§ 1691b. — Promulgation of regulations by Board; establishment of Consumer Advisory Council by Board; duties, membership, etc., of Council.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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.
