Sec. 4. Definitions
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/bill/113/hr/1566/ih/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this Act: The term affiliate means any person that controls, is controlled by, or is under common control with another person. The term affordable means that a creditor has a reasonable expectation that a consumer or small business will be able to repay an extension of credit. The term commercially viable means that a reasonable economic profit is expected to be made when a financial product or service is provided to a consumer or small business. The term Comptroller means the Comptroller of the Currency.
The term consumer means an individual or agent, trustee, or representative acting on behalf of an individual. The terms control and controlled by mean that— a person directly or indirectly or acting through 1 or more other persons owns, controls, or has power to vote 25 percent or more of any class of voting stock of a company; a person controls in any manner the election of a majority of the directors or trustees of a company; or the Comptroller makes a determination, after notice and opportunity for hearing, that a person directly or indirectly exercises a controlling influence over the management or policies of a company.
The term credit means the right granted by a person to a consumer or a small business to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase. The term creditor has the same meaning as is given such term in section 103(g) of the Truth in Lending Act ( 15 U.S.C. 1602(g) ), and for purposes of this Act, shall include a person who extends credit to a small business pursuant to the provisions of this Act. The term Director means the Director of the Bureau of Consumer Financial Protection.
The term electronic device means an electronic device that communicates by any transfer of signs, signals, writing, images, sounds, data, or intelligence of any nature transmitted in whole or in part by a wire, radio, electromagnetic, photoelectronic, or photo-optical system that affects interstate or foreign commerce. The term extended repayment plan means an installment plan under which a consumer who is unable to repay a credit extension on a loan with a term of less than 120 days on the date due, and who complies with applicable requirements established in regulations pursuant to this Act, may repay a creditor the outstanding balance of the loan in at least 4 substantially equal payments without being charged any additional interest, fees, or other charges.
The term Federal consumer financial laws has the same meaning as is given to that term in section 1002(14) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481(14)). The term financial product or service has the same meaning as is given the term consumer financial product or service in section 1002(5) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481(5) ), and for purposes of this Act, shall also include a financial product or service provided to a small business.
The terms insured depository institution and depository institution (also referred to herein as depositories ) have the same meanings as are given such terms under section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ), and for purposes of this Act, also includes an insured credit union as such term is defined under section 101(7) of the Federal Credit Union Act (12 U.S.C. 1752(7)). The term Internet means the international computer network of interoperable packet-switched data networks.
The term nondepository creditor means an entity that is chartered or licensed by a State and offers personal loans or other financial products or services to consumers or small businesses, but does not accept consumer or commercial deposits. The term person means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or any other entity. The term primary business activities means that the business activities of an Internet creditor predominately involve providing financial products and services to underserved consumers and small businesses.
The term secured credit transaction means— a consumer credit transaction where the performance of the credit obligation is secured by an interest in property; and such transaction is recognized as secured by State or Federal law, provided, however, a consumer’s authorization for an electronic fund transfer as a payment on a financial product or service shall not be considered, for purposes of this Act, as security on a credit transaction. The term small business means a business entity, including a sole proprietorship, that has less than 500 full-time employees.
The term State means— a State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, and the United States Virgin Islands. The term underserved consumer means a natural person who— does not have a checking or savings account with an insured depository institution; or has a deposit account with an insured depository institution, but has limited or no ability to obtain small personal loans or other nondepository financial products or services from an insured depository institution.
The term unsecured credit transaction means a consumer credit transaction where the performance of the credit obligation is not secured by an interest in property or where the security interest is not recognized by State or Federal law.
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