12 CFR 1001.2 - Definitions.

Regulations last checked for updates: Nov 23, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024

View all text of Part 1001 [§ 1001.1 - § 1001.2]

§ 1001.2 - Definitions.

Link to an amendment published at 89 FR 90989, Nov. 18, 2024.

Except as otherwise provided in Title X, in addition to the definitions set forth in 12 U.S.C. 5481(15)(A)(i)-(x), the term “financial product or service” means, for purposes of Title X:

(a) Extending or brokering leases of an automobile, as automobile is defined by 12 CFR 1090.108(a), where the lease:

(1) Qualifies as a full-payout lease and a net lease, as provided by 12 CFR 23.3(a), and has an initial term of not less than 90 days, as provided by 12 CFR 23.11; and

(2) Is not a financial product or service under 12 U.S.C. 5481(15)(A)(ii).

(b) [Reserved]

authority: 12 U.S.C. 5481(15)(A)(xi); and 12 U.S.C. 5512(b)(1)

source: 80 FR 37526, June 30, 2015, unless otherwise noted.

cite as: 12 CFR 1001.2