(a) Any extension of credit that was outstanding on March 10, 1979, and
that would, if made on or after March 10, 1979, violate section 215.4(c) of
this part, shall be reduced in amount by March 10, 1980, to be in compliance
with the lending limit in section 215.4(c) of this part. Any renewal or
extension of such an extension of credit on or after March 10, 1979, shall be
made only on terms that will bring the extension of credit into compliance
with the lending limit of section 215.4(c) of this part by March 10, 1980.
However, any extension of credit made before March 10, 1979, that bears a
specific maturity date of March 10, 1980, or later, shall be repaid in
accordance with its repayment schedule in existence on or before March 10,
1979.
