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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
ii. From July 21, 2011 through December 31, 2011, the threshold amount is $50,000.
iii. From January 1, 2012 through December 31, 2012, the threshold amount is $51,800.
iv. From January 1, 2013 through December 31, 2013, the threshold amount is $53,000.
v. From January 1, 2014 through December 31, 2014, the threshold amount is $53,500.
vi. From January 1, 2015 through December 31, 2015, the threshold amount is $54,600.
vii. From January 1, 2016 through December 31, 2016, the threshold amount is $54,600.
viii. From January 1, 2017 through December 31, 2017, the threshold amount is $54,600.
ix. From January 1, 2018 through December 31, 2018, the threshold amount is $55,800.
x. From January 1, 2019 through December 31, 2019, the threshold amount is $57,200.
xi. From January 1, 2020 through December 31, 2020, the threshold amount is $58,300.
xii. From January 1, 2021 through December 31, 2021, the threshold amount is $58,300.
xiii. From January 1, 2022 through December 31, 2022, the threshold amount is $61,000.
4. Open-end credit.
i. Qualifying for exemption. An openend account is exempt under 226.3b unless secured by any real property, or by personal property used or expected to be used as the consumers principal dwelling if either of the following conditions is met:
A. The creditor makes an initial extension of credit at or after account opening that exceeds the threshold amount in effect at the time the initial extension is made. If a creditor makes an initial extension of credit after account opening that does not exceed the threshold amount in effect at the time the extension is made, the creditor must have satisfied all of the applicable requirements of this part from the date the account was opened or earlier, if applicable, including but not limited to the requirements of 226.6 accountopening disclosures, 226.7 periodic statements, 226.52 limitations on fees, and 226.55 limitations on increasing annual percentages rates, fees, and charges. For example:
1 Assume that the threshold amount in effect on January 1 is $50,000. On February 1, an account is opened but the creditor does not make an initial extension of credit at that time. On July 1, the creditor makes an initial
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extension of credit of $60,000. In this circumstance, no requirements of this part apply to the account.
2 Assume that the threshold amount in effect on January 1 is $50,000. On February 1, an account is opened but the creditor does not make an initial extension of credit at that time. On July 1, the creditor makes an initial extension of credit of $50,000 or less. In this circumstance, the account is not exempt and the creditor must have satisfied all of the applicable requirements of this part from the date the account was opened or earlier, if applicable.
B. The creditor makes a firm written commitment at account opening to extend a total amount of credit in excess of the threshold amount in effect at the time the account is opened with no requirement of additional credit information for any advances on the account except as permitted from time to time with respect to open-end accounts pursuant to 226.2a20.
ii. Subsequent changes generally.
Subsequent changes to an open-end account or the threshold amount may result in the account no longer qualifying for the exemption in 226.3b. In these circumstances, the creditor must begin to comply with all of the applicable requirements of this part within a reasonable period of time after the account ceases to be exempt.
Once an account ceases to be exempt, the requirements of this part apply to any balances on the account. The creditor, however, is not required to comply with the requirements of this part with respect to the period of time during which the account was exempt.
For example, if an open-end credit account ceases to be exempt, the creditor must within a reasonable period of time provide the disclosures required by 226.6 reflecting the current terms of the account and begin to provide periodic statements consistent with 226.7. However, the creditor is not required to disclose fees or charges imposed while the account was exempt. Furthermore, if the creditor provided disclosures consistent with the requirements of this part while the account was exempt, it is not required to provide disclosures required by 226.6 reflecting the current terms of the account. See also comment 3b6.
iii. Subsequent changes when exemption is based on initial extension of credit. If a creditor makes an initial extension of credit that exceeds the threshold amount in effect at that time, the open-end account remains exempt under 226.3b regardless of a subsequent increase in the threshold amount, including an increase pursuant
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to 226.3b1ii as a result of an increase in the CPIW. Furthermore, in these circumstances, the account remains exempt even if there are no further extensions of credit, subsequent extensions of credit do not exceed the threshold amount, the account balance is subsequently reduced below the threshold amount such as through repayment of the extension, or the credit limit for the account is subsequently reduced below the threshold amount. However, if the initial extension of credit on an account does not exceed the threshold amount in effect at the time of the extension, the account is not exempt under 226.3b even if a subsequent extension exceeds the threshold amount or if the account balance later exceeds the threshold amount for example, due to the subsequent accrual of interest.
iv. Subsequent changes when exemption is based on firm commitment.
A. General. If a creditor makes a firm written commitment at account opening to extend a total amount of credit that exceeds the threshold amount in effect at that time, the open-end account remains exempt under 226.3b regardless of a subsequent increase in the threshold amount pursuant to 226.3b1ii as a result of an increase in the CPIW. However, see comment 3b8 with respect to the increase in the threshold amount from $25,000 to $50,000. If an open-end account is exempt under 226.3b based on a firm commitment to extend credit, the account remains exempt even if the amount of credit actually extended does not exceed the threshold amount. In contrast, if the firm commitment does not exceed the threshold amount at account opening, the account is not exempt under 226.3b even if the account balance later exceeds the threshold amount. In addition, if a creditor reduces a firm commitment, the account ceases to be exempt unless the reduced firm commitment exceeds the threshold amount in effect at the time of the reduction. For example:
1 Assume that, at account opening in year one, the threshold amount in effect is $50,000 and the account is exempt under 226.3b based on the creditors firm commitment to extend $55,000 in credit. If during year one the creditor reduces its firm commitment to $53,000, the account remains exempt under 226.3b. However, if during year one the creditor reduces its firm commitment to $40,000, the account is no longer exempt under 226.3b.
2 Assume that, at account opening in year one, the threshold amount in effect is $50,000 and the account is
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