[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: 12CFR226.3]

[Page 257-258]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 226_TRUTH IN LENDING (REGULATION Z)--Table of Contents
 
                            Subpart A_General
 
Sec.  226.3  Exempt transactions.

    This regulation does not apply to the following:\4\
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    \4\ The provisions in Sec.  226.12 (a) and (b) governing the 
issuance of credit cards and the liability for their unauthorized use 
apply to all credit cards, even if the credit cards are issued for use 
in connection with extensions of credit that otherwise are exempt under 
this section.
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    (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 $25,000 not secured by real property or a dwelling. 
An extension of credit not secured by real property, or by personal 
property used or expected to be used as the principal dwelling of the 
consumer, in which the amount financed exceeds $25,000 or in which there 
is an express written commitment to extend credit in excess of $25,000.
    (c) Public utility credit. An extension of credit that involves 
public utility services provided through pipe, wire, other connected 
facilities, or radio or similar transmission (including extensions of 
such facilities), if the charges for service, delayed payment, or any 
discounts for prompt payment are filed with or regulated by any 
government unit. The financing of durable goods or home improvements by 
a public utility is not exempt.
    (d) Securities or commodities accounts. Transactions in securities 
or commodities accounts in which credit is extended by a broker-dealer 
registered with the Securities and Exchange Commission or the Commodity 
Futures Trading Commission.
    (e) Home fuel budget plans. An installment agreement for the 
purchase of home fuels in which no finance charge is imposed.
    (f) Student loan programs. Loans made, insured, or guaranteed 
pursuant to a program authorized by title IV of

[[Page 258]]

the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.).

[46 FR 20892, Apr. 7, 1981, as amended at 48 FR 14886, Apr. 6, 1983; 49 
FR 46991, Nov. 30, 1984]