r/title-12-BANKS-AND-BANKING wiki — defined terms
The statute’s own glossary: every term Title 12 defines, in section order.
“servicer” applies in that section
The term “servicer” means the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan). The term does not include— (A) the Federal Deposit Insurance Corporation or the Resolution Trust Corporation, in connection with assets acquired, assigned, sold, or transferred pursuant to section 1823(c) of this title or as receiver or conservator of an insured depository institution; and (B) the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Resolution Trust Corporation, or the Federal Deposit Insurance Corporation, in any case in which the …
“servicing” applies in that section
The term “servicing” means receiving any scheduled periodic payments from a borrower pursuant to the terms of any loan, including amounts for escrow accounts described in section 2609 of this title , and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan.
“Board” applies throughout its chapter
the term “Board” means the Board of Governors of the Federal Reserve System; and;
“Bureau” applies throughout its chapter
the term “Bureau” means the Bureau of Consumer Financial Protection;
“completed application” applies throughout its chapter
the term “completed application” means an application in which the creditor has received the information that is regularly obtained in evaluating applications for the amount and type of credit requested;
“depository institution” applies throughout its chapter
the term “depository institution”— (A) means— (i) any bank (as defined in section 1813(a)(1) of this title ); (ii) any savings association (as defined in section 1813(b)(1) of this title ); and (iii) any credit union, which makes federally related mortgage loans as determined by the Board; and (B) includes any other lending institution (as defined in paragraph (4) 1 ) other than any institution described in subparagraph (A);
“mortgage loan” applies throughout its chapter
the term “mortgage loan” means a loan which is secured by residential real property or a home improvement loan;
“other lending institutions” applies throughout its chapter
the term “other lending institutions” means any person engaged for profit in the business of mortgage lending;
“Secretary” applies throughout its chapter
the term “Secretary” means the Secretary of Housing and Urban Development.
“insured credit union” applies in that section
the term “insured credit union” has the meaning given the term in section 1752 of this title ; and;
“insured depository institution” applies in that section
the term “insured depository institution” has the meaning given the term in section 1813 of this title .
“application for a deposit facility” applies throughout its chapter
the term “application for a deposit facility” means an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for— (A) a charter for a national bank or Federal savings and loan association; (B) deposit insurance in connection with a newly chartered State bank, savings bank, savings and loan association or similar institution; (C) the establishment of a domestic branch or other facility with the ability to accept deposits of a regulated financial institution; (D) the relocation of the home office or a branch office of a regulated financial institution; (E) the merger or consolidation with, or the acquisition of the …
“appropriate Federal financial supervisory agency” applies throughout its chapter
the term “appropriate Federal financial supervisory agency” means— (A) the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation); (B) the Board of Governors of the Federal Reserve System with respect to State chartered banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies; (C) the Federal Deposit Insurance Corporation with respect to State chartered banks and savings banks which are not members of the Federal Reserve System and the deposits of which are insured by the Corporation, and State savings associations …
“regulated financial institution” applies throughout its chapter
the term “regulated financial institution” means an insured depository institution (as defined in section 1813 of this title ); and;
“bank holding company” applies in that section
The terms “bank holding company” and “financial holding company” have the meanings given those terms in section 1841 of this title . (B) Board
“Board” applies in that section
The term “Board” means the Board of Governors of the Federal Reserve System. (C) Insured depository institution
“financial holding company” applies in that section
The terms “bank holding company” and “financial holding company” have the meanings given those terms in section 1841 of this title . (B) Board
“insured depository institution” applies in that section
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title . (d) Low-cost education loans In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers.
“domestic branch” applies in that section
The term “domestic branch” means any branch office or other facility of a regulated financial institution that accepts deposits, located in any State. (2) Metropolitan area
“metropolitan area” applies in that section
The term “metropolitan area” means any primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area, as defined by the Director of the Office of Management and Budget, with a population of 250,000 or more, and any other area designated as such by the appropriate Federal financial supervisory agency. (3) State
“State” applies in that section
The term “State” has the same meaning as in section 1813 of this title .
