Truth in Lending Act

The Truth in Lending Act is a federal statute that protects consumers in credit transactions by requiring disclosure of terms and costs. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

15 U.S.C. § 1603. Exempted transactions

This title [15 USCS §§ 1601 et seq.] does not apply to the following:
(1) Credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, or to government or governmental agencies or instrumentalities, or to organizations.
(2) Transactions in securities or commodities accounts by a broker-dealer registered with the Securities and Exchange Commission.
(3) Credit transactions, other than those in which a security interest is or will be acquired in real property, or in personal property used or expected to be used as the principal dwelling of the consumer and other than private education loans (as that term is defined in section 140(a) [15 USCS § 1650(a)]), in which the total amount financed exceeds $ 25,000.
(4) Transactions under public utility tariffs, if the Board determines that a State regulatory body regulates the charges for the public utility services involved, the charges for delayed payment, and any discount allowed for early payment.
(5) Transactions for which the Board, by rule, determines that coverage under this title [15 USCS §§ 1601 et seq.] is not necessary to carry out the purposes of this title [15 USCS §§ 1601 et seq.].
(6) [Repealed]
(7) Loans made, insured, or guaranteed pursuant to a program authorized by title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.).