§ 2821 Definitions
§ 2822 Automotive fuel rating testing and disclosure requirements
§ 2823 Administration and enforcement provisions
§ 2824 Relationship of statutory provisions to State and local laws

Terms Used In U.S. Code > Title 15 > Chapter 55 > Subchapter II - Octane Disclosure

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • automotive fuel: means liquid fuel of a type distributed for use as a fuel in any motor vehicle. See 15 USC 2821
  • automotive fuel rating: means --

    (A) the octane rating of an automotive spark-ignition engine fuel. See 15 USC 2821

  • automotive fuel requirement: means , with respect to automotive fuel for use in a motor vehicle or a class thereof, imported, manufactured, or assembled by a manufacturer, the minimum automotive fuel rating of such automotive fuel which such manufacturer recommends for the efficient operation of such motor vehicle, or a substantial portion of such class, without knocking. See 15 USC 2821
  • automotive fuel retailer: means any person who markets automotive fuel to the general public for ultimate consumption. See 15 USC 2821
  • cetane rating: means a measure, as indicated by a cetane index or cetane number, of the ignition quality of diesel fuel oil and of the influence of the diesel fuel oil on combustion roughness. See 15 USC 2821
  • commerce: means any trade, traffic, transportation, exchange, or other commerce--

    (A) between any State and any place outside of such State. See 15 USC 2821

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • distributor: means any person who receives automotive fuel and distributes such automotive fuel to another person other than the ultimate purchaser. See 15 USC 2821
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • Fraud: Intentional deception resulting in injury to another.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • manufacturer: means any person who imports, manufactures, or assembles motor vehicles for sale. See 15 USC 2821
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • motor vehicle: means any self-propelled four-wheeled vehicle, of less than 6,000 pounds gross vehicle weight, which is designed primarily for use on public streets, roads, and highways. See 15 USC 2821
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • octane rating: means the rating of the antiknock characteristics of a grade or type of automotive fuel as determined by dividing by 2 the sum of the research octane number plus the motor octane number, unless another procedure is prescribed under section 2823(c)(3) of this title, in which case such term means the rating of such characteristics as determined under the procedure so prescribed. See 15 USC 2821
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • refiner: means any person engaged in the production or importation of automotive fuel. See 15 USC 2821
  • State: means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, Guam, and any other commonwealth, territory, or possession of the United States. See 15 USC 2821
  • ultimate purchaser: means , with respect to any item, the first person who purchases such item for purposes other than resale. See 15 USC 2821
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • vehicle: includes every description of carriage or other artificial contrivance used, or capable of being used, as a means of transportation on land. See 1 USC 4
  • vessel: includes every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water. See 1 USC 3