r/title-15-COMMERCE-AND-TRADE wiki — defined terms

“manufacturer” applies throughout its chapter

The term “manufacturer” shall mean any person engaged in the manufacturing or assembling of new automobiles, including any person importing new automobiles for resale and any person who acts for and is under the control of such manufacturer, assembler, or importer in connection with the distribution of new automobiles.;

“new automobile” applies throughout its chapter

The term “new automobile” means an automobile the equitable or legal title to which has never been transferred by a manufacturer, distributor, or dealer to an ultimate purchaser.;

“person” applies throughout its chapter

The term “person” means an individual, partnership, corporation, business trust, or any organized group of persons.;

“ultimate purchaser” applies throughout its chapter

The term “ultimate purchaser” means, with respect to any new automobile, the first person, other than a dealer purchasing in his capacity as a dealer, who in good faith purchases such new automobile for purposes other than resale.;

“interstate commerce” applies throughout its chapter

The term “interstate commerce” means commerce between any State, Territory, possession of the United States, or the District of Columbia, and any place outside thereof.;

“switchblade knife” applies throughout its chapter

The term “switchblade knife” means any knife having a blade which opens automatically— (1) by hand pressure applied to a button or other device in the handle of the knife, or (2) by operation of inertia, gravity, or both.

“ballistic knife” applies in that section

the term “ballistic knife” means a knife with a detachable blade that is propelled by a spring-operated mechanism.

“banned hazardous substance” applies throughout its chapter

The term “banned hazardous substance” means (A) any toy, or other article intended for use by children, which is a hazardous substance, or which bears or contains a hazardous substance in such manner as to be susceptible of access by a child to whom such toy or other article is entrusted; or (B) any hazardous substance intended, or packaged in a form suitable, for use in the household, which the Commission by regulation classifies as a “banned hazardous substance” on the basis of a finding that, notwithstanding such cautionary labeling as is or may be required under this chapter for that substance, the degree or nature of the hazard involved in the presence or use of such substance in …

“Commission” applies throughout its chapter

The term “Commission” means the Consumer Product Safety Commission. (d) Repealed. Pub. L. 110–314, title II, § 204(b)(4)(A) , Aug. 14, 2008 , 122 Stat. 3041;

“corrosive” applies throughout its chapter

The term “corrosive” means any substance which in contact with living tissue will cause destruction of tissue by chemical action; but shall not refer to action on inanimate surfaces.;

“hazardous substance” applies throughout its chapter

The term “hazardous substance” means: (1) (A) Any substance or mixture of substances which (i) is toxic, (ii) is corrosive, (iii) is an irritant, (iv) is a strong sensitizer, (v) is flammable or combustible, or (vi) generates pressure through decomposition, heat, or other means, if such substance or mixture of substances may cause substantial personal injury or substantial illness during or as a proximate result of any customary or reasonably foreseeable handling or use, including reasonably foreseeable ingestion by children.

“highly toxic” applies throughout its chapter

The term “highly toxic” means any substance which falls within any of the following categories: (a) Produces death within fourteen days in half or more than half of a group of ten or more laboratory white rats each weighing between two hundred and three hundred grams, at a single dose of fifty milligrams or less per kilogram of body weight, when orally administered; or (b) produces death within fourteen days in half or more than half of a group of ten or more laboratory white rats each weighing between two hundred and three hundred grams, when inhaled continuously for a period of one hour or less at an atmospheric concentration of two hundred parts per million by volume or less of gas or …

“interstate commerce” applies throughout its chapter

The term “interstate commerce” means (1) commerce between any State or territory and any place outside thereof, and (2) commerce within the District of Columbia or within any territory not organized with a legislative body.;

“irritant” applies throughout its chapter

The term “irritant” means any substance not corrosive within the meaning of subparagraph (i) which on immediate, prolonged, or repeated contact with normal living tissue will induce a local inflammatory reaction.;

“label” applies throughout its chapter

The term “label” means a display of written, printed, or graphic matter upon the immediate container of any substance or, in the case of an article which is unpackaged or is not packaged in an immediate container intended or suitable for delivery to the ultimate consumer, a display of such matter directly upon the article involved or upon a tag or other suitable material affixed thereto; and a requirement made by or under authority of this chapter that any word, statement, or other information appear on the label shall not be considered to be complied with unless such word, statement, or other information also appears (1) on the outside container or wrapper, if any there be, unless it is …

“misbranded hazardous substance” applies throughout its chapter

The term “misbranded hazardous substance” means a hazardous substance (including a toy, or other article intended for use by children, which is a hazardous substance, or which bears or contains a hazardous substance in such manner as to be susceptible of access by a child to whom such toy or other article is entrusted) intended, or packaged in a form suitable, for use in the household or by children, if the packaging or labeling of such substance is in violation of an applicable regulation issued pursuant to section 1472 or 1473 of this title or if such substance, except as otherwise provided by or pursuant to section 1262 of this title , fails to bear a label— (1) which states …

“person” applies throughout its chapter

The term “person” includes an individual, partnership, corporation, and association.;

“radioactive substance” applies throughout its chapter

The term “radioactive substance” means a substance which emits ionizing radiation.;

“strong sensitizer” applies throughout its chapter

The term “strong sensitizer” means a substance which will cause on normal living tissue through an allergic or photodynamic process a hypersensitivity which becomes evident on reapplication of the same substance and which is designated as such by the Commission. Before designating any substance as a strong sensitizer, the Commission, upon consideration of the frequency of occurrence and severity of the reaction, shall find that the substance has a significant potential for causing hypersensitivity.

