|§ 301||General authorization to delegate functions; publication of delegations|
|§ 302||Scope of delegation of functions|
Terms Used In U.S. Code > Title 3 > Chapter 4 - Delegation of Functions
- account: means a demand deposit, savings deposit, or other asset account (other than an occasional or incidental credit balance in an open end credit plan as defined in section 1602(i) 1 of this title), as described in regulations of the Bureau, established primarily for personal, family, or household purposes, but such term does not include an account held by a financial institution pursuant to a bona fide trust agreement. See 15 USC 1693a
- Administration: means the Small Business Administration. See 15 USC 662
- Administrator: means the Administrator of the Small Business Administration. See 15 USC 662
- Administrator: means the Administrator of the Environmental Protection Agency. See 15 USC 2602
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Allegation: something that someone says happened.
- alternative trading system: means an organization, association, or group of persons that--
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amortization: Paying off a loan by regular installments.
- 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.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Arrest: Taking physical custody of a person by lawful authority.
- articles: means articles of incorporation for an incorporated body and means the functional equivalent or other similar documents specified by the Administrator for other business entities. See 15 USC 662
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- association: when used in reference to a corporation, shall be deemed to embrace the words "successors and assigns of such company or association" in like manner as if these last-named words, or words of similar import, were expressed. See 1 USC 5
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Attorney General: means the Attorney General of the United States or his designee. See 34 USC 10251
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Bequest: Property gifted by will.
- bid bond: means a bond conditioned upon the bidder on a contract entering into the contract, if he receives the award thereof, and furnishing the prescribed payment bond and performance bond. See 15 USC 694a
- Board: means the Board of Governors of the Federal Reserve System. See 7 USC 1a
- Board: means the Board of Governors of the Federal Reserve System. See 15 USC 1693a
- board of trade: means any organized exchange or other trading facility. See 7 USC 1a
- Budget authority: Authority provided by law to enter into obligations that will result in outlays of Federal funds. Budget authority may be classified by the period of availability (one-year, multiyear, no-year), by the timing of congressional action (current or permanent), or by the manner of determining the amount available (definite or indefinite).
- Bureau: means the Bureau of Consumer Financial Protection. See 15 USC 1692a
- Bureau: means the Bureau of Consumer Financial Protection. See 15 USC 1693a
- business day: means any day on which the offices of the consumer's financial institution involved in an electronic fund transfer are open to the public for carrying on substantially all of its business functions. See 15 USC 1693a
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- chemical substance: means any organic or inorganic substance of a particular molecular identity, including--
(i) any combination of such substances occurring in whole or in part as a result of a chemical reaction or occurring in nature, and
(ii) any element or uncombined radical. See 15 USC 2602
- cleared swap: means any swap that is, directly or indirectly, submitted to and cleared by a derivatives clearing organization registered with the Commission. See 7 USC 1a
- commerce: means trade, traffic, transportation, or other commerce (A) between a place in a State and any place outside of such State, or (B) which affects trade, traffic, transportation, or commerce described in clause (A). See 15 USC 2602
- Commission: means the Commodity Futures Trading Commission established under section 2(a)(2) of this title. See 7 USC 1a
- commodity: means wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs, Solanum tuberosum (Irish potatoes), wool, wool tops, fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil, and all other fats and oils), cottonseed meal, cottonseed, peanuts, soybeans, soybean meal, livestock, livestock products, and frozen concentrated orange juice, and all other goods and articles, except onions (as provided by section 13-1 of this title) and motion picture box office receipts (or any index, measure, value, or data related to such receipts), and all services, rights, and interests (except motion picture box office receipts, or any index, measure, value or data related to such receipts) in which contracts for future delivery are presently or in the future dealt in. See 7 USC 1a
- commodity pool: means any investment trust, syndicate, or similar form of enterprise operated for the purpose of trading in commodity interests, including any--
(i) commodity for future delivery, security futures product, or swap. See 7 USC 1a
- commodity pool operator: means any person--
(i) engaged in a business that is of the nature of a commodity pool, investment trust, syndicate, or similar form of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in commodity interests, including any--
(I) commodity for future delivery, security futures product, or swap. See 7 USC 1a
- commodity trading advisor: means any person who--
(i) for compensation or profit, engages in the business of advising others, either directly or through publications, writings, or electronic media, as to the value of or the advisability of trading in--
(I) any contract of sale of a commodity for future delivery, security futures product, or swap. See 7 USC 1a
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- communication: means the conveying of information regarding a debt directly or indirectly to any person through any medium. See 15 USC 1692a
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- conditions of use: means the circumstances, as determined by the Administrator, under which a chemical substance is intended, known, or reasonably foreseen to be manufactured, processed, distributed in commerce, used, or disposed of. See 15 USC 2602
- Conference committee: A temporary, ad hoc panel composed of conferees from both chamber of a legislature which is formed for the purpose of reconciling differences in legislation that has passed both chambers. Conference committees are usually convened to resolve bicameral differences on major and controversial legislation.
