Full text of Federal Reserve Bank of New York Circulars : 6584. Regulation Z - Amendment to Supplement III

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FE D ER A L R E S E R V E BANK
O F N EW Y O R K
r Circular No. 6 5 8 4 “1
L

Ju ly 31, 1970

J

REGULATION Z— AMENDMENT TO SUPPLEMENT III
Exemption of Certain Credit Transactions in Connecticut

To A ll State M ember Banks, and Others Concerned,
in the Second Federal Reserve D istrict :

Following is the text of a statem ent issued Ju ly 20 by the B oard of Governors of
the F ederal Reserve System :
The B oard of Governors of the F ederal Reserve System announced today it has exempted
certain credit transactions in Connecticut from the disclosure an d rescission provisions of
the F ed eral T ru th in L ending Act, effective A ugust 1. Connecticut Law, which is substan­
tially sim ilar to the F ederal statute, will apply to all classes of credit transactions w ithin th a t
State, except for the following which will continue to be subject to F ederal la w :
1. Transactions in which a federally chartered institution—such as a national bank,
F ed eral credit union or F ederal savings and loan association—is a creditor.
2. Consumer credit sales of insurance by an insurer.
3. Transactions under common carrier tariffs in which the charges for the services
involved, the charge fo r delayed paym ent and any discount allowed for early paym ent
are regulated by a subdivision or agency of the U nited States or the State of Connecticut.
Section 123 of the T ru th in Lending A ct provides th a t the B oard shall exempt from
the disclosure and rescission requirem ents of the A ct any class of transactions w ithin a
S tate if the S tate law provides requirem ents substantially sim ilar to those imposed by the
F ed eral law, and there is adequate provision for enforcement.
The B oard earlier granted p artia l exemptions from the F ederal A ct to Maine, M assachu­
setts and Oklahoma.

Enclosed is a copy of an amendment to Supplement I I I to Regulation Z, reflecting
the Connecticut exemption, effective A ugust 1, 1970. A dditional copies will be fu r­
nished upon request.




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TR U TH IN LENDING
AM EN D M EN T TO S U P PL E M E N T I I I TO R EG U LA T IO N Z

Effective A ugust 1, 1970, Supplem ent I I I to R egulation Z (Section 226.12— Supplem ent)
is am en d ed b y a d d in g p a ra g ra p h (e) as follow s:




SE C T IO N 226.12— SU P PL E M E N T

*

*

*

(e)
C o n n e c ti c u t.
E xcept as provided in
§ 226.12(c), all classes of credit transactions
within the S tate of Connecticut are hereby granted
an exemption from the requirem ents of chapter 2
of th e T ru th in Lending A ct effective A u g u st 1,
1970, w ith the following exceptions:
(1) T ransactions in which a federally chartered
institution is a creditor;
(2) Consumer credit sales of insurance by an
in s u re r;
(3) Transactions under common carrier tariffs
in which the charges fo r the services involved, the
charge fo r delayed paym ent and any discount
allowed fo r early paym ent are regulated by a sub­
division or agency of the U nited States or the
S tate of Connecticut.

PRIN TED IN

NEW

YORK