“territory” applies throughout its chapter

The term “territory” means any territory or possession of the United States, including the District of Columbia and the Commonwealth of Puerto Rico but excluding the Canal Zone.;

“Consumer Price Index” applies in that section

The term “Consumer Price Index” means the Consumer Price Index for all-urban consumers published by the Department of Labor.;

“cost-of-living adjustment for the preceding five years” applies in that section

The term “cost-of-living adjustment for the preceding five years” means the percentage by which— (I) the Consumer Price Index for the month of June of the calendar year preceding the adjustment; exceeds (II) the Consumer Price Index for the month of June preceding the date on which the maximum authorized penalty was last adjusted. (d) Civil action for injunction In the case of an attorney general of a State alleging a violation that affects or may affect such State or its residents, such attorney general may bring a civil action for an injunction to enforce any requirement of this chapter relating to misbranded or banned hazardous substances.

“knowingly” applies throughout its chapter

the term “knowingly” means (A) having actual knowledge, or (B) the presumed having of knowledge deemed to be possessed by a reasonable person who acts in the circumstances, including knowledge obtainable upon the exercise of due care to ascertain the truth of representations. (6) (A) The maximum penalty amounts authorized in paragraph (1) shall be adjusted for inflation as provided in this paragraph.

“manufacturer” applies in that section

the term “manufacturer” includes an importer for resale, and (2) a dealer who sells at wholesale an article or substance shall with respect to that sale be considered the distributor of that article or substance.

“art material or art material product” applies in that section

The term “art material or art material product” shall mean any substance marketed or represented by the producer or repackager as suitable for use in any phase of the creation of any work of visual or graphic art of any medium. The term does not include economic poisons subject to the Federal Insecticide, Fungicide, and Rodenticide Act [ 7 U.S.C. 136 et seq.] or drugs, devices, or cosmetics subject to the Federal Food, Drug, and Cosmetics Act [ 21 U.S.C. 301 et seq.]. (2) The standard referred to in subsection (a) as modified by this subsection applies to art materials intended for users of any age.

“package insert” applies in that section

the term “package insert” means a display of written, printed, or graphic matter upon a leaflet or suitable material accompanying the art material. This requirement is in addition to, and is not meant to supersede, the requirement of paragraph 5.8 of the standard designated D–4236. (8) In determining whether an art material has the potential for producing chronic adverse health effects, including carcinogenicity and potential carcinogenicity, a toxicologist shall take into account opinions of various regulatory agencies and scientific bodies.

“distributor” applies in that section

The terms “manufacturer”, “distributor”, and “private labeler” have the meaning given those terms in section 2052 of this title .;

“manufacturer” applies in that section

The terms “manufacturer”, “distributor”, and “private labeler” have the meaning given those terms in section 2052 of this title .;

“private labeler” applies in that section

The terms “manufacturer”, “distributor”, and “private labeler” have the meaning given those terms in section 2052 of this title .;

“retailer” applies in that section

The term “retailer” has the meaning given that term in section 2052 of this title , but does not include an individual whose selling activity is intermittent and does not constitute a trade or business. (2) Effective date The requirement in paragraph (1) shall take effect— (A) with respect to advertisements on Internet websites, 120 days after August 14, 2008 ; and (B) with respect to catalogues and other printed materials, 180 days after August 14, 2008 . (3) Rulemaking Notwithstanding any provision of chapter 6 of title 5 or the Paperwork Reduction Act of 1980 ( 44 U.S.C.

“off-highway vehicle” applies in that section

the term “off-highway vehicle”— (i) means any motorized vehicle— (I) that is manufactured primarily for use off public streets, roads, and highways; (II) designed to travel on 2, 3, or 4 wheels; and (III) that has either— (aa) a seat designed to be straddled by the operator and handlebars for steering control; or (bb) a nonstraddle seat, steering wheel, seat belts, and roll-over protective structure; and (ii) includes a snowmobile.

“seller” applies in that section

the term “seller” includes a person who lends or donates a used children’s product. (8) Periodic review The Commission shall, based on the best available scientific and technical information, periodically review and revise the regulations promulgated pursuant to this subsection no less frequently than every 5 years after the first promulgation of a regulation under this subsection to make them more stringent and to require the lowest amount of lead the Commission determines is technologically feasible to achieve. (c) Application with ASTM F963 To the extent that any regulation promulgated by the Commission under this section (or any section of the Consumer Product Safety Act [ 15 U.S.C.

“used children’s product” applies in that section

the term “used children’s product” means a children’s product (as defined in section 3(a) of the Consumer Product Safety Act ( 15 U.S.C. 2052(a) ) 1 that was obtained by the seller for use and not for the purpose of resale or was obtained by the seller, either directly or indirectly, from a person who obtained such children’s product for use and not for the purpose of resale. Such term also includes a children’s product that was donated to the seller for charitable distribution or resale to support charitable purposes.

