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e-CFR data is current as of January 14, 2021

Amendment


12 CFR--PART 1003

View Printed Federal Register page 85 FR 28406 in PDF format.

Amendment(s) published May 12, 2020, in 85 FR 28406

Effective Dates: Jan. 1, 2022

6. Effective January 1, 2022, §1003.3, is amended by revising paragraph (c)(11) and as amended at 84 FR 57946, October 29, 2019, is further amended by revising paragraph (c)(12) to read as follows:

§1003.3   Exempt institutions and excluded and partially exempt transactions.

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(c) *  *  *

(11) A closed-end mortgage loan, if the financial institution originated fewer than 100 closed-end mortgage loans in either of the two preceding calendar years; a financial institution may collect, record, report, and disclose information, as described in §§1003.4 and 1003.5, for such an excluded closed-end mortgage loan as though it were a covered loan, provided that the financial institution complies with such requirements for all applications for closed-end mortgage loans that it receives, closed-end mortgage loans that it originates, and closed-end mortgage loans that it purchases that otherwise would have been covered loans during the calendar year during which final action is taken on the excluded closed-end mortgage loan;

(12) An open-end line of credit, if the financial institution originated fewer than 200 open-end lines of credit in either of the two preceding calendar years; a financial institution may collect, record, report, and disclose information, as described in §§1003.4 and 1003.5, for such an excluded open-end line of credit as though it were a covered loan, provided that the financial institution complies with such requirements for all applications for open-end lines of credit that it receives, open-end lines of credit that it originates, and open-end lines of credit that it purchases that otherwise would have been covered loans during the calendar year during which final action is taken on the excluded open-end line of credit; or

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