Can someone confirm the meaning of this exemption from TILA. Does it mean "any real property" is not exempt? Or does it mean "any real property used as the principal dwelling for a consumer" is not exempt?
I have a loan secured by raw land with cashout to be used for the borrower to purchase a primary residence. Is this loan subject to TILA?
§ 1026.3 Exempt transactions.
This part does not apply to the following:
Effective August 1, 2015, the introductory text above is amended to read as follows:
The following transactions are not subject to this part or, if the exemption is limited to specified provisions of this part, are not subject to those provisions:
(a) Business, commercial, agricultural, or organizational credit. (1) An extension of credit primarily for a business, commercial or agricultural purpose.
(2) An extension of credit to other than a natural person, including credit to government agencies or instrumentalities.
(b) Credit over applicable threshold amount. (1) Exemption. (i) Requirements. An extension of credit in which the amount of credit extended exceeds the applicable threshold amount or in which there is an express written commitment to extend credit in excess of the applicable threshold amount, unless the extension of credit is:
(A) Secured by any real property, or by personal property used or expected to be used as the principal dwelling of the consumer; or