“minority” applies in that section
The term “minority” has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
“women’s depository institution” applies in that section
The term “women’s depository institution” means a depository institution (as defined in section 1813(c) of this title )— (A) more than 50 percent of the ownership or control of which is held by 1 or more women; (B) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and (C) a significant percentage of senior management positions of which are held by women. (3) Minority
“net savings” applies in that section
the term “net savings” means, for any period, the borrower’s gross receipts, less the operating and other expenses deductible therefrom in accordance with generally accepted accounting principles, including, without limitation, contributions to allowable reserves, and after deducting the amounts of any dividends on its capital stock or other membership capital payable during, or within forty-five days after, the close of such period.
“foreign bank” applies throughout its chapter
the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) “foreign country” means any country other than the United States, and includes any colony, dependency, or possession of any such country; (9) “commercial lending company” means any institution, other than a bank or an organization operating under section 25 of the Federal Reserve Act [ 12 U.S.C.
“office” applies throughout its chapter
the term “office” means any branch, agency, or representative office; and;
“representative office” applies throughout its chapter
the term “representative office” means any office of a foreign bank which is located in any State and is not a Federal branch, Federal agency, State branch, or State agency;
“State bank supervisor” applies throughout its chapter
the term “State bank supervisor” has the meaning given to such term in section 1813 of this title .
“home State” applies in that section
the term “home State” means— (A) with respect to a national bank, the State in which the main office of the bank is located; and (B) with respect to a State bank, the State by which the bank is chartered.
“standard maximum deposit insurance amount” applies in that section
the term “standard maximum deposit insurance amount” means the amount of the maximum amount of deposit insurance as determined under section 11(a)(1) of the Federal Deposit Insurance Act [ 12 U.S.C. 1821(a)(1) ].
“insured branch” applies in that section
The term “insured branch” has the meaning given such term in section 3(s) of the Federal Deposit Insurance Act [ 12 U.S.C. 1813(s) ]. (B) Money laundering offense defined
“money laundering offense” applies in that section
The term “money laundering offense” means any criminal offense under section 1956 or 1957 of title 18 or under section 5322 of title 31 . (j) Study on equivalence of foreign bank capital Not later than 180 days after December 19, 1991 , the Board and the Secretary of the Treasury shall jointly submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report— (1) analyzing the capital standards contained in the framework for measurement of capital adequacy established by the Supervisory Committee of the Bank for International Settlements, foreign regulatory capital standards that …
“affiliate” applies in that section
the term “affiliate” shall mean any company more than 5 per centum of whose voting shares is directly or indirectly owned or controlled or held with power to vote by the specified foreign bank or company, and
“domestically-controlled affiliate covered in 1978” applies in that section
the term “domestically-controlled affiliate covered in 1978” shall mean an affiliate organized under the laws of the United States or any State thereof if (i) no foreign bank or group of foreign banks acting in concert owns or controls, directly or indirectly, 45 per centum or more of its voting shares, and (ii) no more than 20 per centum of the number of directors as established from time to time to constitute the whole board of directors and 20 per centum of the executive officers of such affiliate are persons affiliated with any such foreign bank. For the purpose of the preceding sentence,
“persons affiliated with any such foreign bank” applies in that section
the term “persons affiliated with any such foreign bank” shall mean (A) any person who is or was an employee, officer, agent, or director of such foreign bank or who otherwise has or had such a relationship with such foreign bank that would lead such person to represent the interests of such foreign bank, and (B) in the case of any director of such domestically controlled affiliate covered in 1978, any person in favor of whose election as a director votes were cast by less than two-thirds of all shares voting in connection with such election other than shares owned or controlled, directly or indirectly, by any such foreign bank.
“Federal banking agency” applies in that section
the term “Federal banking agency” means the Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.
“violate” applies in that section
the term “violate” includes taking any action (alone or with others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. (6) Regulations The Board and the Comptroller of the Currency shall each prescribe regulations establishing such procedures as may be necessary to carry out this section.