“agent” applies throughout its chapter

The term “agent” includes any person retained by the Department of Justice in connection with the enforcement of the antitrust laws.;

“antitrust investigation” applies throughout its chapter

The term “antitrust investigation” means any inquiry conducted by any antitrust investigator for the purpose of ascertaining whether any person is or has been engaged in any antitrust violation or in any activities in preparation for a merger, acquisition, joint venture, or similar transaction, which, if consummated, may result in an antitrust violation;

“antitrust investigator” applies throughout its chapter

The term “antitrust investigator” means any attorney or investigator employed by the Department of Justice who is charged with the duty of enforcing or carrying into effect any antitrust law;

“antitrust law” applies throughout its chapter

The term “antitrust law” includes: (1) Each provision of law defined as one of the antitrust laws by section 12 of this title ; and (2) Any statute enacted on and after September 19, 1962 , by the Congress which prohibits, or makes available to the United States in any court of the United States any civil remedy with respect to any restraint upon or monopolization of interstate or foreign trade or commerce;

“antitrust order” applies throughout its chapter

The term “antitrust order” means any final order, decree, or judgment of any court of the United States, duly entered in any case or proceeding arising under any antitrust law;

“antitrust violation” applies throughout its chapter

The term “antitrust violation” means any act or omission in violation of any antitrust law, any antitrust order or, with respect to the International Antitrust Enforcement Assistance Act of 1994 [ 15 U.S.C. 6201 et seq.], any of the foreign antitrust laws;

“custodian” applies throughout its chapter

The term “custodian” means the custodian or any deputy custodian designated under section 1313(a) of this title ;

“documentary material” applies throughout its chapter

The term “documentary material” includes the original or any copy of any book, record, report, memorandum, paper, communication, tabulation, chart, or other document, and any product of discovery;

“foreign antitrust laws” applies throughout its chapter

The term “foreign antitrust laws” has the meaning given such term in section 12 of the International Antitrust Enforcement Assistance Act of 1994 [ 15 U.S.C. 6211 ].

“person” applies throughout its chapter

The term “person” means any natural person, partnership, corporation, association, or other legal entity, including any person acting under color or authority of State law;

“product of discovery” applies throughout its chapter

The term “product of discovery” includes without limitation the original or duplicate of any deposition, interrogatory, document, thing, result of the inspection of land or other property, examination, or admission obtained by any method of discovery in any judicial litigation or in any administrative litigation of an adversarial nature; any digest, analysis, selection, compilation, or any derivation thereof; and any index or manner of access thereto; and;

“brand style” applies throughout its chapter

The term “brand style” means a variety of cigarettes distinguished by the tobacco used, tar and nicotine content, flavoring used, size of the cigarette, filtration on the cigarette, or packaging.;

“cigarette” applies throughout its chapter

The term “cigarette” means— (A) any roll of tobacco wrapped in paper or in any substance not containing tobacco, and (B) any roll of tobacco wrapped in any substance containing tobacco which, because of its appearance, the type of tobacco used in the filler, or its packaging and labeling, is likely to be offered to, or purchased by, consumers as a cigarette described in subparagraph (A).;

“commerce” applies throughout its chapter

The term “commerce” means (A) commerce between any State, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Virgin Islands, American Samoa, Wake Island, Midway Islands, Kingman Reef, or Johnston Island and any place outside thereof; (B) commerce between points in any state, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Virgin Islands, American Samoa, Wake Island, Midway Islands, Kingman Reef, or Johnston Island, but through any place outside thereof; or (C) commerce wholly within the District of Columbia, Guam, the Virgin Islands, American Samoa, Wake Island, Midway Islands, Kingman Reef, or Johnston Island.

“little cigar” applies throughout its chapter

The term “little cigar” means any roll of tobacco wrapped in leaf tobacco or any substance containing tobacco (other than any roll of tobacco which is a cigarette within the meaning of subsection (1)) and as to which one thousand units weigh not more than three pounds.;

“package” applies throughout its chapter

The term “package” means a pack, box, carton, or container of any kind in which cigarettes are offered for sale, sold, or otherwise distributed to consumers.;

“person” applies throughout its chapter

The term “person” means an individual, partnership, corporation, or any other business or legal entity.;

“sale or distribution” applies throughout its chapter

The term “sale or distribution” includes sampling or any other distribution not for sale.;

“Secretary” applies throughout its chapter

The term “Secretary” means the Secretary of Health and Human Services.

“State” applies throughout its chapter

The term “State” includes any political division of any State.;

“random package” applies in that section

the term “random package” means a package which is one of a lot, shipment, or delivery of packages of the same consumer commodity with varying weights or masses, that is, packages with no fixed weight or mass pattern. (6) The requirement of paragraph (2) that the statement of net quantity of contents include a statement in terms of the SI metric system shall not apply to foods that are packaged at the retail store level.

