3800
VETOES
(i) "Written commitment" includes any written
commitment, written offer to lend, or other written statement
issued by a lender which reasonably can be construed to be an
offer to make the loan; and
(ii) A written commitment issued before the
effective date of this section, to make a loan at an unspecified
rate of interest is a commitment to make the loan at a rate of
interest of 10 percent or less.
(3) For the purpose of paragraph (l)(v) of this
subsection, a refinancing by which the borrower elects to
increase the balance due on an existing loan is not a renewal of
the loan.]
(V) THE LOAN IS NOT A REFINANCING OF A LOAN
SECURED BY A FIRST MORTGAGE OR FIRST DEED OF TRUST ON ANY
INTEREST IN RESIDENTIAL REAL PROPERTY UNLESS THE LENDER IS A
BANKING INSTITUTION, A NATIONAL BANKING ASSOCIATION, A FEDERAL
SAVINGS BANK, A FEDERAL OR STATE SAVINGS AND LOAN ASSOCIATION, OR
A FEDERAL OR STATE CREDIT UNION UNLESS:
1. THE LENDER IS A BANKING INSTITUTION, A
NATIONAL BANKING ASSOCIATION, A FEDERAL SAVINGS BANK, A FEDERAL
OR STATE SAVINGS AND LOAN ASSOCIATION, OR A FEDERAL OR STATE
CREDIT UNION; OR
2. THE LOAN IS SUBJECT TO THE PROVISIONS
OF SECTION 501(A)(1) OF THE DEPOSITORY INSTITUTIONS DEREGULATION
AND MONETARY CONTROL ACT OF 1980, PUBLIC LAW 96-221, 94 STAT.
161.
(2) FOR PURPOSES OF SUBSECTION (B) OF THIS SECTION,
"REFINANCING" MEANS INCREASING OR ALTERING THE BALANCE DUE, THE
TERM, OR THE INTEREST RATE OF AN EXISTING LOAN OR PAYING OFF AN
EXISTING LOAN WHETHER OR NOT THE LENDER ALSO MADE THE EXISTING
LOAN.
(3) (I) IF THE LOAN IS A REFINANCING, THE LENDER IS
LIMITED AS TO THE INTEREST, FEES AND OTHER CHARGES MADE IN
CONNECTION WITH THE REFINANCED LOAN TO THOSE PROVIDED IN SUBTITLE
4 OF THIS TITLE.
(II) THE PROVISIONS OF ITEM (I) OF THIS
PARAGRAPH DO NOT APPLY TO A PURCHASE MONEY LOAN OR TO A LENDER
REFINANCING AN EXISTING LOAN IF THE LENDER IS A BANKING
INSTITUTION, A NATIONAL BANKING ASSOCIATION, A FEDERAL SAVINGS
BANK, A FEDERAL OR STATE SAVINGS AND LOAN ASSOCIATION, A FEDERAL
OR STATE CREDIT UNION, OR A CREDIT GRANTOR REFINANCING THE LOAN
PURSUANT TO SUBTITLES 9 OR 10 OF THIS TITLE TO:
1. A PURCHASE MONEY LOAN;
2. A LENDER REFINANCING AN EXISTING LOAN
IF THE LENDER IS A BANKING INSTITUTION, A NATIONAL BANKING
ASSOCIATION, A FEDERAL SAVINGS BANK, A FEDERAL OR STATE SAVINGS
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