“appropriate Federal depository institutions regulatory agency” applies throughout its chapter
the term “appropriate Federal depository institutions regulatory agency” means, with respect to any depository institution or depository holding company, the agency referred to in section 3207 of this title in connection with such institution or company.
“depository holding company” applies throughout its chapter
the term “depository holding company” means a bank holding company as defined in section 1841(a) of this title , a company which would be a bank holding company as defined in section 1841(a) of this title but for the exemption contained in subsection (a)(5)(F) thereof, or a savings and loan holding company as defined in section 1730a(a)(1)(D) 1 of this title; (3) the characterization of any corporation (including depository institutions and depository holding companies), as an “affiliate of,” or as “affiliated” with any other corporation means that— (A) one of the corporations is a depository holding company and the other is a subsidiary thereof, or both corporations are subsidiaries of the …
“depository institution” applies throughout its chapter
the term “depository institution” means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union;
“management official” applies throughout its chapter
the term “management official” means an employee or officer with management functions, a director (including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000), a trustee of a business organization under the control of trustees, or any person who has a representative or nominee serving in any such capacity: Provided , That if a corporator, trustee, director, or other officer of a State-chartered savings bank or cooperative bank is specifically authorized under the laws of the State in which said institution is located to serve as a trustee, director, or other officer of a State-chartered trust company which does not …
“Council” applies throughout its chapter
the term “Council” means the Financial Institutions Examination Council; and;
“Federal financial institutions regulatory agencies” applies throughout its chapter
the term “Federal financial institutions regulatory agencies” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration;
“financial institution” applies throughout its chapter
the term “financial institution” means a commercial bank, a savings bank, a trust company, a savings association, a building and loan association, a homestead association, a cooperative bank, or a credit union; 1
“State certified real estate appraiser” applies throughout its chapter
the term “State certified real estate appraiser” means any individual who has satisfied the requirements for State certification in a State or territory whose criteria for certification as a real estate appraiser currently meets the minimum criteria for certification issued by the Appraiser Qualification Board of the Appraisal Foundation.
“State licensed appraiser” applies in that section
the term “State licensed appraiser” means an individual who has satisfied the requirements for State licensing in a State or territory whose criteria for the licensing of a real estate appraiser currently meet or exceed the minimum criteria issued by the Appraisal Qualifications Board of The Appraisal Foundation for the licensing of real estate appraisers. (d) Additional qualification criteria Nothing in this chapter shall be construed to prevent any Federal agency or instrumentality under this chapter from establishing such additional qualification criteria as may be necessary or appropriate to carry out the statutory responsibilities of such department, agency, or instrumentality.
“Appraisal Foundation” applies throughout its chapter
The terms “Appraisal Foundation” and “Foundation” means the Appraisal Foundation established on November 30, 1987 , as a not for profit corporation under the laws of Illinois. (10) Written appraisal
“appraisal management company” applies throughout its chapter
The term “appraisal management company” means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year— (A) to recruit, select, and retain appraisers; (B) to contract with licensed and certified appraisers to perform appraisal assignments; (C) to manage the process of having an appraisal …
“Appraisal Subcommittee” applies throughout its chapter
The terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (3) Council
“Chairperson” applies throughout its chapter
The term “Chairperson” means the Chairperson of the Appraisal Subcommittee selected by the Council. (9) Foundation
“Council” applies throughout its chapter
The term “Council” means the Federal Financial Institutions Examinations Council. (4) Federally related transaction
“Federal financial institutions regulatory agencies” applies throughout its chapter
The term “Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration. (7) Financial institution
“federally related transaction” applies throughout its chapter
The term “federally related transaction” means any real estate-related financial transaction which— (A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and (B) requires the services of an appraiser. (5) Real estate related financial transaction
“financial institution” applies throughout its chapter
The term “financial institution” means an insured depository institution as defined in section 1813 of this title or an insured credit union as defined in section 1752 of this title . (8) Chairperson
“Foundation” applies throughout its chapter
The terms “Appraisal Foundation” and “Foundation” means the Appraisal Foundation established on November 30, 1987 , as a not for profit corporation under the laws of Illinois. (10) Written appraisal
“real estate-related financial transaction” applies throughout its chapter
The term “real estate-related financial transaction” means any transaction involving— (A) the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof; (B) the refinancing of real property or interests in real property; and (C) the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities. (6) Federal financial institutions regulatory agencies
“State appraiser certifying and licensing agency” applies throughout its chapter
The term “State appraiser certifying and licensing agency” means a State agency established in compliance with this chapter. (2) Appraisal Subcommittee; subcommittee
“State credentialed trainee appraiser” applies throughout its chapter
The term “State credentialed trainee appraiser” means an individual who— (A) meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser credential; and (B) is credentialed by a State appraiser certifying and licensing agency.
