(a) In general
This chapter does not apply to credit transactions involving extensions of credit—
(1) primarily for business, commercial, or agricultural purposes; or
(2) to government or governmental agencies or instrumentalities.
In prescribing regulations under section 2617(a) of this title, the Bureau 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 subsection (a)(1) of this section shall be the same as the exemption for such credit transactions under section 1603(1) of title 15.
References in Text
Subsection (a)(1) of this section, referred to in subsec. (b), was in the original "section 7(1) of the Real Estate Settlement Procedures Act of 1974", and was translated as referring to section 7(a)(1) of that Act to reflect the probable intent of Congress.
A prior section 2606, Pub. L. 93–533, §7, Dec. 22, 1974, 88 Stat. 1727, related to seller or his agent confirming that information concerning an existing residence was disclosed to buyer in writing before a commitment for a mortgage loan was made, prior to repeal by Pub. L. 94–205, §6, Jan. 2, 1976, 89 Stat. 1158.
2010–Subsec. (b). Pub. L. 111–203 substituted "Bureau" for "Secretary".
1996—Pub. L. 104–208 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).