[Code of Federal Regulations]

[Title 12, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR226.29]



[Page 309-310]

 

                       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



[[Page 310]]



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]