“subcommittee” applies throughout its chapter
The terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (3) Council
“written appraisal” applies throughout its chapter
The term “written appraisal” means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information. (11) Appraisal management company
“disaster area” applies in that section
the term “disaster area” means an area in which the President, pursuant to section 5170 of title 42 , has determined that a major disaster exists.
“automated valuation model” applies in that section
the term “automated valuation model” means any computerized model used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer’s principal dwelling.
“broker price opinion” applies in that section
the term “broker price opinion” means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property’s condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 3354(c) 1 of this title.
“mortgage originator” applies in that section
the term “mortgage originator” has the meaning given the term in section 1602 of title 15 ; and;
“transaction value” applies in that section
the term “transaction value” means the amount of a loan or extension of credit, including a loan or extension of credit that is part of a pool of loans or extensions of credit. (b) Appraisal not required Except as provided in subsection (d), notwithstanding any other provision of law, an appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if— (1) the real property or interest in real property is located in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations; (2) not later than 3 days after the date on which the Closing Disclosure Form, made in accordance with the …
“financial institution” applies in that section
the term “financial institution” has the same meaning as in subsections (a)(2) and (c)(1) of section 5312 of title 31 , except that, for purposes of this section, such term shall include only such a financial institution any part of which is located inside any State or territory of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the United States Virgin Islands.
“Bank Secrecy Act officer” applies in that section
the term “Bank Secrecy Act officer” means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31 (commonly known as the “Bank Secrecy Act”);
“broker-dealer” applies in that section
the term “broker-dealer” means a broker and a dealer, as those terms are defined in section 78c(a) of title 15 ;
“covered agency” applies in that section
the term “covered agency” means— (i) a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator; (ii) each of the Federal agencies represented in the membership of the Financial Institutions Examination Council established under section 3303 of this title ; (iii) a securities association registered under section 78 o –3 of title 15; (iv) the Securities and Exchange Commission; (v) a law enforcement agency; or (vi) a State or local agency responsible for administering adult protective service laws;
“covered financial institution” applies in that section
the term “covered financial institution” means— (i) a credit union; (ii) a depository institution; (iii) an investment adviser; (iv) a broker-dealer; (v) an insurance company; (vi) an insurance agency; or (vii) a transfer agent;
“credit union” applies in that section
the term “credit union” has the meaning given the term in section 5301 of this title ;
“depository institution” applies in that section
the term “depository institution” has the meaning given the term in section 1813(c) of this title ;
“exploitation” applies in that section
the term “exploitation” means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that— (i) uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or (ii) results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;
“insurance agency” applies in that section
the term “insurance agency” means any business entity that sells, solicits, or negotiates insurance coverage;
“insurance company” applies in that section
the term “insurance company” has the meaning given the term in section 80a–2(a) of title 15 ;
“insurance producer” applies in that section
the term “insurance producer” means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;
“investment adviser” applies in that section
the term “investment adviser” has the meaning given the term in section 80b–2(a) of this title ;
“investment adviser representative” applies in that section
the term “investment adviser representative” means an individual who— (i) is employed by, or associated with, an investment adviser; and (ii) does not perform solely clerical or ministerial acts;
“registered representative” applies in that section
the term “registered representative” means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;
“senior citizen” applies in that section
the term “senior citizen” means an individual who is not younger than 65 years of age;
“State” applies in that section
the term “State” means each of the several States, the District of Columbia, and any territory or possession of the United States;
