Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:52
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 52
Character Range: 295265–296071

52  Additional exempt credit
  The Code, other than Division 3 of Part 4 and Part 5, does not apply to a contract, other than a continuing credit contract, to the extent that the contract provides for the provision of credit in the following circumstances:
 (a) the amount of credit to be provided does not at any time exceed $50;
 (b) there is no insurance financed under the contract;
 (c) there is no mortgage or guarantee taken by the credit provider;
 (d) the annual percentage rate for the contract does not exceed the maximum annual percentage rate (if any) for the contract if it were a contract to which the Code applies.
Note: Section 203B of the Code provides, among other things, that the regulations may exempt a contract or a class of contracts from all or specified provisions of the Code.