EXEMPTION OF BUSLNESS LOANS FROM REAL ESTATE SETTLEMENT PROCEDURES ACT REQUIREMENTS.

SEC. 312. EXEMPTION OF BUSLNESS LOANS FROM REAL ESTATE SETTLEMENT PROCEDURES ACT REQUIREMENTS. The Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is amended by inserting after section 6 the following new section: “SEC. 7. EXEMPTED TRANSACTIONS. “This Act does not apply to credit transactions involving extensions of credit— “(1) primarily for business, commercial, or agricultural purposes; or “(2) to government or governmental agencies or instrumentalities.”.