“State insurance regulator” applies in that section
the term “State insurance regulator” has the meaning given the term in section 6735 of title 15 ;
“State securities or law enforcement authority” applies in that section
the term “State securities or law enforcement authority” has the meaning given the term in section 78x(f)(4) of title 15 ; and;
“transfer agent” applies in that section
the term “transfer agent” has the meaning given the term in section 78c(a) of title 15 . (2) Immunity from suit (A) Immunity for individuals An individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure— (i) served as a supervisor or in a compliance or legal function (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial …
“bona fide purchaser” applies throughout its chapter
The term “bona fide purchaser” means a purchaser for value in good faith and without notice of any adverse claim, and who acquires the security property free of any adverse claim. (2) County
“county” applies throughout its chapter
The term “county” has the same meaning as in section 2 of title 1 . (3) Mortgage
“mortgage” applies throughout its chapter
The term “mortgage” means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any property (real, personal or mixed), or any interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien for the purpose of securing the payment of money or the performance of an obligation. (4) Mortgage agreement
“mortgage agreement” applies throughout its chapter
The term “mortgage agreement” means the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instrument or instruments creating the mortgage, including any instrument incorporated by reference therein and any instrument or agreement amending or modifying any of the foregoing. (5) Mortgagor
“mortgagor” applies throughout its chapter
The term “mortgagor” means the obligor, grantor, or trustee named in the mortgage agreement and, unless the context otherwise indicates, includes the current owner of record of the security property whether or not such owner is personally liable on the mortgage debt. (6) Owner
“owner” applies throughout its chapter
The term “owner” means any person who has an ownership interest in property and includes heirs, devises, executors, administrators, and other personal representatives, and trustees of testamentary trusts if the owner of record is deceased. (7) Person
“person” applies throughout its chapter
The term “person” includes any individual, group of individuals, association, partnership, corporation, or organization. (8) Record; recorded
“record” applies throughout its chapter
The terms “record” and “recorded” include “register” and “registered” in the instance of registered land. (9) Security property
“recorded” applies throughout its chapter
The terms “record” and “recorded” include “register” and “registered” in the instance of registered land. (9) Security property
“security property” applies throughout its chapter
The term “security property” means the property (real, personal or mixed) or an interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), together with fixtures and other interests subject to the lien of the mortgage under applicable State law. (10) Single family mortgage
“single family mortgage” applies throughout its chapter
The term “single family mortgage” means a mortgage that covers property on which there is located a 1- to 4-family residence, and that— (A) is held by the Secretary pursuant to title I or title II of the National Housing Act [ 12 U.S.C. 1702 et seq., 1707 et seq.]; or (B) secures a loan obligated by the Secretary under section 1452b of title 42 , as it existed before the repeal of that section by section 12839 of title 42 (except that a mortgage securing such a loan that covers property containing nonresidential space and a 1- to 4-family dwelling shall not be subject to this chapter). (11) State
“State” applies throughout its chapter
The term “State” means— (A) the several States; (B) the District of Columbia; (C) the Commonwealth of Puerto Rico; (D) the United States Virgin Islands; (E) Guam; (F) American Samoa; (G) the Northern Mariana Islands; (H) the Trust Territory of the Pacific Islands; and (I) Indian tribes, as defined by the Secretary.
“alternative mortgage transaction” applies throughout its chapter
the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in section 5402(6) of title 42 ), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and;
“housing creditor” applies throughout its chapter
the term “housing creditor” means— (A) a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980; (B) a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [ 12 U.S.C. 1701 et seq.]; (C) any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or (D) any transferee of any of them.
“designated transfer date” applies in that section
the term “designated transfer date” means the date determined under section 1062 of the Consumer Financial Protection Act of 2010 [ 12 U.S.C. 5582 ].