“commerce” applies throughout its chapter

The term “commerce” means (1) commerce between any State, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States, and any place outside thereof, and (2) commerce within the District of Columbia or within any territory or possession of the United States not organized with a legislative body, but shall not include exports to foreign countries.;

“label” applies throughout its chapter

The term “label” means any written, printed, or graphic matter affixed to any consumer commodity or affixed to or appearing upon a package containing any consumer commodity.;

“package” applies throughout its chapter

The term “package” means any container or wrapping in which any consumer commodity is enclosed for use in the delivery or display of that consumer commodity to retail purchasers, but does not include— (1) shipping containers or wrappings used solely for the transportation of any consumer commodity in bulk or in quantity to manufacturers, packers, or processors, or to wholesale or retail distributors thereof; (2) shipping containers or outer wrappings used by retailers to ship or deliver any commodity to retail customers if such containers and wrappings bear no printed matter pertaining to any particular commodity; or (3) containers subject to the provisions of the Act of August 3, 1912 ( 37 …

“person” applies throughout its chapter

The term “person” includes any firm, corporation, or association.;

“principal display panel” applies throughout its chapter

The term “principal display panel” means that part of a label that is most likely to be displayed, presented, shown, or examined under normal and customary conditions of display for retail sale.

“Commission” applies in that section

The term “Commission” means the Consumer Product Safety Commission.;

“household substance” applies in that section

The term “household substance” means any substance which is customarily produced or distributed for sale for consumption or use, or customarily stored, by individuals in or about the household and which is— (A) a hazardous substance as that term is defined in section 1261(f) of this title ; (B) a food, drug, or cosmetic as those terms are defined in section 321 of title 21 ; or (C) a substance intended for use as fuel when stored in a portable container and used in the heating, cooking, or refrigeration system of a house.;

“labeling” applies in that section

The term “labeling” means all labels and other written, printed, or graphic matter (A) upon any household substance or its package, or (B) accompanying such substance.

“package” applies in that section

The term “package” means the immediate container or wrapping in which any household substance is contained for consumption, use, or storage by individuals in or about the household, and, for purposes of section 1473(a)(2) of this title , also means any outer container or wrapping used in the retail display of any such substance to consumers.

“special packaging” applies in that section

The term “special packaging” means packaging that is designed or constructed to be significantly difficult for children under five years of age to open or obtain a toxic or harmful amount of the substance contained therein within a reasonable time and not difficult for normal adults to use properly, but does not mean packaging which all such children cannot open or obtain a toxic or harmful amount within a reasonable time.;

“Commission” applies in that section

The term “Commission” means the Consumer Product Safety Commission. (2) Liquid nicotine container (A) In general Notwithstanding section 1261(f)(2) of this title and section 2052(a)(5) of this title ,

“liquid nicotine container” applies in that section

the term “liquid nicotine container” means a package (as defined in section 2 of the Poison Prevention Packaging Act of 1970 ( 15 U.S.C. 1471 ))— (i) from which nicotine in a solution or other form is accessible through normal and foreseeable use by a consumer; and (ii) that is used to hold soluble nicotine in any concentration.

“nicotine” applies in that section

The term “nicotine” means any form of the chemical nicotine, including any salt or complex, regardless of whether the chemical is naturally or synthetically derived.

“nondiscretionary assistance program” applies in that section

the term “nondiscretionary assistance program” means any program for providing financial assistance— (1) under which the amount of funding for, and the intended recipient of, the financial assistance is specified by Congress; or (2) the recipients of which have customarily been a State or an interstate fishery commission.

“accepted credit card” applies throughout its subchapter

The term “accepted credit card” means any credit card which the cardholder has requested and received or has signed or has used, or authorized another to use, for the purpose of obtaining money, property, labor, or services on credit.;

“agricultural products” applies in that section

The term “agricultural products” includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof.;

“agricultural purposes” applies in that section

The term “agricultural purposes” includes the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures those agricultural products, including but not limited to the acquisition of farmland, real property with a farm residence, and personal property and services used primarily in farming.;

“bona fide discount points” applies in that section

the term “bona fide discount points” means loan discount points which are knowingly paid by the consumer for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate or time-price differential applicable to the mortgage. (4) Paragraphs (1) and (2) shall not apply to discount points used to purchase an interest rate reduction unless the amount of the interest rate reduction purchased is reasonably consistent with established industry norms and practices for secondary mortgage market transactions.

“Bureau” applies throughout its subchapter

The term “Bureau” means the Bureau of Consumer Financial Protection. (c) The term “Board” refers to the Board of Governors of the Federal Reserve System.;

“card issuer” applies throughout its subchapter

The term “card issuer” means any person who issues a credit card, or the agent of such person with respect to such card. (p) The term “unauthorized use,” as used in section 1643 of this title , means a use of a credit card by a person other than the cardholder who does not have actual, implied, or apparent authority for such use and from which the cardholder receives no benefit. (q) The term “discount” as used in section 1666f of this title means a reduction made from the regular price. The term “discount” as used in section 1666f of this title shall not mean a surcharge.

“cardholder” applies throughout its subchapter

The term “cardholder” means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person.;

“Commission” applies in that section

the term “Commission” means the Federal Trade Commission. (2) Mortgage originator .—

“credit” applies throughout its subchapter

The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. (g) The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement.

“credit card” applies throughout its subchapter

The term “credit card” means any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit.;

“creditor” applies throughout its subchapter

The term “creditor” includes a private educational lender (as that term is defined in section 1650 of this title ) for purposes of this subchapter. (h) The term “credit sale” refers to any sale in which the seller is a creditor. The term includes any contract in the form of a bailment or lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the property and services involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the property upon full compliance with his obligations under the contract.

