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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 12 U.S.C. § 3806 | Adjustable rate mortgage caps | us | united_states_code | code_section | 12 | BANKS AND BANKING | 39 | ALTERNATIVE MORTGAGE TRANSACTIONS | 3806 | 12 U.S.C. § 3806 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip | /us/usc/t12/s3806 | data/legal/raw/us/code/title-12/usc12.xml | 65c9637007502e3b695049119b4c3e64a2d12e854d4e8da6c2c466a3b85fa2fc | e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa | 134d9cc7f5681acf094ff105a7b186af455cebbce5bd2f63aab7105c10259e7b | 2026-07-04 | official |
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12 U.S.C. § 3806 - Adjustable rate mortgage caps
Text
(a) In general Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the mortgage loan.
(b) Regulations The Board of Governors of the Federal Reserve System shall prescribe regulations to carry out the purposes of this section.
(c) Enforcement Any violation of this section shall be treated as a violation of the Truth in Lending Act [15 U.S.C. 1601 et seq.] and shall be subject to administrative enforcement under section 108 [15 U.S.C. 1607] or civil damages under section 130 [15 U.S.C. 1640] of such Act, or both.
(d) Definitions For the purpose of this section—
(1) the term “creditor” means a person who regularly extends credit for personal, family, or household purposes; and
(2) the term “adjustable rate mortgage loan” means any consumer loan secured by a lien on a one- to four-family dwelling unit, including a condominium unit, cooperative housing unit, or mobile home, where the loan is made pursuant to an agreement under which the creditor may, from time to time, adjust the rate of interest.
(e) Effective date This section shall take effect upon the expiration of 120 days after August 10, 1987.
(Pub. L. 100–86, title XII, § 1204, Aug. 10, 1987, 101 Stat. 662; Pub. L. 102–550, title IX, § 952, Oct. 28, 1992, 106 Stat. 3893.)
Notes
Editorial Notes
References in TextThe Truth in Lending Act, referred to in subsec. (c), is title I of Pub. L. 90–321, May 29, 1968, 82 Stat. 146, which is classified generally to subchapter I (§ 1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.
Codification Section was enacted as part of the Competitive Equality Banking Act of 1987, and not as part of the Alternative Mortgage Transaction Parity Act of 1982 which comprises this chapter.
Amendments1992—Subsec. (d)(2). Pub. L. 102–550 substituted “any consumer loan” for “any loan”.