A: Exemptions which can be supplied by the FTC apply in order to those people loan providers which can be protected by that agency’s code. The official agencies will have to connect with new Board to possess a different to possess banks beneath the Board’s laws.
A: Zero, none private somebody nor banking institutions could possibly get sign up for an exemption off the newest rule’s terms. Brand new signal brings one to “a suitable condition department” may make an application for a difference.
- if there is your state demands otherwise prohibition ultimately you to definitely relates to any purchase(s) to which a supply of one’s rule is applicable; and
- in the event the condition needs or prohibition provides a number of safety in order to people who is drastically equivalent to, otherwise more than, the safety afforded by rule’s provision.
A: Yes, a state company making an application for a different would be to utilize the actions established in the appendix B so you can Control Z. These processes imply: where a credit card applicatoin is going to be registered; just what are going to be within the software; what forms of support records is praise the applying; situations on what this new Board angles its commitment; the effects out-of beneficial and you may negative Panel determinations; and steps doing work in revoking an exemption.
Q16(b)-2: Due date for different app. Can there be a time which your state company need certainly to fill in the exclusion software to help you located said? Must it be submitted by productive go out of one’s laws?
A: There’s no due date getting distribution an exception to this rule app. Programs are going to be registered when ahead of otherwise after the energetic date of your own laws.