Exempt transactions.

CFR · 2024-01-01 · US · Title 12

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) (2) An extension of credit to other than a natural person, including credit to government agencies or instrumentalities. (b) (A) Secured by any real property, or by personal property used or expected to be used as the principal dwelling of the consumer; or (B) A private education loan as defined in § 1026.46(b)(5). (ii) (2) (i) The creditor takes a security interest in any real property, or in personal property used or expected to be used as the principal dwelling of the consumer; or (ii) The creditor reduces the express written commitment to extend credit to $25,000 or less. (c) (d) (e) (f) (g) (h) (1) The transaction is secured by a subordinate lien; (2) The transaction is for the purpose of: (i) Downpayment, closing costs, or other similar home buyer assistance, such as principal or interest subsidies; (ii) Property rehabilitation assistance; (iii) Energy efficiency assistance; or (iv) Foreclosure avoidance or prevention; (3) The credit contract does not require the payment of interest; (4) The credit contract provides that repayment of the amount of credit extended is: (i) Forgiven either incrementally or in whole, at a date certain, and subject only to specified ownership and occupancy conditions, such as a requirement that the consumer maintain the property as the consumer's principal dwelling for five yea

official document · source cfr-2024 · id 12:§ 1026.3