[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1752]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1752. Definitions
As used in this chapter--
(1) the term ``Federal credit union'' means a cooperative
association organized in accordance with the provisions of this
chapter for the purpose of promoting thrift among its members and
creating a source of credit for provident or productive purposes;
(2) the term ``Chairman'' means the Chairman of the National
Credit Union Administration Board;
(3) the term ``Administration'' means the National Credit Union
Administration;
(4) the term ``Board'' means the National Credit Union
Administration Board;
(5) The terms ``member account'' and ``account'' mean a share,
share certificate, or share draft account account \1\ of a member of
a credit union of a type approved by the Board which evidences money
or its equivalent received or held by a credit union in the usual
course of business and for which it has given or is obligated to
give credit to the account of the member, and, in the case of a
credit union serving predominantly low-income members (as defined by
the Board), such terms (when referring to the account of a nonmember
served by such credit union) mean a share, share certificate, or
share draft account account \1\ of such nonmember which is of a type
approved by the Board and evidences money or its equivalent received
or held by such credit union in the usual course of business and for
which it has given or is obligated to give credit to the account of
such nonmember, and such terms mean share, share certificate, or
share draft account accounts \2\ of nonmember credit unions and
nonmember units of Federal, State, or local governments and
political subdivisions thereof enumerated in section 1787 of this
title, and such terms mean custodial accounts established for loans
sold in whole or in part pursuant to section 1757(13) of this title:
Provided, That for purposes of insured State credit unions,
reference in this paragraph to ``share'', ``share certificate'', or
``share draft'', accounts includes, as determined by the Board, the
equivalent of such accounts under State law;
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\1\ So in original. Probably should be ``or share draft account''.
\2\ So in original. Probably should be ``or share draft accounts''.
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(6) The terms ``State credit union'' and ``State-chartered
credit union'' mean a credit union organized and operated according
to the laws of any State, the District of Columbia, the several
territories and possessions of the United States, the Panama Canal
Zone, or the Commonwealth of Puerto Rico, which laws provide for the
organization of credit unions similar in principle and objectives to
Federal credit unions;
(7) The term ``insured credit union'' means any credit union the
member accounts of which are insured in accordance with the
provisions of subchapter II of this chapter, and the term
``noninsured credit union'' means any credit union the member
accounts of which are not so insured;
(8) The term ``Fund'' means the National Credit Union Share
Insurance Fund; and
(9) The term ``branch'' includes any branch credit union, branch
office, branch agency, additional office, or any branch place of
business located in any State of the United States, the District of
Columbia, the several territories, including the trust territories,
and possessions of the United States, the Panama Canal Zone, or the
Commonwealth of Puerto Rico, at which member accounts are
established or money lent. The term ``branch'' also includes a
suboffice, operated by a Federal credit union or by a credit union
authorized by the Department of Defense, located on an American
military installation in a foreign country or in the trust
territories of the United States.
(June 26, 1934, ch. 750, title I, Sec. 101, formerly Sec. 2, 48 Stat.
1216; 1947 Reorg. Plan No. 1, Sec. 401, eff. July 1, 1947, 12 F.R. 4534,
61 Stat. 952; June 29, 1948, ch. 711, Secs. 1, 2, 62 Stat. 1091; Pub. L.
86-354, Sec. 1, Sept. 22, 1959, 73 Stat. 628; Pub. L. 91-206, Sec. 1,
Mar. 10, 1970, 84 Stat. 49, renumbered title I, Sec. 101, and amended
Pub. L. 91-468, Secs. 1(2), 2, Oct. 19, 1970, 84 Stat. 994, 1015; Pub.
L. 95-22, title III, Sec. 308, Apr. 19, 1977, 91 Stat. 52; Pub. L. 95-
630, title V, Secs. 502(a), (b), 503, Nov. 10, 1978, 92 Stat. 3681; Pub.
L. 96-161, title I, Sec. 103(a), Dec. 28, 1979, 93 Stat. 1233; Pub. L.
96-221, title III, Secs. 305(a), 307, Mar. 31, 1980, 94 Stat. 146, 147;
Pub. L. 97-320, title V, Sec. 501, Oct. 15, 1982, 96 Stat. 1528.)
References in Text
For definition of Canal Zone, referred to in text, see section
3602(b) of Title 22, Foreign Relations and Intercourse.
Amendments
1982--Par. (5). Pub. L. 97-320 inserted ``, and such terms mean
custodial accounts established for loans sold in whole or in part
pursuant to section 1757(13) of this title'' after ``section 1787 of
this title''.