“dwelling” applies in that section

The term “dwelling” means a residential structure or mobile home which contains one to four family housing units, or individual units of condominiums or cooperatives.;

“material disclosures” applies in that section

The term “material disclosures” means the disclosure, as required by this subchapter, of the annual percentage rate, the method of determining the finance charge and the balance upon which a finance charge will be imposed, the amount of the finance charge, the amount to be financed, the total of payments, the number and amount of payments, the due dates or periods of payments scheduled to repay the indebtedness, and the disclosures required by section 1639(a) of this title .;

“mortgage originator” applies in that section

The term “mortgage originator”— (A) means any person who, for direct or indirect compensation or gain, or in the expectation of direct or indirect compensation or gain— (i) takes a residential mortgage loan application; (ii) assists a consumer in obtaining or applying to obtain a residential mortgage loan; or (iii) offers or negotiates terms of a residential mortgage loan; (B) includes any person who represents to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such person can or will provide any of the services or perform any of the …

“Nationwide Mortgage Licensing System and Registry” applies in that section

The term “Nationwide Mortgage Licensing System and Registry” has the same meaning as in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 [ 12 U.S.C. 5101 et seq.]. (4) Other definitions relating to mortgage originator .— For purposes of this subsection, a person “assists a consumer in obtaining or applying to obtain a residential mortgage loan” by, among other things, advising on residential mortgage loan terms (including rates, fees, and other costs), preparing residential mortgage loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan. (5) Residential mortgage loan .—

“open end consumer credit plan” applies throughout its subchapter

The terms “open end credit plan” and “open end consumer credit plan” mean a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan or open end consumer credit plan which is an open end credit plan or open end consumer credit plan within the meaning of the preceding sentence is an open end credit plan or open end consumer credit plan even if credit information is verified from time to time.

“open end credit plan” applies throughout its subchapter

The terms “open end credit plan” and “open end consumer credit plan” mean a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan or open end consumer credit plan which is an open end credit plan or open end consumer credit plan within the meaning of the preceding sentence is an open end credit plan or open end consumer credit plan even if credit information is verified from time to time.

“organization” applies throughout its subchapter

The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.;

“person” applies throughout its subchapter

The term “person” means a natural person or an organization.;

“regular price” applies in that section

the term “regular price” means the tag or posted price charged for the property or service if a single price is tagged or posted, or the price charged for the property or service when payment is made by use of an open-end credit plan or a credit card if either (1) no price is tagged or posted, or (2) two prices are tagged or posted, one of which is charged when payment is made by use of an open-end credit plan or a credit card and the other when payment is made by use of cash, check, or similar means.

“residential mortgage loan” applies in that section

The term “residential mortgage loan” means any consumer credit transaction that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real property that includes a dwelling, other than a consumer credit transaction under an open end credit plan or, for purposes of sections 1639b and 1639c of this title and section 1638(a) (16), (17), (18), and (19) of this title, and sections 1638(f) and 1640(k) of this title, and any regulations promulgated thereunder, an extension of credit relating to a plan described in section 101(53D) of title 11.

“residential mortgage transaction” applies in that section

The term “residential mortgage transaction” means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against the consumer’s dwelling to finance the acquisition or initial construction of such dwelling. (y) As used in this section and section 1666f of this title ,

“reverse mortgage transaction” applies in that section

The term “reverse mortgage transaction” means a nonrecourse transaction in which a mortgage, deed of trust, or equivalent consensual security interest is created against the consumer’s principal dwelling— (1) securing one or more advances; and (2) with respect to which the payment of any principal, interest, and shared appreciation or equity is due and payable (other than in the case of default) only after— (A) the transfer of the dwelling; (B) the consumer ceases to occupy the dwelling as a principal dwelling; or (C) the death of the consumer. (dd) Definitions Relating to Mortgage Origination and Residential Mortgage Loans.— (1) Commission .— Unless otherwise specified,

“servicer” applies in that section

The term “servicer” has the same meaning as in section 2605(i)(2) of title 12 . (ee) Bona Fide Discount Points and Prepayment Penalties .— For the purposes of determining the amount of points and fees for purposes of subsection (aa), either the amounts described in paragraph (1) or (2) of the following paragraphs, but not both, shall be excluded: (1) Up to and including 2 bona fide discount points payable by the consumer in connection with the mortgage, but only if the interest rate from which the mortgage’s interest rate will be discounted does not exceed by more than 1 percentage point— (A) the average prime offer rate, as defined in section 1639c of this title ; or (B) if secured by a …

“actuarial method” applies in that section

The term “actuarial method” means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed. (2) Consumer, credit

“consumer” applies in that section

The terms “consumer” and “creditor” have the meanings given to such terms in section 1602 of this title . (3) Creditor

“creditor” applies in that section

The terms “consumer” and “creditor” have the meanings given to such terms in section 1602 of this title . (3) Creditor

“charge card” applies in that section

the term “charge card” means a card, plate, or other single credit device that may be used from time to time to obtain credit which is not subject to a finance charge. (5) Regulatory authority of the Bureau The Bureau may, by regulation, require the disclosure of information in addition to that otherwise required by this subsection or subsection (d), and modify any disclosure of information required by this subsection or subsection (d), in any application to open a credit card account for any person under an open end consumer credit plan or any application to open a charge card account for any person, or a solicitation to open any such account without requiring an application, if the Bureau …

