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U.S. Code as of:
01/19/04
Section 4313. Definitions
For the purposes of this chapter -
(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.
(2) Annual percentage yield
The term "annual percentage yield" 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 Board in regulations.
(3) 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
(B) may be referred to as the "annual percentage rate".
(4) Board
The term "Board" means the Board of Governors of the Federal
Reserve System.
(5) Deposit broker
The term "deposit broker" -
(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.
(6) Depository institution
The term "depository institution" has the meaning given such
term in clauses (i) through (vi) of section 461(b)(1)(A) of this
title, but does not include any nonautomated credit union that
was not required to comply with the requirements of this chapter
(!1) as of September 30, 1996, pursuant to the determination of
the National Credit Union Administration Board.
(7) Interest
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
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.
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