((a)) The provisions of shall not apply to any alternative mortgage transaction in any State made on or after the effective date (if such effective date occurs on or after , and prior to a date three years after ) of a State law or a certification that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the preemption provided in to apply with respect to alternative mortgage transactions (or to any class or type of alternative mortgage transaction) subject to the laws of such State, except that shall continue to apply to—

((1)) any alternative mortgage transaction undertaken on or after such date pursuant to an agreement to undertake such alternative mortgage transaction which was entered into on or after , and prior to such later date (the “preemption period”); and

((2)) any renewal, extension, refinancing, or other modification of an alternative mortgage transaction that was entered into during the preemption period.

((b)) An alternative mortgage transaction shall be deemed to have been undertaken during the preemption period to which this section applies if it—

((1)) is funded or extended in whole or in part during the preemption period, regardless of whether pursuant to a commitment or other agreement therefor made prior to that period; or

((2)) is a renewal, extension, refinancing, or other modification of an alternative mortgage transaction entered into before the preemption period and such renewal, extension, or other modification is made during such period with the written consent of any person obligated to repay such credit.