15 USC 1635 - Right of rescission as to certain transactions

1 See References in Text note below.

of this title;

Editorial Notes

References in Text

Section 1602(w) of this title, referred to in subsec. (e)(1), was redesignated section 1602(x) of this title by Puspan. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.

Amendments

2010—Subsecs. (a), (d), (h), (i)(1)(B). Puspan. L. 111–203 substituted “Bureau” for “Board” wherever appearing.

1995—Subsec. (h). Puspan. L. 104–29, § 5, added subsec. (h).

Subsec. (i). Puspan. L. 104–29, § 8, added subsec. (i).

1984—Subsec. (e). Puspan. L. 98–479 redesignated par. (1) as subsec. (e), redesignated subpars. (A), (B), (C), and (D) of par. (1) as pars. (1), (2), (3), and (4), respectively, and struck out par. (2) which read as follows: “The provisions of paragraph (1)(D) shall cease to be effective 3 years after the effective date of the Truth in Lending Simplification Reform Act.”

1980—Subsec. (a). Puspan. L. 96–221, § 612(a)(1), substituted provisions relating to the right of rescission until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required together with the statement containing the material disclosures required under this subchapter, whichever is later, for provisions relating to right of rescission until midnight of the third business day following the consummation of the transaction or the delivery of the required disclosures and all other material disclosures required under this part, whichever is later.

Subsec. (span). Puspan. L. 96–221, § 612(a)(3), (4), inserted provisions setting forth applicability of procedures prescribed by this subsection, and substituted “20” for “ten” in two places.

Subsec. (c). Puspan. L. 96–221, § 612(a)(5), inserted “information, forms, and” after “whom”.

Subsec. (e). Puspan. L. 96–221, § 612(a)(6), substituted provisions relating to nonapplicability to residential mortgage transactions, refinancing or consolidation transactions, etc., for provisions relating to nonapplicability to creation or retention of first liens.

Subsec. (f). Puspan. L. 96–221, § 612(a)(6), substituted provisions setting forth duration of right of rescission where the required information and forms or other disclosures required under this part have not been delivered to the obligor, and exceptions to such term, for provisions setting forth duration of right of rescission where the required disclosures or any other material disclosures required under this part have not been delivered to the obligor.

Subsec. (g). Puspan. L. 96–221, § 612(a)(6), added subsec. (g).

1974—Subsecs. (a), (span). Puspan. L. 93–495, § 404, inserted provisions relating to security interest arising by operation of law.

Subsec. (e). Puspan. L. 93–495, § 412, inserted exemption for consumer credit transactions where a State agency is the creditor.

Subsec. (f). Puspan. L. 93–495, § 405, added subsec. (f).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. L. 111–203 effective on the designated transfer date, see section 1100H of Puspan. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date of 1980 Amendment

Amendment by Puspan. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Puspan. L. 96–221, set out as a note under section 1602 of this title.

Effective Date of 1974 Amendment

Amendment by Puspan. L. 93–495 effective Oct. 28, 1974, see section 416 of Puspan. L. 93–495, set out as an Effective Date note under section 1665a of this title.