“college affinity card” applies in that section

The term “college affinity card” means a credit card issued by a credit card issuer under an open end consumer credit plan in conjunction with an agreement between the issuer and an institution of higher education, or an alumni organization or foundation affiliated with or related to such institution, under which such cards are issued to college students who have an affinity with such institution, organization and— (i) the creditor has agreed to donate a portion of the proceeds of the credit card to the institution, organization, or foundation (including a lump sum or 1-time payment of money for access); (ii) the creditor has agreed to offer discounted terms to the consumer; or (iii) the …

“college student” applies in that section

The term “college student” means an individual who is a full-time or a part-time student attending an institution of higher education. (D) Institution of higher education

“college student credit card account” applies in that section

The term “college student credit card account” means a credit card account under an open end consumer credit plan established or maintained for or on behalf of any college student. (C) College student

“institution of higher education” applies in that section

The term “institution of higher education” has the same meaning as in section 3 1001 and 1002 of title 20. (2) Reports by creditors (A) In general Each creditor shall submit an annual report to the Bureau containing the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with an institution of higher education, or an alumni organization or foundation affiliated with or related to such institution, with respect to any college student credit card issued to a college student at such institution.

“interactive computer service” applies in that section

the term “interactive computer service” means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically a service or system that provides access to the Internet and such systems operated or services offered by libraries or educational institutions. (8) Applications from underage consumers (A) Prohibition on issuance No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B).

“Internet” applies in that section

the term “Internet” means the international computer network of both Federal and non-Federal interoperable packet switched data networks; and;

“introductory period” applies in that section

the term “introductory period” means the maximum time period for which the temporary annual percentage rate may be applicable. (E) Relation to other disclosure requirements Nothing in this paragraph may be construed to supersede subsection (a) of section 1632 of this title , or any disclosure required by paragraph (1) or any other provision of this subsection.

“temporary annual percentage rate” applies in that section

the terms “temporary annual percentage rate of interest” and “temporary annual percentage rate” mean any rate of interest applicable to a credit card account for an introductory period of less than 1 year, if that rate is less than an annual percentage rate that was in effect within 60 days before the date of mailing the application or solicitation; and;

“temporary annual percentage rate of interest” applies in that section

the terms “temporary annual percentage rate of interest” and “temporary annual percentage rate” mean any rate of interest applicable to a credit card account for an introductory period of less than 1 year, if that rate is less than an annual percentage rate that was in effect within 60 days before the date of mailing the application or solicitation; and;

“principal dwelling” applies in that section

the term “principal dwelling” includes any second or vacation home of the consumer. (e) Pamphlet In addition to the disclosures required under subsection (a) with respect to an application to open an account under any open end consumer credit plan described in such subsection, the creditor or other person providing such disclosures to the consumer shall provide— (1) a pamphlet published by the Bureau pursuant to section 4 of the Home Equity 1 Consumer Protection Act of 1988; or (2) any pamphlet which provides substantially similar information to the information described in such section, as determined by the Bureau.

“covered educational institution” applies in that section

the terms “covered educational institution”, “private educational lender”, and “private education loan” have the same meanings as in section 1650 of this title . (11) Duties of lenders participating in preferred lender arrangements Each private educational lender that has a preferred lender arrangement with a covered educational institution shall annually, by a date determined by the Bureau, in consultation with the Secretary of Education, provide to the covered educational institution such information as the Bureau determines to include in the model form developed under paragraph (5) for each type of private education loan that the lender plans to offer to students attending the covered …

“private education loan” applies in that section

the terms “covered educational institution”, “private educational lender”, and “private education loan” have the same meanings as in section 1650 of this title . (11) Duties of lenders participating in preferred lender arrangements Each private educational lender that has a preferred lender arrangement with a covered educational institution shall annually, by a date determined by the Bureau, in consultation with the Secretary of Education, provide to the covered educational institution such information as the Bureau determines to include in the model form developed under paragraph (5) for each type of private education loan that the lender plans to offer to students attending the covered …

“private educational lender” applies in that section

the terms “covered educational institution”, “private educational lender”, and “private education loan” have the same meanings as in section 1650 of this title . (11) Duties of lenders participating in preferred lender arrangements Each private educational lender that has a preferred lender arrangement with a covered educational institution shall annually, by a date determined by the Bureau, in consultation with the Secretary of Education, provide to the covered educational institution such information as the Bureau determines to include in the model form developed under paragraph (5) for each type of private education loan that the lender plans to offer to students attending the covered …

“hybrid adjustable rate mortgage” applies in that section

the term “hybrid adjustable rate mortgage” means a consumer credit transaction secured by the consumer’s principal residence with a fixed interest rate for an introductory period that adjusts or resets to a variable interest rate after such period.

“affiliate” applies in that section

the term “affiliate” has the same meaning as in section 1841(k) of title 12 . (p) Discretionary regulatory authority of Bureau (1) Exemptions The Bureau may, by regulation or order, exempt specific mortgage products or categories of mortgages from any or all of the prohibitions specified in subsections (c) through (i), if the Bureau finds that the exemption— (A) is in the interest of the borrowing public; and (B) will apply only to products that maintain and strengthen home ownership and equity protection.

