52Additional exempt credit

#### 52 Additional exempt credit The Code, other than Division 3 of Part 4 and Part 5, does not apply to a contract, other than a continuing credit contract, to the extent that the contract provides for the provision of credit in the following circumstances: (a) the amount of credit to be provided does not at any time exceed $50; (b) there is no insurance financed under the contract; (c) there is no mortgage or guarantee taken by the credit provider; (d) the annual percentage rate for the contract does not exceed the maximum annual percentage rate (if any) for the contract if it were a contract to which the Code applies. > Note: Section 203B of the Code provides, among other things, that the regulations may exempt a contract or a class of contracts from all or specified provisions of the Code.