C.F.R. » Title 16 » CHAPTER I—FEDERAL TRADE COMMISSION › SUBCHAPTER D—TRADE REGULATION RULES › PART 433—PRESERVATION OF CONSUMERS' CLAIMS AND DEFENSES

16 C.F.R. § 433.3

Exemption of sellers taking or receiving open end consumer credit contracts before November 1, 1977 from requirements of § 433.2(a)

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(a) Any seller who has taken or received an open end consumer credit contract before November 1, 1977, shall be exempt from the requirements of 16 CFR part 433 with respect to such contract provided the contract does not cut off consumers' claims and defenses.

(b) Definitions. The following definitions apply to this exemption:

(1) All pertinent definitions contained in 16 CFR 433.1.

(2) Open end consumer credit contract: a consumer credit contract pursuant to which “open end credit” is extended.

(3) “Open end credit”: consumer credit extended on an account pursuant to a plan under which a creditor may permit an applicant to make purchases or make loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide. The term does not include negotiated advances under an open-end real estate mortgage or a letter of credit.

(4) Contract which does not cut off consumers' claims and defenses: A consumer credit contract which does not constitute or contain a negotiable instrument, or contain any waiver, limitation, term, or condition which has the effect of limiting a consumer's right to assert against any holder of the contract all legally sufficient claims and defenses which the consumer could assert against the seller of goods or services purchased pursuant to the contract.

[42 FR 19490, Apr. 14, 1977, as amended at 42 FR 46510, Sept. 16, 1977]
Notes of Decisions
Cited in 3 cases (2 in the last 5 years), 2007–2023 · leading case: Toy v. Mazza, 2007-T-0028 (11-30-2007), 2007 Ohio 6406 (Ohio Ct. App. 2007).
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Toy v. Mazza, 2007-T-0028 (11-30-2007), 2007 Ohio 6406 (Ohio Ct. App. 2007). “Toy requested that the named class include: "(a) those persons who entered into a sales transaction with William Mazza dba Warren's Eastside Auto Sales; (b) involving the purchase of a used motor vehicle; (c) between August 4, 2003, and the present date; (d) where the sales…”
Rivera v. Zwicker & Assocs., P.C. (D. Conn. 2023). · cites it 2× “a, proceeding pro se, filed this lawsuit on January 30, 2023, alleging violations of numerous provisions of the FDCPA as well as several other federal statutes and regulations, including the Gramm-Leach-Bliley Act (“GLBA”), the Truth in Lending Act (“TILA”), the Racketeer…”
Rivera v. NCB Mgmt. Servs. Inc. (D. Conn. 2023). · cites it 2× “Rivera, proceeding pro se, filed this lawsuit on February 21, 2023, alleging violations of numerous provisions of the FDCPA as well as several other federal statutes and regulations, including the Truth in Lending Act (“TILA”), the Racketeer Influenced and Corrupt Organizations…”
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