Page:United States Statutes at Large Volume 124.djvu/2022

 124 STAT. 1996 PUBLIC LAW 111–203—JULY 21, 2010 (iii) in which the merchant, retailer, or seller of nonfinancial goods or services regularly extends credit and the credit is subject to a finance charge. (C) LIMITATIONS.— (i) IN GENERAL.—Notwithstanding subparagraph (B), subparagraph (A) shall apply with respect to a merchant, retailer, or seller of nonfinancial goods or services that is not engaged significantly in offering or providing consumer financial products or services. (ii) EXCEPTION.—Subparagraph (A) and clause (i) of this subparagraph do not apply to any merchant, retailer, or seller of nonfinancial goods or services— (I) if such merchant, retailer, or seller of non- financial goods or services is engaged in a trans- action described in subparagraph (B)(i) or (B)(ii); or (II) to the extent that such merchant, retailer, or seller is subject to any enumerated consumer law or any law for which authorities are trans- ferred under subtitle F or H, but the Bureau may exercise such authority only with respect to that law. (D) RULES.— (i) AUTHORITY OF OTHER AGENCIES.—No provision of this title shall be construed as modifying, limiting, or superseding the supervisory or enforcement authority of the Federal Trade Commission or any other agency (other than the Bureau) with respect to credit extended, or the collection of debt arising from such extension, directly by a merchant or retailer to a consumer exclusively for the purpose of enabling that consumer to purchase nonfinancial goods or serv- ices directly from the merchant or retailer. (ii) SMALL BUSINESSES.—A merchant, retailer, or seller of nonfinancial goods or services that would otherwise be subject to the authority of the Bureau solely by virtue of the application of subparagraph (B)(iii) shall be deemed not to be engaged significantly in offering or providing consumer financial products or services under subparagraph (C)(i), if such person— (I) only extends credit for the sale of non- financial goods or services, as described in subparagraph (A)(i); (II) retains such credit on its own accounts (except to sell or convey such debt that is delin- quent or otherwise in default); and (III) meets the relevant industry size threshold to be a small business concern, based on annual receipts, pursuant to section 3 of the Small Busi- ness Act (15 U.S.C. 632) and the implementing rules thereunder. (iii) INITIAL YEAR.—A merchant, retailer, or seller of nonfinancial goods or services shall be deemed to meet the relevant industry size threshold described in clause (ii)(III) during the first year of operations of that business concern if, during that year, the Applicability.