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