11 U.S. Code § 523 - Exceptions to discharge | U.S. Code | US Law

12 CFR § 226.3 – Exempt transactions. | CFR | US Law

§ 226.3 Exempt transactions.

This regulation doesn’t apply to the next:
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(a) Business, business, agricultural, or organizational credit.

(1) An extension of credit primarily for a enterprise, business or agricultural function.

(2) An extension of credit to aside from a pure individual, together with credit to authorities companies or instrumentalities.

(b) Credit over relevant threshold quantity

(1) Exemption

(i) Requirements. An extension of credit wherein the quantity of credit prolonged exceeds the relevant threshold quantity or in which there’s an categorical written dedication to increase credit in extra of the relevant threshold quantity, except the extension of credit is:

(A) Secured by any actual property, or by private property used or anticipated for use because the principal dwelling of the shopper; or

(B) A personal schooling loan as outlined in § 226.46(b)(5).

(ii) Annual changes. The threshold quantity in paragraph (b)(1)(i) of this part is adjusted yearly to replicate will increase within the Consumer Price Index for Urban Wage Earners and Clerical Workers, as relevant. See the official employees commentary to this paragraph (b) for the brink quantity relevant to a selected extension of credit or categorical written dedication to increase credit.

(2) Transition rule for open-end accounts exempt previous to July 21, 2011. An open-end account that’s exempt on July 20, 2011 based mostly on an categorical written dedication to increase credit in extra of $25,000 stays exempt till December 31, 2011 except:

(i) The creditor takes a safety curiosity in any actual property, or in private property used or anticipated for use because the principal dwelling of the shopper; or

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(ii) The creditor reduces the categorical written dedication to increase credit to $25,000 or much less.

(c) Public utility credit. An extension of credit that includes public utility companies supplied by pipe, wire, different linked services, or radio or related transmission (together with extensions of such services), if the costs for service, delayed fee, or any reductions for immediate fee are filed with or regulated by any authorities unit. The financing of sturdy items or house enhancements by a public utility isn’t exempt.

(d) Securities or commodities accounts. Transactions in securities or commodities accounts wherein credit is prolonged by a broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission.

(e) Home gas price range plans. An installment settlement for the acquisition of house fuels wherein no finance cost is imposed.

(f) Student loan applications. Loans made, insured, or assured pursuant to a program approved by title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.).

(g) Employer-sponsored retirement plans. An extension of credit to a participant in an employer-sponsored retirement plan certified beneath Section 401(a) of the Internal Revenue Code, a tax-sheltered annuity beneath Section 403(b) of the Internal Revenue Code, or an eligible governmental deferred compensation plan beneath Section 457(b) of the Internal Revenue Code (26 U.S.C. 401(a); 26 U.S.C. 403(b); 26 U.S.C. 457(b)), supplied that the extension of credit is comprised of absolutely vested funds from such participant’s account and is made in compliance with the Internal Revenue Code (26 U.S.C. 1 et seq.).

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