Page:United States Statutes at Large Volume 88 Part 2.djvu/206

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PUBLIC LAW 93-495-OCT. 28, 1974

[88 STAT.

taining the creditor's rights and remedies applicable to the particular extension of credit, and not to discriminate in a determination of creditworthiness. "§702. Definitions IS use 1691a. " (a) The definitions and rules of construction set forth in this section are applicable for the purposes of this title. "(b) The term 'applicant' means any person who applies to a creditor directly for an extension, renewal, or continuation of credit, or applies to a creditor indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit. "(c) The term 'Board' refers to the Board of Governors of the Federal Reserve System. " (d) The term 'credit' means the right granted by a creditor to a debtor to defer payment of debt or to incur debts and defer its payment or to purchase property or services and defer payment therefor. " (e) The term 'creditor' means any person who regularly extends, renews, or continues credit; any person who regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who participates in the decision to extend, renew, or continue credit. " (f) The term 'person' means a natural person, a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. " (g) Any reference to any requirement imposed under this title or any provision thereof includes reference to the regulations of the Board under this title or the provision thereof in question. "§703. Regulations 15 USC 1691b. "The Board shall prescribe regulations to carry out the purposes of this title. These regulations may contain but are not limited to such classifications, differentiation, or other provision, 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 or substantiate compliance therewith. Such regulations shall be prescribed as soon as possible after the date of enactment of this Act, but in no event later than the effective date of this Act. "§ 704. Administrative enforcement IS use 1691c. " (a) Compliance with the requirements imposed under this title shall be enforced under: 12 USC 1818. "(1) Section 8 of the Federal Deposit Insurance Act, in the case of— " (A) national banks, by the Comptroller of the Currency, " (B) member banks of the Federal Reserve System (other than national banks), by the Board, " (C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation. 12 USC 1464. «(2) Section 5(d) of the Home Owners' Loan Act of 19.33, 12 USC 1730. section 407 of the National Housing Act, and sections 6(i) and 143^7"^^ ^426, ^ 17 of the Federal Honie Loan Bank Act, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Corporation), in the case of any institution subject to any of those provisions. 12 USC 1751. "(3) The Federal Credit Union Act, by the Administrator of the National Credit Union Administration with respect to any Federal Credit Union.

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