The Federal Reserve Board's Regulation Z (12 CFR Part 226) has been republished effective December 30, 2011, at 12 CFR Part 1026 as one of the regulations transferred to the Consumer Financial Protection Bureau under the Dodd-Frank Act. This section of the FRB regulation was republished as §1026.29 of the Bureau's regulation.
(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.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
