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Answer:
The answer is no, this regulation is meant to protect individual consumers.
The following is an excerpt from the Regulation Z Definitions section:
§ 226.3 Exempt transactions.
This regulation does not apply to the following:
(a) Business, commercial, agricultural, or organizational credit.4 (1) An extension of credit primarily for a business, commercial or agricultural purpose.
(2) An extension of credit to other than a natural person, including credit to government agencies or instrumentalities.
(b) Credit over $25,000. An extension of credit in which the amount financed exceeds $25,000 or in which there is an express written commitment to extend credit in excess of $25,000, unless the extension of credit is:
(1) Secured by real property, or by personal property used or expected to be used as the principal dwelling of the consumer; or
(2) A private education loan as defined in § 226.46(b)(5).
(c) Public utility credit. An extension of credit that involves public utility services provided through pipe, wire, other connected facilities, or radio or similar transmission (including extensions of such facilities), if the charges for service, delayed payment, or any discounts for prompt payment are filed with or regulated by any government unit. The financing of durable goods or home improvements by a public utility is not exempt.
(d) Securities or commodities accounts. Transactions in securities or commodities accounts in which credit is extended by a broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission.
(e) Home fuel budget plans. An installment agreement for the purchase of home fuels in which no finance charge is imposed.
(f) Student loan programs. 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.).
[Codified to 12 C.F.R. § 226.3]
[Section 226.3 amended at 48 Fed. Reg. 14886, April 6, 1983, effective October 1, 1982; 74 Fed. Reg. 41232, August 14, 2009, effective September 14, 2009, compliance date September 14, 2010]
The following is an excerpt from the Regulation Z Definitions section:
§ 226.3 Exempt transactions.
This regulation does not apply to the following:
(a) Business, commercial, agricultural, or organizational credit.4 (1) An extension of credit primarily for a business, commercial or agricultural purpose.
(2) An extension of credit to other than a natural person, including credit to government agencies or instrumentalities.
(b) Credit over $25,000. An extension of credit in which the amount financed exceeds $25,000 or in which there is an express written commitment to extend credit in excess of $25,000, unless the extension of credit is:
(1) Secured by real property, or by personal property used or expected to be used as the principal dwelling of the consumer; or
(2) A private education loan as defined in § 226.46(b)(5).
(c) Public utility credit. An extension of credit that involves public utility services provided through pipe, wire, other connected facilities, or radio or similar transmission (including extensions of such facilities), if the charges for service, delayed payment, or any discounts for prompt payment are filed with or regulated by any government unit. The financing of durable goods or home improvements by a public utility is not exempt.
(d) Securities or commodities accounts. Transactions in securities or commodities accounts in which credit is extended by a broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission.
(e) Home fuel budget plans. An installment agreement for the purchase of home fuels in which no finance charge is imposed.
(f) Student loan programs. 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.).
[Codified to 12 C.F.R. § 226.3]
[Section 226.3 amended at 48 Fed. Reg. 14886, April 6, 1983, effective October 1, 1982; 74 Fed. Reg. 41232, August 14, 2009, effective September 14, 2009, compliance date September 14, 2010]
First answer by ID1287894296.
Last edit by ID1287894296.
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