§ 4313. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4313]
TITLE 12--BANKS AND BANKING
CHAPTER 44--TRUTH IN SAVINGS
Sec. 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
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\1\ See References in Text note below.
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(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.
(Pub. L. 102-242, title II, Sec. 274, Dec. 19, 1991, 105 Stat. 2342;
Pub. L. 102-550, title XVI, Sec. 1604(e)(2)(S), Oct. 28, 1992, 106 Stat.
4084; Pub. L. 103-325, title III, Sec. 332, Sept. 23, 1994, 108 Stat.
2232; Pub. L. 104-208, div. A, title II, Sec. 2604(c), Sept. 30, 1996,
110 Stat. 3009-471.)
References in Text
Section 1831f(f)(1) of this title, referred to in par. (5)(A), was
redesignated section 1831f(g)(1) of this title by Pub. L. 102-242, title
III, Sec. 301(a)(4), Dec. 19, 1991, 105 Stat. 2344.
This chapter, referred to in par. (6), was in the original ``this
title'', and was translated as meaning ``this subtitle'', which is
subtitle F of title II of Pub. L. 102-242, Dec. 19, 1991, 105 Stat.
2334, which enacted this chapter, to reflect the probable intent of
Congress.
Amendments
1996--Par. (6). Pub. L. 104-208 inserted before period at end ``,
but does not include any nonautomated credit union that was not required
to comply with the requirements of this chapter as of September 30,
1996, pursuant to the determination of the National Credit Union
Administration Board''.
1994--Par. (1). Pub. L. 103-325 amended par. (1) generally. Prior to
amendment, par. (1) read as follows: ``The term `account' means any
account offered to 1 or more individuals or an unincorporated
nonbusiness association of individuals by a depository institution into
which a customer deposits funds, including demand accounts, time
accounts, negotiable order of withdrawal accounts, and share draft
accounts.''
1992--Pub. L. 102-550 made technical amendment to reference to
``this chapter'' in introductory provisions to reflect correction of
corresponding provision of original act.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102-550 effective as if included in the Federal
Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242,
as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102-550, set out as
a note under section 191 of this title.
