{"identifier":"/us/usc/t12/s4313","title":12,"num":"\u00a7\u202f4313.","heading":"Definitions","text":"\u00a7\u202f4313.\nDefinitions\nFor the purposes of this chapter\u2014\n(1)\nAccount\nThe term \u201caccount\u201d 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.\n(2)\nAnnual percentage yield\nThe term \u201cannual percentage yield\u201d means the total amount of interest that would be received on a $100 deposit, based on the annual rate of simple interest and the frequency of compounding for a 365-day period, expressed as a percentage calculated by a method which shall be prescribed by the Bureau in regulations.\n(3)\nAnnual rate of simple interest\nThe term \u201cannual rate of simple interest\u201d\u2014\n(A) means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and\n(B) may be referred to as the \u201cannual percentage rate\u201d.\n(4)\nBureau\nThe term \u201cBureau\u201d means the Bureau of Consumer Financial Protection.\n(5)\nDeposit broker\nThe term \u201cdeposit broker\u201d\u2014\n(A) has the meaning given to such term in section 1831f(f)(1)\n1\n1 See References in Text note below.\n(B) includes any person who solicits any amount from any other person for deposit in an insured depository institution.\n(6)\nDepository institution\nThe term \u201cdepository institution\u201d has the meaning given such term in clauses (i) through (vi) of\nsection 461(b)(1)(A) of this title\n1\nSeptember 30, 1996\n2\n2 So in original. Probably should be \u201cBoard.\u201d\n(7)\nInterest\nThe term \u201cinterest\u201d includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).\n(8)\nMultiple rate account\nThe term \u201cmultiple rate account\u201d 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.","url":"https://projectusc.org/usc/t12/s4313.html","content":[{"t":"sec","id":"/us/usc/t12/s4313","children":[{"t":"num","text":"\u00a7\u202f4313."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"For the purposes of this chapter\u2014"},{"t":"para","id":"/us/usc/t12/s4313/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Account"},{"t":"content","children":[{"t":"p","text":"The term \u201caccount\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Annual percentage yield"},{"t":"content","children":[{"t":"p","text":"The term \u201cannual percentage yield\u201d means the total amount of interest that would be received on a $100 deposit, based on the annual rate of simple interest and the frequency of compounding for a 365-day period, expressed as a percentage calculated by a method which shall be prescribed by the Bureau in regulations.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Annual rate of simple interest"},{"t":"chapeau","text":"The term \u201cannual rate of simple interest\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s4313/3/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4313/3/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" may be referred to as the \u201cannual percentage rate\u201d.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Bureau"},{"t":"content","children":[{"t":"p","text":"The term \u201cBureau\u201d means the Bureau of Consumer Financial Protection.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Deposit broker"},{"t":"chapeau","text":"The term \u201cdeposit broker\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s4313/5/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" has the meaning given to such term in section 1831f(f)(1)\u202f","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSee References in Text note below."},{"t":"text","text":"\u202fSee References in Text note below.","tail":" of this title; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4313/5/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" includes any person who solicits any amount from any other person for deposit in an insured depository institution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Depository institution"},{"t":"content","children":[{"t":"p","text":"The term \u201cdepository institution\u201d has the meaning given such term in clauses (i) through (vi) of ","children":[{"t":"ref","text":"section 461(b)(1)(A) of this title","href":"/us/usc/t12/s461/b/1/A","tail":", but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter\u202f"},{"t":"text","text":"1","tail":" as of "},{"t":"text","text":"September 30, 1996","tail":", pursuant to the determination of the National Credit Union Administration Bureau."},{"t":"ref","text":"2"},{"t":"num","text":"2","tail":"\u202fSo in original. Probably should be \u201cBoard.\u201d"},{"t":"text","text":"\u202fSo in original. Probably should be \u201cBoard.\u201d"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Interest"},{"t":"content","children":[{"t":"p","text":"The term \u201cinterest\u201d includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4313/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Multiple rate account"},{"t":"content","children":[{"t":"p","text":"The term \u201cmultiple rate account\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}