“adjustable rate mortgage loan” applies in that section
the term “adjustable rate mortgage loan” means any consumer loan secured by a lien on a one- to four-family dwelling unit, including a condominium unit, cooperative housing unit, or mobile home, where the loan is made pursuant to an agreement under which the creditor may, from time to time, adjust the rate of interest. (e) Effective date This section shall take effect upon the expiration of 120 days after August 10, 1987 .
“creditor” applies in that section
the term “creditor” means a person who regularly extends credit for personal, family, or household purposes; and;
“appropriate Federal banking agency” applies throughout its chapter
the term “appropriate Federal banking agency” has the same meaning given such term in section 1813(q) of this title , except that for purposes of this chapter such term means the Board of Governors of the Federal Reserve System for— (A) bank holding companies and any nonbank subsidiary thereof; (B) Edge Act corporations organized under section 25(a) 1 of the Federal Reserve Act [ 12 U.S.C. 611 et seq.]; and (C) Agreement Corporations operating under section 25 of the Federal Reserve Act [ 12 U.S.C. 601 et seq.]; and;
“banking institution” applies throughout its chapter
the term “banking institution” means— (A) (i) an insured bank as defined in section 1813(h) of this title or any subsidiary of an insured bank; (ii) an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [ 12 U.S.C. 611 et seq.]; and (iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act [ 12 U.S.C. 601 et seq.]; and (B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [ 12 U.S.C.
“highly indebted country” applies in that section
the term “highly indebted country” means any country designated as a “Highly Indebted Country” in the annual World Debt Tables most recently published by the International Bank for Reconstruction and Development before December 19, 1989 .
“account” applies throughout its chapter
The term “account” means a demand deposit account or other similar transaction account at a depository institution. (2) Board
“Board” applies throughout its chapter
The term “Board” means the Board of Governors of the Federal Reserve System. (3) Business day
“business day” applies throughout its chapter
The term “business day” means any day other than a Saturday, Sunday, or legal holiday. (4) Cash
“cash” applies throughout its chapter
The term “cash” means United States coins and currency, including Federal Reserve notes. (5) Cashier’s check
“cashier’s check” applies throughout its chapter
The term “cashier’s check” means any check which— (A) is drawn on a depository institution; (B) is signed by an officer or employee of such depository institution; and (C) is a direct obligation of such depository institution. (6) Certified check
“certified check” applies throughout its chapter
The term “certified check” means any check with respect to which a depository institution certifies that— (A) the signature on the check is genuine; and (B) such depository institution has set aside funds which— (i) are equal to the amount of the check; and (ii) will be used only to pay such check. (7) Check
“check” applies throughout its chapter
The term “check” means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items. (8) Check clearinghouse association
“check clearinghouse association” applies throughout its chapter
The term “check clearinghouse association” means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System. (9) Check processing region
“check processing region” applies throughout its chapter
The term “check processing region” means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescribe by regulations. (10) Consumer account
“consumer account” applies throughout its chapter
The term “consumer account” means any account used primarily for personal, family, or household purposes. (11) Depository check
“depository check” applies throughout its chapter
The term “depository check” means any cashier’s check, certified check, teller’s check, and any other functionally equivalent instrument as determined by the Board. (12) Depository institution
“depository institution” applies throughout its chapter
The term “depository institution” has the meaning given such term in clauses (i) through (vi) of section 461(b)(1)(A) of this title . Such term also includes an office, branch, or agency of a foreign bank located in the United States. (13) Local originating depository institution
“local originating depository institution” applies throughout its chapter
The term “local originating depository institution” means any originating depository institution which is located in the same check processing region as the receiving depository institution. (14) Noncash item
“noncash item” applies throughout its chapter
The term “noncash item” means— (A) a check or other demand item to which a passbook, certificate, or other document is attached; (B) a check or other demand item which is accompanied by special instructions, such as a request for special advise of payment or dishonor; or (C) any similar item which is otherwise classified as a noncash item in regulations of the Board. (15) Nonlocal originating depository institution
“nonlocal originating depository institution” applies throughout its chapter
