Page:United States Statutes at Large Volume 83.djvu/404

 376

12 us*' ^^^^'

egttH^'ssV.^' 50 USC app. 2158. fl^'sTat. 305.

PUBLIC LAW 91-151-DEC. 23, 1969

[83 STAT.

(b) The amendments made by this section are not applicable to any claim arising out of a default, as defined in section 401(d) of the National Housing Act, where the appointment of a conservator, receiver, or other legal custodian as set forth in that section becomes effective prior to the date of enactment of this Act. SEC. 9. (a) Section 708(b) of the Defense Production Act of 1950 (^? U.S.C. 2158(b)) is amended by striking out everything after "United States", the first time it appears, and inserting a period in lieu thereof. (^) Section 708(f) of that Act (50 F.S.C. 2158(f)) is repealed.

50 USC app.

2158

TITLE II—AUTHORITY FOR CREDIT CONTROL Sec. 201. Short title This title may be cited as the Credit Control Act. Sec. 202. Definitions and rules of construction (a) The definitions and rules of construction set forth in this section apply to the provisions of this title. (b) The term "Board" refers to the Board of Governors of the Federal Reserve System. (c) The term "organization" means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. (d) The term "person" means a natural person or an organization. (e) The term "credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its l>ayment. (f) The term "creditor" refers to any person who extends, or arranges for the extension of, credit, whether in connection with a loan, a sale of property or services, or otherwise. (g) The term "credit sale" refers to any sale with respect to which credit is extended or arranged by the seller. The term includes any rental-purchase contract and any contract or arrangement for the bailing or leasing of property when used as a financing device. (h) The terms "extension of credit" and "credit transaction" include loans, credit sales, the supplying of funds through the underwriting, distribution, or acijuisition of securities, the making or assisting in the making of a direct placement, or otherwise participating in the offering, distribution, or acquisition of securities. (i) The term "borrower" includes any person to whom credit is extended. (j) The term "loan" includes any type of credit, including credit extended in connection with a credit sale. (k) The term "State" refers to any State, the Commonwealth of Puerto Rico, the District of Columbia, and any territory or possession of the United States. (1) Any reference to any requirement imposed under this title of any provision thereof includes reference to the regulations of the Board under this title or the provision thereof in question. Sec. 203. Regulations The Board shall prescribe regulations to carry out the purposes of this title. These regulations may contain such classifications, differentiations, or other provisions, 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 title, to prevent circumvention or evasion thereof, or to facilitate compliance therewith.

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