12 U.S.C. § 4313
Section 4313 · Definitions
Current version, with additions and removals from the September 30, 1996 version.
For the purposes of this chapter—
For the purposes of this chapter—
(1) Account
(1) Account
The term “account” means any account intended for use by and generally used by consumers primarily for personal, family, or household purposes that is offered by a depository institution into which a consumer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.
The term “account” means any account intended for use by and generally used by consumers primarily for personal, family, or household purposes that is offered by a depository institution into which a consumer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.
(2) Annual percentage yield
(2) Annual percentage yield
(3) Annual rate of simple interest
(3) Annual rate of simple interest
The term “annual rate of simple interest”—
The term “annual rate of simple interest”—
(A) means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and
(A) means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and
(B) may be referred to as the “annual percentage rate”.
(B) may be referred to as the “annual percentage rate”.
(5) Deposit broker
(5) Deposit broker
The term “deposit broker”—
The term “deposit broker”—
(A) has the meaning given to such term in section 1831f(f)(1) 1 of this title; and
(A) has the meaning given to such term in section 1831f(f)(1) 1 of this title; and
(B) includes any person who solicits any amount from any other person for deposit in an insured depository institution.
(B) includes any person who solicits any amount from any other person for deposit in an insured depository institution.
(6) Depository institution
(6) Depository institution
(7) Interest
(7) Interest
The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).
The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).
(8) Multiple rate account
(8) Multiple rate account
The term “multiple rate account” means any account that has 2 or more annual rates of simple interest which take effect at the same time or in succeeding periods and which are known at the time of disclosure.
The term “multiple rate account” means any account that has 2 or more annual rates of simple interest which take effect at the same time or in succeeding periods and which are known at the time of disclosure.