Page:United States Statutes at Large Volume 114 Part 1.djvu/509

 PUBLIC LAW 106-229^JUNE 30, 2000 114 STAT. 473 (B) the sale, lease, exchange, or other disposition of any interest in real property, or any combination thereof. SEC. 107. EFFECTIVE DATE. 15 USC 7001 (a) IN GENERAL. —Except as provided in subsection (b), this title shall be effective on October 1, 2000. (b) EXCEPTIONS.— (1) RECORD RETENTION.— (A) IN GENERAL.— Subject to subparagraph (B), this title shall be effective on March 1, 2001, with respect to a requirement that a record be retained imposed by— (i) a Federal statute, regulation, or other rule of law, or (ii) a State statute, regulation, or other rule of law administered or promulgated by a State regulatory agency. (B) DELAYED EFFECT FOR PENDING RULEMAKINGS. —I f on March 1, 2001, a Federal regulatory agency or State regulatory agency has announced, proposed, or initiated, but not completed, a rulemaking proceeding to prescribe a regulation under section 104(b)(3) with respect to a requirement described in subparagraph (A), this title shall be effective on June 1, 2001, with respect to such requirement. (2) CERTAIN GUARANTEED AND INSURED LOANS.— With regard to any transaction involving a loan guarantee or loan guarantee commitment (as those terms are defined in section 502 of the Federal Credit Reform Act of 1990), or involving a program listed in the Federal Credit Supplement, Budget of the United States, FY 2001, this title applies only to such transactions entered into, and to any loan or mortgage made, insured, or guaranteed by the United States Government thereunder, on and after one year after the date of enactment of this Act. (3) STUDENT LOANS. —With respect to any records that are provided or made available to a consumer pursuant to an application for a loan, or a loan made, pursuant to title IV of the Higher Education Act of 1965, section 101(c) of this Act shall not apply until the earlier of— (A) such time as the Secretary of Education publishes revised promissory notes under section 432(m) of the Higher Education Act of 1965; or (B) one year after the date of enactment of this Act. TITLE II—TRANSFERABLE RECORDS SEC. 201. TRANSFERABLE RECORDS. . 15 USC 7021. (a) DEFINITIONS.— For purposes of this section: (1) TRANSFERABLE RECORD. —The term "transferable record" means an electronic record that— (A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing; (B) the issuer of the electronic record expressly has agreed is a transferable record; and (C) relates to a loan secured by real property.

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