12 U.S.C. § 5622 — Definitions
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 220 words · no verdicts yet
This section defines account, eligible entity, and federally insured depository institution for this subchapter.
(1) “Account” means an agreement between an individual and an eligible entity under which the individual gets one or more banking products or services. It includes a deposit account, savings account including a money-market savings account, closed-end loan account, and other products or services the Secretary considers appropriate. (2) “Community development financial institution” has the meaning in section 4702(5). This section does not define it. (3) “Eligible entity” means (A) a tax-exempt organization described in title 26, section 501(c)(3); (B) a federally insured depository institution; (C) a community development financial institution; (D) a State*, local, or tribal government entity; or (E) a partnership or joint venture of one or more such entities, as regulations provide. (4) “Federally insured depository institution” means an insured depository institution as section 1813 defines it, and an insured credit union* as section 1752 defines it. This section does not define those terms.
In this subchapter, the following definitions shall apply:
The term “account” means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate.
The term “community development financial institution” has the same meaning as in section 4702(5) of this title.
The term “eligible entity” means—
an organization described in section 501(c)(3) of title 26, and exempt from tax under section 501(a) of such title;
a federally insured depository institution;
a community development financial institution;
a State*, local, or tribal government entity; or
a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this subchapter.
The term “federally insured depository institution” means any insured depository institution (as that term is defined in section 1813 of this title) and any insured credit union* (as that term is defined in section 1752 of this title).
Source credit: (Pub. L. 111–203, title XII, § 1203, July 21, 2010, 124 Stat. 2129.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 2129
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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