“qualified loss mitigation plan” applies in that section

the term “qualified loss mitigation plan” means— (A) a residential loan modification, workout, or other loss mitigation plan, including to the extent that the Secretary of the Treasury determines appropriate, a loan sale, real property disposition, trial modification, pre-foreclosure sale, and deed in lieu of foreclosure, that is described or authorized in guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008 [ 12 U.S.C. 5201 et seq.]; and (B) a refinancing of a mortgage under the Hope for Homeowners program;

“securitization vehicle” applies in that section

the term “securitization vehicle” means a trust, special purpose entity, or other legal structure that is used to facilitate the issuing of securities, participation certificates, or similar instruments backed by or referring to a pool of assets that includes residential mortgages (or instruments that are related to residential mortgages such as credit-linked notes).

“servicer” applies in that section

the term “servicer” means the person responsible for the servicing for others of residential mortgage loans (including of a pool of residential mortgage loans); and;

“anti-deficiency law” applies in that section

the term “anti-deficiency law” means the law of any State which provides that, in the event of foreclosure on the residential property of a consumer securing a mortgage, the consumer is not liable, in accordance with the terms and limitations of such State law, for any deficiency between the sale price obtained on such property through foreclosure and the outstanding balance of the mortgage.

“average prime offer rate” applies in that section

The term “average prime offer rate” means the average prime offer rate for a comparable transaction as of the date on which the interest rate for the transaction is set, as published by the Bureau.. 2 (C) Points and fees (i) In general For purposes of subparagraph (A),

“bona fide discount points” applies in that section

the term “bona fide discount points” means loan discount points which are knowingly paid by the consumer for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate or time-price differential applicable to the mortgage. (iv) Interest rate reduction Subclauses (I) and (II) of clause (ii) shall not apply to discount points used to purchase an interest rate reduction unless the amount of the interest rate reduction purchased is reasonably consistent with established industry norms and practices for secondary mortgage market transactions.

“covered institution” applies in that section

the term “covered institution” means an insured depository institution or an insured credit union that, together with its affiliates, has less than $10,000,000,000 in total consolidated assets;

“fully indexed rate” applies in that section

the term “fully indexed rate” means the index rate prevailing on a residential mortgage loan at the time the loan is made plus the margin that will apply after the expiration of any introductory interest rates. (8) Reverse mortgages and bridge loans This subsection shall not apply with respect to any reverse mortgage or temporary or bridge loan with a term of 12 months or less, including to any loan to purchase a new dwelling where the consumer plans to sell a different dwelling within 12 months.

“insured credit union” applies in that section

the term “insured credit union” has the meaning given the term in section 1752 of title 12 ;

“insured depository institution” applies in that section

the term “insured depository institution” has the meaning given the term in section 1813 of title 12 ;

“interest-only” applies in that section

the term “interest-only” means that, under the terms of the legal obligation, one or more of the periodic payments may be applied solely to accrued interest and not to loan principal; and;

“negative amortization” applies in that section

the term “negative amortization” means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation. (ii) Safe harbor In this section—;

“points and fees” applies in that section

the term “points and fees” means points and fees as defined by section 1602(aa)(4) 1 of this title (other than bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator).

“Property Assessed Clean Energy financing” applies in that section

the term “Property Assessed Clean Energy financing” means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer. (ii) Regulations The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 1640 of this title with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing.

“qualified mortgage” applies in that section

The term “qualified mortgage” means any residential mortgage loan— (i) for which the regular periodic payments for the loan may not— (I) result in an increase of the principal balance; or (II) except as provided in subparagraph (E), allow the consumer to defer repayment of principal; (ii) except as provided in subparagraph (E), the terms of which do not result in a balloon payment, where a “balloon payment” is a scheduled payment that is more than twice as large as the average of earlier scheduled payments; (iii) for which the income and financial resources relied upon to qualify the obligors on the loan are verified and documented; (iv) in the case of a fixed rate loan, for which the …

“flood insurance” applies in that section

The term “flood insurance” means flood insurance coverage provided under the national flood insurance program pursuant to the National Flood Insurance Act of 1968 [ 42 U.S.C. 4001 et seq.]. (2) Hazard insurance The term “hazard insurance” shall have the same meaning as provided for “hazard insurance”, “casualty insurance”, “homeowner’s insurance”, or other similar term under the law of the State where the real property securing the consumer credit transaction is located. (3) Insured credit union

“insured credit union” applies in that section

The term “insured credit union” has the meaning given the term in section 1752 of title 12 . (4) Insured depository institution

“insured depository institution” applies in that section

The term “insured depository institution” has the meaning given the term in section 1813 of title 12 . (j) Disclosure notice required for consumers who waive escrow services (1) In general If— (A) an impound, trust, or other type of account for the payment of property taxes, insurance premiums, or other purposes relating to real property securing a consumer credit transaction is not established in connection with the transaction; or (B) a consumer chooses, and provides written notice to the creditor or servicer of such choice, at any time after such an account is established in connection with any such transaction and in accordance with any statute, regulation, or contractual agreement, to …

“fee appraiser” applies in that section

the term “fee appraiser” means a person who is not an employee of the mortgage loan originator or appraisal management company engaging the appraiser and is— (i) a State licensed or certified appraiser who receives a fee for performing an appraisal and certifies that the appraisal has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice; or (ii) a company not subject to the requirements of section 3353 of title 12 that utilizes the services of State licensed or certified appraisers and receives a fee for performing appraisals in accordance with the Uniform Standards of Professional Appraisal Practice.

