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6-5065.563

SECTION 1002.114—Effective Date, Compliance Date, and Special Transitional Rules

(a) Effective date. The effective date for this subpart is August 29, 2023.
(b) Compliance date. The dates by which covered financial institutions are initially required to comply with the requirements of this subpart are as follows:
(1) A covered financial institution that originated at least 1,000 covered credit transactions for small businesses in each of calendar years 2026 and 2027 shall comply with the requirements of this subpart beginning January 1, 2028.
(2) [Reserved]
(3) [Reserved]
(4) A financial institution that did not originate at least 1,000 covered credit transactions for small businesses in each of calendar years 2026 and 2027 but subsequently originates at least 1,000 such transactions in two consecutive calendar years shall comply with the requirements of this subpart in accordance with section 1002.105(b), but in any case no earlier than January 1, 2029.
(c) Special transitional rules.
(1) Collection of certain information prior to the compliance date. A financial institution that reasonably anticipates being a covered financial institution as described in paragraph (b)(1) of this section is permitted, but not required, to collect information regarding whether an applicant for a covered credit transaction is a minority-owned business and/or a women-owned business under section 1002.107(a)(18), and the ethnicity, race, and sex of the applicant’s principal owners under section 1002.107(a)(19) beginning 12 months prior to the compliance date as set forth in paragraph (b)(1) of this section. A financial institution collecting such information pursuant to this paragraph (c)(1) must do so in accordance with the requirements set out in sections 1002.107(a)(18) and (19), 1002.108, and 1002.111(b) and (c).
(2) Determining which compliance date applies to a financial institution that does not collect information sufficient to determine small business status. A financial institution that is unable to determine the number of covered credit transactions it originated for small businesses in each of calendar years 2026 and 2027 for purposes of determining its compliance date pursuant to paragraph (b) of this section, because for some or all of this period it does not have readily accessible the information needed to determine whether its covered credit transactions were originated for small businesses as defined in section 1002.106(b), is permitted to use any reasonable method to estimate its originations to small businesses for either or both of the calendar years 2026 and 2027.
(3) Alternative time period for determining compliance dates. A financial institution is permitted to use its originations of covered credit transactions in each of calendar years 2025 and 2026 in lieu of calendar years 2026 and 2027 as specified in paragraphs (b) and (c)(2) of this section.
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Supplementary Information