The term “nonlocal originating depository institution” means any originating depository institution which is not a local depository institution. (16) Proprietary ATM
“nonproprietary ATM” applies throughout its chapter
The term “nonproprietary ATM” means an automated teller machine which is not a proprietary ATM. (19) Participant
“originating depository institution” applies throughout its chapter
The term “originating depository institution” means the branch of a depository institution on which a check is drawn. (18) Nonproprietary ATM
“participant” applies throughout its chapter
The term “participant” means a depository institution which— (A) is located in the same geographic area as that served by a check clearinghouse association; and (B) exchanges checks through the check clearinghouse association, either directly or through an intermediary. (20) Receiving depository institution
“proprietary ATM” applies throughout its chapter
The term “proprietary ATM” means an automated teller machine which is— (A) located— (i) at or adjacent to a branch of the receiving depository institution; or (ii) in close proximity, as defined by the Board, to a branch of the receiving depository institution; or (B) owned by, operated exclusively for, or operated by the receiving depository institution. (17) Originating depository institution
“receiving depository institution” applies throughout its chapter
The term “receiving depository institution” means the branch of a depository institution or the proprietary ATM, located in the United States, in which a check is first deposited. (21) State
“State” applies throughout its chapter
The term “State” means any State, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, or the Virgin Islands. (22) Teller’s check
“teller’s check” applies throughout its chapter
The term “teller’s check” means any check issued by a depository institution and drawn on another depository institution. (23) United States
“unit of general local government” applies throughout its chapter
The term “unit of general local government” means any city, county, town, township, parish, village, or other general purpose political subdivision of a State. (25) Wire transfer The term “wire transfer” has such meaning as the Board shall prescribe by regulations.
“United States” applies throughout its chapter
The term “United States” means the several States, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the Virgin Islands. (24) Unit of general local government
“remaining useful life” applies throughout this title
the term “remaining useful life” means, with respect to eligible low-income housing, the period during which the physical characteristics of the housing remain in a condition suitable for occupancy, assuming normal maintenance and repairs are made and major systems and capital components are replaced as becomes necessary. (2) Standards The Secretary shall, by rule under section 553 of title 5 , establish standards for determining when the useful life of an eligible low-income housing project has expired. The determination shall be made on the record after opportunity for a hearing.
“eligible low-income housing” applies throughout its subchapter
The term “eligible low-income housing” means any housing financed by a loan or mortgage— (A) that is— (i) insured or held by the Secretary under section 1715 l (d)(3) of this title and receiving loan management assistance under section 1437f of title 42 due to a conversion from section 1701s of this title ; (ii) insured or held by the Secretary and bears interest at a rate determined under the proviso of section 1715 l (d)(5) of this title; (iii) insured, assisted, or held by the Secretary or a State or State agency under section 1715z–1 of this title ; or (iv) held by the Secretary and formerly insured under a program referred to in clause (i), (ii), or (iii); and (B) that, under …
“Federal cost limit” applies throughout its subchapter
The term “Federal cost limit” means, for any eligible low-income housing, the amount determined under section 4105(a) of this title .;
“low-income affordability restrictions” applies throughout its subchapter
The term “low-income affordability restrictions” means limits imposed by regulation or regulatory agreement on tenant rents, rent contributions, or income eligibility in eligible low-income housing.;
“low-income families or persons” applies throughout its subchapter
The terms “low-income families or persons” and “very low-income families or persons” mean families or persons whose incomes do not exceed the respective levels established for low-income families and very low-income families, respectively, under section 1437a(b)(2) of title 42 .;
“moderate-income families or persons” applies throughout its subchapter
The term “moderate-income families or persons” means families or persons whose incomes are between 80 percent and 95 percent of the median income for the area, as determined by the Secretary with adjustments for smaller and larger families.;
“nonprofit organization” applies throughout its subchapter
The term “nonprofit organization” means any private, nonprofit organization that— (A) is organized or chartered under State or local laws; (B) has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; (C) complies with standards of financial accountability acceptable to the Secretary; and (D) has among its principal purposes significant activities related to the provision of decent housing that is affordable to very low-, low-, and moderate-income families.;