“certified or licensed appraiser” applies in that section

the term “certified or licensed appraiser” means a person who— (A) is, at a minimum, certified or licensed by the State in which the property to be appraised is located; and (B) performs each appraisal in conformity with the Uniform Standards of Professional Appraisal Practice and title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [ 12 U.S.C. 3331 et seq.], and the regulations prescribed under such title, as in effect on the date of the appraisal.

“higher-risk mortgage” applies in that section

the term “higher-risk mortgage” means a residential mortgage loan, other than a reverse mortgage loan that is a qualified mortgage, as defined in section 1639c of this title , secured by a principal dwelling— (1) that is not a qualified mortgage, as defined in section 1639c of this title ; and (2) with an annual percentage rate that exceeds the average prime offer rate for a comparable transaction, as defined in section 1639c of this title , as of the date the interest rate is set— (A) by 1.5 or more percentage points, in the case of a first lien residential mortgage loan having an original principal obligation amount that does not exceed the amount of the maximum limitation on the original …

“mortgage loan” applies in that section

the term “mortgage loan” means any consumer credit transaction that is secured by the principal dwelling of a consumer.

“servicer” applies in that section

the term “servicer” has the same meaning as in section 2605(i)(2) of title 12 . (4) Applicability This subsection shall apply to all consumer credit transactions in existence or consummated on or after September 30, 1995 .

“cosigner” applies in that section

the term “cosigner”— (A) means any individual who is liable for the obligation of another without compensation, regardless of how designated in the contract or instrument with respect to that obligation, other than an obligation under a private education loan extended to consolidate a consumer’s pre-existing private education loans; (B) includes any person the signature of which is requested as condition to grant credit or to forbear on collection; and (C) does not include a spouse of an individual described in subparagraph (A), the signature of whom is needed to perfect the security interest in a loan.;

“covered educational institution” applies in that section

the term “covered educational institution”— (A) means any educational institution that offers a postsecondary educational degree, certificate, or program of study (including any institution of higher education); and (B) includes an agent, officer, or employee of the educational institution;

“gift” applies in that section

the term “gift”— (A) (i) means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having more than a de minimis monetary value, including services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred; and (ii) includes an item described in clause (i) provided to a family member of an officer, employee, or agent of a covered educational institution, or to any other individual based on that individual’s relationship with the officer, employee, or agent, if— (I) the item is provided with the knowledge and acquiescence of the officer, employee, or agent; and …

“institution of higher education” applies in that section

the term “institution of higher education” has the same meaning as in section 102 of the Higher Education Act of 1965 ( 20 U.S.C. 1002 );

“postsecondary educational expenses” applies in that section

the term “postsecondary educational expenses” means any of the expenses that are included as part of the cost of attendance of a student, as defined under section 472 of the Higher Education Act of 1965 ( 20 U.S.C. 1087 ll );

“preferred lender arrangement” applies in that section

the term “preferred lender arrangement” has the same meaning as in section 151 of the Higher Education Act of 1965 [ 20 U.S.C. 1019 ];

“private education loan” applies in that section

the term “private education loan”— (A) means a loan provided by a private educational lender that— (i) is not made, insured, or guaranteed under of 1 title IV of the Higher Education Act of 1965 ( 20 U.S.C.

“private educational lender” applies in that section

the term “private educational lender” means— (A) a financial institution, as defined in section 1813 of title 12 that solicits, makes, or extends private education loans; (B) a Federal credit union, as defined in section 1752 of title 12 that solicits, makes, or extends private education loans; and (C) any other person engaged in the business of soliciting, making, or extending private education loans;

“revenue sharing” applies in that section

the term “revenue sharing” means an arrangement between a covered educational institution and a private educational lender under which— (A) a private educational lender provides or issues private education loans with respect to students attending the covered educational institution; (B) the covered educational institution recommends to students or others the private educational lender or the private education loans of the private educational lender; and (C) the private educational lender pays a fee or provides other material benefits, including profit sharing, to the covered educational institution in connection with the private education loans provided to students attending the covered …

“balloon payment” applies in that section

the term “balloon payment” means, with respect to any open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling, any repayment option under which— (1) the account holder is required to repay the entire amount of any outstanding balance as of a specified date or at the end of a specified period of time, as determined in accordance with the terms of the agreement pursuant to which such credit is extended; and (2) the aggregate amount of the minimum periodic payments required would not fully amortize such outstanding balance by such date or at the end of such period.

“outstanding balance” applies in that section

the term “outstanding balance” means the amount owed on a credit card account under an open end consumer credit plan as of the end of the 14th day after the date on which the creditor provides notice of an increase in the annual percentage rate, fee, or finance charge in accordance with section 1637(i) of this title .

“consumer lease” applies throughout its part

The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000, 1 primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 2 of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.

“lessee” applies throughout its part

The term “lessee” means a natural person who leases or is offered a consumer lease.;

“lessor” applies throughout its part

The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.;

“personal property” applies throughout its part

The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.;

“security” applies throughout its part

The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.