
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC1691b]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
                 SUBCHAPTER IV--EQUAL CREDIT OPPORTUNITY
 
Sec. 1691b. Promulgation of regulations by Board; establishment 
        of Consumer Advisory Council by Board; duties, membership, etc., 
        of Council
        

(a) Regulations

    (1) The Board shall prescribe regulations to carry out the purposes 
of this subchapter. These regulations may contain but are not limited to 
such classifications, differentiation, or other provision, and may 
provide for such adjustments and exceptions for any class of 
transactions, as in the judgment of the Board are necessary or proper to 
effectuate the purposes of this subchapter, to prevent circumvention or 
evasion thereof, or to facilitate or substantiate compliance therewith.
    (2) Such regulations may exempt from the provisions of this 
subchapter any class of transactions that are not primarily for 
personal, family, or household purposes, or business or commercial loans 
made available by a financial institution, except that a particular type 
within a class of such transactions may be exempted if the Board 
determines, after making an express finding that the application of this 
subchapter or of any provision of this subchapter of such transaction 
would not contribute substantially to effecting the purposes of this 
subchapter.
    (3) An exemption granted pursuant to paragraph (2) shall be for no 
longer than five years and shall be extended only if the Board makes a 
subsequent determination, in the manner described by such paragraph, 
that such exemption remains appropriate.
    (4) Pursuant to Board regulations, entities making business or 
commercial loans shall maintain such records or other data relating to 
such loans as may be necessary to evidence compliance with this 
subsection or enforce any action pursuant to the authority of this 
chapter. In no event shall such records or data be maintained for a 
period of less than one year. The Board shall promulgate regulations to 
implement this paragraph in the manner prescribed by chapter 5 of title 
5.
    (5) The Board shall provide in regulations that an applicant for a 
business or commercial loan shall be provided a written notice of such 
applicant's right to receive a written statement of the reasons for the 
denial of such loan.

(b) Consumer Advisory Council

    The Board shall establish a Consumer Advisory Council to advise and 
consult with it in the exercise of its functions under this chapter and 
to advise and consult with it concerning other consumer related matters 
it may place before the Council. In appointing the members of the 
Council, the Board shall seek to achieve a fair representation of the 
interests of creditors and consumers. The Council shall meet from time 
to time at the call of the Board. Members of the Council who are not 
regular full-time employees of the United States shall, while attending 
meetings of such Council, be entitled to receive compensation at a rate 
fixed by the Board, but not exceeding $100 per day, including travel 
time. Such members may be allowed travel expenses, including 
transportation and subsistence, while away from their homes or regular 
place of business.

(Pub. L. 90-321, title VII, Sec. 703, as added Pub. L. 93-495, title V, 
Sec. 503, Oct. 28, 1974, 88 Stat. 1522; amended Pub. L. 94-239, 
Sec. 3(a), Mar. 23, 1976, 90 Stat. 252; Pub. L. 100-533, title III, 
Sec. 301, Oct. 25, 1988, 102 Stat. 2692.)


                               Amendments

    1988--Subsec. (a). Pub. L. 100-533 amended subsec. (a) generally. 
Prior to amendment, subsec. (a) read as follows: ``The Board shall 
prescribe regulations to carry out the purposes of this subchapter. 
These regulations may contain but are not limited to such 
classifications, differentiation, or other provision, and may provide 
for such adjustments and exceptions for any class of transactions, as in 
the judgment of the Board are necessary or proper to effectuate the 
purposes of this subchapter, to prevent circumvention or evasion 
thereof, or to facilitate or substantiate compliance therewith. In 
particular, such regulations may exempt from one or more of the 
provisions of this subchapter any class of transactions not primarily 
for personal, family, or household purposes, if the Board makes an 
express finding that the application of such provision or provisions 
would not contribute substantially to carrying out the purposes of this 
subchapter. Such regulations shall be prescribed as soon as possible 
after the date of enactment of this Act, but in no event later than the 
effective date of this Act.''
    1976--Pub. L. 94-239 designated existing provisions as subsec. (a), 
inserted provisions exempting from regulations of this subchapter any 
class of transactions not primarily for personal, family, or household 
purposes to be determined by the Board, and added subsec. (b).


                    Effective Date of 1976 Amendment

    Amendment by Pub. L. 94-239 effective Mar. 23, 1976, see section 708 
of Pub. L. 94-239, set out as an Effective Date note under section 1691 
of this title.