“owner” applies throughout its subchapter
The term “owner” means the current or subsequent owner or owners of eligible low-income housing.;
“preservation equity” applies throughout its subchapter
The term “preservation equity” means, for any eligible low-income housing— (A) for purposes of determining the authorized return under section 4104(a) of this title and providing incentives to extend the low-income affordability restrictions on the housing under section 4109 of this title — (i) the preservation value of the housing determined under section 4103(b)(1) of this title ; less (ii) any debt secured by the property; and (B) for purposes of determining incentives under section 1 4110 and 4111 of this title and determining the amount of an acquisition loan under the provisions of section 1715z–6(f)(3) 2 of this title— (i) the preservation value of the housing determined under …
“preservation value” applies throughout its subchapter
The term “preservation value” means, for any eligible low-income housing, the applicable value determined under paragraph (1) or (2) of section 4103(b) of this title .;
“resident council” applies throughout its subchapter
The term “resident council” means any incorporated nonprofit organization or association that— (A) is representative of the residents of the housing; (B) adopts written procedures providing for the election of officers on a regular basis; and (C) has a democratically elected governing board, elected by the residents of the housing.
“Secretary” applies throughout its subchapter
The term “Secretary” means the Secretary of Housing and Urban Development.;
“very low-income families or persons” applies throughout its subchapter
The terms “low-income families or persons” and “very low-income families or persons” mean families or persons whose incomes do not exceed the respective levels established for low-income families and very low-income families, respectively, under section 1437a(b)(2) of title 42 .;
“priority purchaser” applies in that section
The term “priority purchaser” means (A) a resident council organized to acquire the housing in accordance with a resident homeownership program that meets the requirements of section 4121 1 of this title; and (B) any nonprofit organization or State or local agency that agrees to maintain low-income affordability restrictions for the remaining useful life of the housing (as determined under section 4112(d) 2 of this title). (b) Qualified purchaser
“qualified purchaser” applies in that section
The term “qualified purchaser” means any entity that agrees to maintain low-income affordability restrictions for the remaining useful life of the housing (as determined under section 4112(c) of this title ), and includes for-profit entities and priority purchasers.
“eligible intermediary” applies in that section
the term “eligible intermediary” means a State, regional, or national organization (including a quasi-public organization) or a State or local housing agency that— (1) has as a central purpose the preservation of existing affordable housing and the prevention of displacement; (2) does not receive direct Federal appropriations for operating support; (3) in the case of a national nonprofit organization, has been in existence for at least 5 years prior to the date of application and has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of title 26 ; (4) in the case of a regional or State nonprofit organization, has been in existence for at least …
“community-based nonprofit housing developer” applies throughout its subchapter
the term “community-based nonprofit housing developer” means a nonprofit community development corporation that— (A) has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of title 26 ; (B) has been in existence for at least 2 years prior to the date of the grant application; (C) has a record of service to low- and moderate-income people in the community in which the project is located; (D) is organized at the neighborhood, city, county or multi-county level; and (E) in the case of a corporation acquiring eligible housing under subchapter I of this chapter, agrees to form a purchaser entity that conforms to the definition of a community-based …
“eligible low-income housing” applies throughout its subchapter
the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 4119 of this title .
“nonprofit organization” applies throughout its subchapter
the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 4119 of this title .
“owner” applies throughout its subchapter
the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 4119 of this title .
“resident council” applies throughout its subchapter
the terms “eligible low-income housing”, “nonprofit organization”, “owner”, and “resident council” have the meanings given such terms in section 4119 of this title .
“original source” applies in that section
the term “original source” means a person who has direct and independent knowledge of the information contained in the declaration and who voluntarily provided the information to the government prior to the disclosure.