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U.S. Code as of:
01/19/04
Section 3804. Applicability of preemption provisions
(a) The provisions of section 3803 of this title shall not apply
to any alternative mortgage transaction in any State made on or
after the effective date (if such effective date occurs on or after
October 15, 1982, and prior to a date three years after October 15,
1982) of a State law or a certification that the voters of such
State have voted in favor of any provision, constitutional or
otherwise, which states explicitly and by its terms that such State
does not want the preemption provided in section 3803 of this title
to apply with respect to alternative mortgage transactions (or to
any class or type of alternative mortgage transaction) subject to
the laws of such State, except that section 3803 of this title
shall continue to apply to -
(1) any alternative mortgage transaction undertaken on or after
such date pursuant to an agreement to undertake such alternative
mortgage transaction which was entered into on or after October
15, 1982, and prior to such later date (the "preemption period");
and
(2) any renewal, extension, refinancing, or other modification
of an alternative mortgage transaction that was entered into
during the preemption period.
(b) An alternative mortgage transaction shall be deemed to have
been undertaken during the preemption period to which this section
applies if it -
(1) is funded or extended in whole or in part during the
preemption period, regardless of whether pursuant to a commitment
or other agreement therefor made prior to that period; or
(2) is a renewal, extension, refinancing, or other modification
of an alternative mortgage transaction entered into before the
preemption period and such renewal, extension, or other
modification is made during such period with the written consent
of any person obligated to repay such credit.
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