
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC1649]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part B--Credit Transactions
 
Sec. 1649. Certain limitations on liability


(a) Limitations on liability

    For any closed end consumer credit transaction that is secured by 
real property or a dwelling, that is subject to this subchapter, and 
that is consummated before September 30, 1995, a creditor or any 
assignee of a creditor shall have no civil, administrative, or criminal 
liability under this subchapter for, and a consumer shall have no 
extended rescission rights under section 1635(f) of this title with 
respect to--
        (1) the creditor's treatment, for disclosure purposes, of--
            (A) taxes described in section 1605(d)(3) of this title;
            (B) fees described in section 1605(e)(2) and (5) of this 
        title;
            (C) fees and amounts referred to in the 3rd sentence of 
        section 1605(a) of this title; or
            (D) borrower-paid mortgage broker fees referred to in 
        section 1605(a)(6) of this title;

        (2) the form of written notice used by the creditor to inform 
    the obligor of the rights of the obligor under section 1635 of this 
    title if the creditor provided the obligor with a properly dated 
    form of written notice published and adopted by the Board or a 
    comparable written notice, and otherwise complied with all the 
    requirements of this section regarding notice; or
        (3) any disclosure relating to the finance charge imposed with 
    respect to the transaction if the amount or percentage actually 
    disclosed--
            (A) may be treated as accurate for purposes of this 
        subchapter if the amount disclosed as the finance charge does 
        not vary from the actual finance charge by more than $200;
            (B) may, under section 1605(f)(2) of this title, be treated 
        as accurate for purposes of section 1635 of this title; or
            (C) is greater than the amount or percentage required to be 
        disclosed under this subchapter.

(b) Exceptions

    Subsection (a) of this section shall not apply to--
        (1) any individual action or counterclaim brought under this 
    subchapter which was filed before June 1, 1995;
        (2) any class action brought under this subchapter for which a 
    final order certifying a class was entered before January 1, 1995;
        (3) the named individual plaintiffs in any class action brought 
    under this subchapter which was filed before June 1, 1995; or
        (4) any consumer credit transaction with respect to which a 
    timely notice of rescission was sent to the creditor before June 1, 
    1995.

(Pub. L. 90-321, title I, Sec. 139, as added Pub. L. 104-29, Sec. 4(a), 
Sept. 30, 1995, 109 Stat. 273; amended Pub. L. 104-208, div. A, title 
II, Sec. 2107(a), Sept. 30, 1996, 110 Stat. 3009-402.)


                               Amendments

    1996--Subsec. (a). Pub. L. 104-208 substituted ``For any closed end 
consumer credit transaction that is secured by real property or a 
dwelling, that is subject to this subchapter, and'' for ``For any 
consumer credit transaction subject to this subchapter''.


                    Effective Date of 1996 Amendment

    Section 2107(b) of div. A of Pub. L. 104-208 provided that: ``The 
amendment made by subsection (a) [amending this section] shall be 
effective as of September 30, 1995.''

                  Section Referred to in Other Sections

    This section is referred to in section 1635 of this title.
