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U.S. Code as of:
01/19/04
Section 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.
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