name and address of the present owner of the property being sold; (2) the date the property was acquired by the present owner (the year only if the property was acquired more than two years previously); and (3) if the seller has not owned the property for at least two years prior to the date of the loan application and has not used the property as a place of residence, the date and purchase price of the last arm’s length transfer of the property, a list of any subsequent improvements made to the property (excluding maintenance repairs) and the cost of such improvements. (b) the obligations imposed upon a lender by this section shall be deemed satisfied and a commitment for a federally related mortgage loan may thereafter lie made if the lender receives a copy of the written statement provided by the seller to the buyer supplying the information required by subsection (a). (c) Whoever knowingly and willfully provides false information Noncompliance, penalty. under this section or otherwise willfully fails to comply with its requirements shall lie fined not more than $10,000 or imprisoned for not more than one year, or both.

2. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2103(b) · 110 Stat. 3009

   1. Amended · 12 U.S.C. § 2606

      Pub. L. 104–208 designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 2606

      Pub. L. 104–208 inserted heading

   3. Added · 12 U.S.C. § 2606

      Pub. L. 104–208 added subsec. (b)

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 104–208 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

   Enacted provision · exact public law section
   (b) Consistency of Real Estate Settlement Procedures Act and Truth in Lending Act Exemption of Business Loans.— Section 7 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2606) is amended— (1) by striking “This Act” and inserting the following: “(a) In General.— This Act”; and (2) by adding at the end the following new subsection: “(b) Interpretation.— In prescribing regulations under section 19(a), the Secretary shall ensure that, with respect to subsection (a) of this section, the exemption for credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, as provided in section 7(1) of the Real Estate Settlement Procedures Act of 1974 shall be the same as the exemption for such credit transactions under section 104(1) of the Truth in Lending Act.”.

3. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 title X § 1098(5) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 2606

   Pub. L. 111–203 substituted “Bureau” for “Secretary”

   Source evidence

   Code amendment note
   2010–Subsec. (b). Pub. L. 111–203 substituted “Bureau” for “Secretary”.

   Enacted provision · exact public law section
   (5) in section 7(b) (12 U.S.C. 2606(b)) by striking “Secretary” and inserting “Bureau”;

   Effective date note
   Amendment by 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.

5 of 5 references resolved to an enrolled provision