Truth in Lending (Reg. Z) – General
1026.3 Exempt transactions.
The following transactions are not subject to this part or, if the exemption is limited to specified provisions of this part, are not subject to those provisions:
(a) Business, commercial, agricultural, or organizational credit. (1) An extension of credit primarily for a business, commercial or agricultural purpose.
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NOTE: Reg. Z (Truth in Lending) provides an exemption for agricultural credit as indicated above. The related Reg. Z Commentary provides:
8. Agricultural purpose. An agricultural purpose includes the planting, propagating, nurturing, harvesting, catching, storing, exhibiting, marketing, transporting, processing, or manufacturing of food, beverages (including alcoholic beverages), flowers, trees, livestock, poultry, bees, wildlife, fish, or shellfish by a natural person engaged in farming, fishing, or growing crops, flowers, trees, livestock, poultry, bees, or wildlife. The exemption also applies to a transaction involving real property that includes a dwelling (for example, the purchase of a farm with a homestead) if the transaction is primarily for agricultural purposes.