CFR > Title 45 > Subtitle B > Chapter XXV > Part 2540 > Subpart A – Requirements Concerning the Distribution and Use of Corporation Assistance
Current as of: 2024 | Check for updates
|
Other versions
§ 2540.100 | What restrictions govern the use of Corporation assistance? |
§ 2540.110 | Limitation on use of Corporation funds for administrative costs |
Terms Used In CFR > Title 45 > Subtitle B > Chapter XXV > Part 2540 > Subpart A - Requirements Concerning the Distribution and Use of Corporation Assistance
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).