Pub. L. 90-321, tit. I, ch. 2, sec. 123
Exemption for State-regulated transactions
§ 123. Exemption for State-regulated transactions The Board shall by regulation exempt from the requirements of this chapter any class of credit transactions within any State if it determines that under the law’ of that State that class of transactions is subject to requirements substantially similar to those imposed under this chapter, and that there is adequate provision for enforcement.