Common use of Qualifying for exemption Clause in Contracts

Qualifying for exemption. A closed-end loan is exempt under § 226.3(b) (unless the extension of credit is secured by any real property, or by personal property used or expected to be used as the consumer’s principal dwelling; or is a private education loan as defined in § 226.46(b)(5)), if either of the following conditions is met. A. The creditor makes an extension of credit at consummation that exceeds the threshold amount in effect at the time of consummation. In these circumstances, the loan remains exempt under § 226.3(b) even if the amount owed is subsequently reduced below the threshold amount (such as through repayment of the loan). B. The creditor makes a commitment at consummation to extend a total amount of credit in excess of the threshold amount in effect at the time of consummation. In these circumstances, the loan remains exempt under § 226.3(b) even if the total amount of credit extended does not exceed the threshold amount.

Qualifying for exemption. A closed-end loan is exempt under § 226.3(b1026.3(b) (unless the extension of credit is secured by any real property, or by personal property used or expected to be used as the consumer’s principal dwelling; or is a private education loan as defined in § 226.46(b)(51026.46(b)(5)), if either of the following conditions is met.: A. The creditor makes an extension of credit at consummation that exceeds the threshold amount in effect at the time of consummation. In these circumstances, the loan remains exempt under § 226.3(b1026.3(b) even if the amount owed is subsequently reduced below the threshold amount (such as through repayment of the loan). B. The creditor makes a commitment at consummation to extend a total amount of credit in excess of the threshold amount in effect at the time of consummation. In these circumstances, the loan remains exempt under § 226.3(b1026.3(b) even if the total amount of credit extended does not exceed the threshold amount.