1980--Par. (5). Pub. L. 96-221, Secs. 305(a), 307, inserted
provisions respecting applicability to share draft accounts
substantially similar to provisions added by Pub. L. 96-161, and
repealed the amendment made by Pub. L. 96-161. See Repeals and Effective
Date of 1980 Amendment notes below.
Par. (10). Pub. L. 96-221, Sec. 307, struck out par. (10) which
defined ``share draft account''. See Repeals and Effective Date of 1980
Amendment notes below.
1979--Par. (5). Pub. L. 96-161, Sec. 103(a)(1), inserted ``, and
such term also includes a share draft account'' after ``the equivalent
of such accounts under State law''.
Par. (10). Pub. L. 96-161, Sec. 103(a)(2)-(4), added par. (10).
1978--Par. (2). Pub. L. 95-630, Sec. 502(a)(1), substituted
provisions defining ``Chairman'' for provisions defining
``Administrator''.
Par. (4). Pub. L. 95-630, Sec. 502(a)(2), inserted
``Administration'' after ``National Credit Union''.
Par. (5). Pub. L. 95-630, Secs. 502(b), 503(a), (b), redesignated
par. (4), defining ``member account'' and ``account'', as (5) and
substituted ``share or share certificate'' for ``share, share
certificate, or share deposit'' in two places; ``Board'' for
``Administrator'' wherever appearing; ``share or share certificate
accounts'' for ``those accounts''; and ``enumerated in section 1787 of
this title: Provided, That for purposes of State credit unions,
reference in this paragraph to `share' or `share certificate' accounts
includes, as determined by the Board, the equivalent of such accounts
under State law;'' for ``in which payments are received by a credit
union pursuant to section 1757(6) of this title;''.
Pars. (6) to (8). Pub. L. 95-630, Sec. 503(a), redesignated former
pars. (5) to (7) as (6) to (8). Former par. (8) redesignated (9).
Par. (9). Pub. L. 95-630, Sec. 503(a), (c), redesignated former par.
(8) as (9), inserted ``, including the trust territories,'' after
``several territories'', and inserted provision that term ``branch''
also includes a suboffice, operated by a Federal credit union or by a
credit union authorized by the Department of Defense, located on an
American military installation in a foreign country or in the trust
territories of the United States.
1977--Par. (4). Pub. L. 95-22 inserted provision that such terms
mean those accounts of nonmember credit unions and nonmember units of
Federal, State, or local governments and political subdivisions thereof
in which payments are received by a credit union pursuant to section
1757(6) of this title.
1970--Par. (2). Pub. L. 91-206 substituting ``Administrator'' as
meaning Administrator of the National Credit Union Administration for
``Bureau'' as meaning the Bureau of Federal Credit Unions.
Par. (3). Pub. L. 91-206 substituted ``Administration'' as meaning
the National Credit Union Administration for ``Director'' as meaning
Director of the Bureau of Federal Credit Unions.
Par. (4). Pub. L. 91-206 added par. (4).
Pars. (4) to (8). Pub. L. 91-468, Sec. 2, added pars. (4) to (8).
1959--Pub. L. 86-354 designated the terms defined as subsecs. (1) to
(3).
Effective Date of 1980 Amendment
Amendment by Pub. L. 96-221 effective at close of Mar. 31, 1980, see
section 306 of Pub. L. 96-221, set out as a note under section 371a of
this title.
Effective and Termination Dates of 1979 Amendment
Amendment by Pub. L. 96-161 effective Dec. 31, 1979, with that
amendment to remain in effect until the close of Mar. 31, 1980, see
section 104 of Pub. L. 96-161, set out as a note under section 371a of
this title.
Effective Date of 1978 Amendment
Section 509 of title V of Pub. L. 95-630 provided that: ``The
amendments made by this title [amending this section, sections 1753 to
1756, 1757 to 1759, 1761 to 1763, 1766, 1767, 1771, 1772a, and 1781 to
1789 of this title, and sections 5108, 5314, and 5315 of Title 5,
Government Organization and Employees] take effect upon the effective
date of this Act [see Effective Date note under section 375b of this
title], except that the functions of the Administrator of the National
Credit Union Administration under the provisions of the Federal Credit
Union Act [this chapter], as in effect on the date preceding the date of
enactment of this title [Nov. 10, 1978], shall continue to be performed
by him in accordance with such provisions until such time as all the
members of the National Credit Union Administration Board, established
under the amendments made by this title, take office. All rules,
regulations, policies, and procedures of the Administrator in effect on
the date of enactment of this title shall remain in effect until
amended, superseded, or repealed.''
Repeals
Amendment by section 103 of Pub. L. 96-161, cited as a credit to
this section, was repealed at the close of Mar. 31, 1980, by section 30
