(ii) Civil liability for a failure to comply with the requirements of the State law that is substantially similar to that provided under section 706 of the Act, including class action liability and the ability of the State Attorney General or other appropriate State official to commence a civil action under circumstances equivalent to those prescribed in section 706 of the Act, except that such State law may provide a greater damage remedy or other, more extensive remedies; (iii) A statute of limitations that prescribes a period for civil liability actions of substantially similar duration to that provided under section 706(f) of the Act, or a longer period; and (iv) A scope of discovery relating to a creditor's credit granting standards under appropriate discovery procedures in a court action or agency proceeding that is at least equivalent to that provided under section 706(j) of the Act. (5) A statement identifying the office designated or to be designated to administer the State law referred to in subparagraph (b)(1), together with complete information regarding the fiscal arrangements for administrative enforcement (including the amount of funds available or to be provided), the number and qualifications of personnel engaged or to be engaged in enforcement, and a description of the procedures under which such State law is to be administratively enforced, including, if relevant, administrative enforcement regarding Federally-chartered 2/ relevan21 creditors. 27 Transactions within a State in which a Federally-chartered institution is a creditor shall not be considered subject to exemption, and such Federally-chartered creditors shall remain subject to the requirements of the Act and administrative enforcement by the appropriate Federal authority under section 704 of the Act, unless it is established. to the satisfaction of the Board that appropriate arrangements have been made with such Federal authorities to assure effective enforcement of the requirements of State laws regarding such creditors. The statement should include reasons to support the claim that there is adequate provision for enforcement of such State law. (c) Criteria for Determination. The Board will consider the' following criteria, and any other relevant information, in determining whether the law of a State is substantially similar to, or provides greater protection to applicants than, the provisions of sections 701 and 702 of the Act regarding the class of action transactions within that State, and whether there is adequate provision for State enforcement of such law. In making that determination, the Board primarily will consider each provision of the State law in comparison with each corresponding provision in sections 701 and 702 of the Act, and not the State law as a whole in comparison with the Act as a whole. (1) In order for provisions of State law to be substantially similar to, or provide greater protection to applicants than, the provisons 3/ of sections 701 and 702 of the Act, the provisions of State law least shall provide that: at (i) Definitions and rules of construction, as applicable, import the same meaning and have the same application as those prescribed by sections 701 and 702; (ii) Creditors provide all of the applicable notifications required by the provisions of sections 701 and 702 of the Act with the content and in the terminology, form, and time periods prescribed by 3/ This paragraph is not to be construed as indicating that the Board would consider adversely any additional requirements of State law that are not inconsistent with the purpose of the Act or the requirements imposed under sections 701 and 702 of the Act. 80-991 O 77 - 33 this Part pursuant to sections 701 and 702; however, required references to State law may be substituted for the references to Federal law required in this Part. Notification requirements under State law in additional circumstances or with additional detail that does not frustrate any of the purposes of the Act may be determined by the Board to be consistent with sections 701 and 702. (iii) Creditors take all affirmative actions and abide by obligations substantially similar to those prescribed by sections 701 and 702 of the Act under substantially similar or more stringent conditions and within the same or more stringent time periods as are prescribed in sections 701 and 702 of the Act. (iv) Creditors abide by the same or more stringent prohibi tions as are prescribed by sections 701 and 702 of the Act. (v) Obligations or responsibilities imposed on applicants are no more costly, lengthy, or burdensome relative to applicants' exercising any of the rights or gaining the benefits of the protections provided in the State law than corresponding obligations or responsibilities imposed on applicanes in sections 701 and 702 of the Act. (vi) Applicants' rights and protections are substantially similar to, or more favorable than, those provided by sections 701 and 702 of the Act under conditions or within time periods that are substantially similar to, or more favorable to applicants than, those prescribed by sections 701 and 702 of the Act. (2) In determining whether provisions for enforcement of the State law referred to in subparagraph (1) of paragraph (b) are adequate, consideration will be given to the extent to which, under State law, provision is made for: (i) Administrative enforcement, including necessary facilities, personnel, and funding; (ii) Civil liability for a failure to comply with the requirements of such a State law that is substantially similar to, or more extensive than, that provided under section 706 of the Act; (iii) A statute of limitations for civil liability of substantially similar or longer duration as that provided under section 706 of the Act; and (iv) A scope of discovery relating to a creditor's credit granting standards that is at least equivalent to that provided under section 706(j) of the Act. (d) Public Notice of Filing and Proposed Rule Making. In connection with any application that has been filed in accordance (e) Exemption from Requirements. If the Board determines on the basis of the information before it that, under the law of a State, a class of credit transactions is subject to requirements substantially similar to, or that provide greater protection to applicants than, those imposed under sections 701 and 702 of the Act and that there is adequate provision for State enforcement, the Board will exempt the class of credit transactions in that State from the requirements of sections 701 and 702 of the Act in the following manner and subject to the following conditions: (1) Notice of the exemption shall be published in the Federal Register, and the Board shall furnish a copy of such notice to the State official who made application for such exemption, to each Federal authority responsible for administrative enforcement of the requirements of sections 701 and 702 of the Act, and to the Attorney General of the United States. Additionally, the Board shall include any exemption granted in an appropriate listing in Supplement II to this Part. Any exemption granted shall be effective 90 days after the date of publication of such notice in the Federal Register. (2) The appropriate official of any State that receives an exemption shall inform the Board in writing within 30 days of of any change in the State laws referred to in subparagraphs (b)(1) and (b)(3). The report of any such change shall contain copies of the full text of that change, together with statements setting forth the information and opinions regarding that change that are specified in subparagraphs (b) (2) and (b) (4). The appropriate official of any State that has received such an exemption also shall file with the Board from time to time such reports as the Board may require. (3) The Board shall inform the appropriate official of any State that receives such an exemption of any subsequent amendments of the Act (including the implementing provisions of this Part, the Board's |