[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR226.29]

[Page 294]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 226_TRUTH IN LENDING (REGULATION Z)--Table of Contents
 
                         Subpart D_Miscellaneous
 
Sec.  226.29  State exemptions.

    (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.

[46 FR 20892, Apr. 7, 1981; 46 FR 29246, June 1, 1981]