12 CFR 1001.2 – Definitions
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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:
Terms Used In 12 CFR 1001.2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(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]