Page:United States Statutes at Large Volume 120.djvu/2300

 PUBLIC LAW 109–364—OCT. 17, 2006

120 STAT. 2269

‘‘(4) ANNUAL PERCENTAGE RATE.—The term ‘annual percentage rate’ has the same meaning as in section 107 of the Truth and Lending Act (15 U.S.C. 1606), as implemented by regulations of the Board of Governors of the Federal Reserve System. For purposes of this section, such term includes all fees and charges, including charges and fees for single premium credit insurance and other ancillary products sold in connection with the credit transaction, and such fees and charges shall be included in the calculation of the annual percentage rate. ‘‘(5) CREDITOR.—The term ‘creditor’ means a person— ‘‘(A) who— ‘‘(i) is engaged in the business of extending consumer credit; and ‘‘(ii) meets such additional criteria as are specified for such purpose in regulations prescribed under this section; or ‘‘(B) who is an assignee of a person described in subparagraph (A) with respect to any consumer credit extended. ‘‘(6) CONSUMER CREDIT.—The term ‘consumer credit’ has the meaning provided for such term in regulations prescribed under this section, except that such term does not include (A) a residential mortgage, or (B) a loan procured in the course of purchasing a car or other personal property, when that loan is offered for the express purpose of financing the purchase and is secured by the car or personal property procured.’’. (b) CLERICAL AMENDMENT.—The table of sections at the beginning of such title is amended by adding at the end the following new item: ‘‘987. Terms of consumer credit extended to members and dependents: limitations.’’.

(c) EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph (2), section 987 of title 10, United States Code, as added by subsection (a), shall take effect on October 1, 2007, or on such earlier date as may be prescribed by the Secretary of Defense, and shall apply with respect to extensions of consumer credit on or after such effective date. (2) AUTHORITY TO PRESCRIBE REGULATIONS.—Subsection (h) of such section shall take effect on the date of the enactment of this Act. (3) PUBLICATION OF EARLIER EFFECTIVE DATE.—If the Secretary of Defense prescribes an effective date for section 987 of title 10, United States Code, as added by subsection (a), earlier than October 1, 2007, the Secretary shall publish that date in the Federal Register. Such publication shall be made not less than 90 days before that earlier effective date. (d) INTERIM REGULATIONS.—The Secretary of Defense may prescribe interim regulations as necessary to carry out such section. For the purpose of prescribing such interim regulations, the Secretary is excepted from compliance with the notice-and-comment requirements of section 553 of title 5, United States Code. All interim rules prescribed under the authority of this subsection that are not earlier superseded by final rules shall expire no later than 270 days after the effective date of section 987 of title 10, United States Code, as added by this section.

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