- consumer: means any natural person obligated or allegedly obligated to pay any debt. See 15 USC 1692a
- consumer: means a natural person. See 15 USC 1693a
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- contract of sale: includes sales, agreements of sale, and agreements to sell. See 7 USC 1a
- Conviction: A judgement of guilt against a criminal defendant.
- cooperative association of producers: means any cooperative association, corporate, or otherwise, not less than 75 percent in good faith owned or controlled, directly or indirectly, by producers of agricultural products and otherwise complying with sections 291 and 292 of this title, including any organization acting for a group of such associations and owned or controlled by such associations, except that business done for or with the United States, or any agency thereof, shall not be considered either member or nonmember business in determining the compliance of any such association with this chapter. See 7 USC 1a
- 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.
- Counterclaim: A claim that a defendant makes against a plaintiff.
- county: includes a parish, or any other equivalent subdivision of a State or Territory of the United States. See 1 USC 2
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- creditor: means any person who offers or extends credit creating a debt or to whom a debt is owed, but such term does not include any person to the extent that he receives an assignment or transfer of a debt in default solely for the purpose of facilitating collection of such debt for another. See 15 USC 1692a
- criminal justice: means activities pertaining to crime prevention, control, or reduction, or the enforcement of the criminal law, including, but not limited to, police efforts to prevent, control, or reduce crime or to apprehend criminals, including juveniles, activities of courts having criminal jurisdiction, and related agencies (including but not limited to prosecutorial and defender services, juvenile delinquency agencies and pretrial service or release agencies), activities of corrections, probation, or parole authorities and related agencies assisting in the rehabilitation, supervision, and care of criminal offenders, and programs relating to the prevention, control, or reduction of narcotic addiction and juvenile delinquency. See 34 USC 10251
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- debt: means any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance, or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced to judgment. See 15 USC 1692a
- debt collector: means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. See 15 USC 1692a
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Dependent: A person dependent for support upon another.
- Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
- derivatives clearing organization: means a clearinghouse, clearing association, clearing corporation, or similar entity, facility, system, or organization that, with respect to an agreement, contract, or transaction--
(i) enables each party to the agreement, contract, or transaction to substitute, through novation or otherwise, the credit of the derivatives clearing organization for the credit of the parties. See 7 USC 1a
- Devise: To gift property by will.
- discharged: means released from an appointment as a Reserve officer. See 14 USC 3731
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- distribution in commerce: when used to describe an action taken with respect to a chemical substance or mixture or article containing a substance or mixture mean to sell, or the sale of, the substance, mixture, or article in commerce. See 15 USC 2602
- Docket: A log containing brief entries of court proceedings.
- electronic fund transfer: means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. See 15 USC 1693a
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- electronic terminal: means an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate an electronic fund transfer. See 15 USC 1693a
- electronic trading facility: means a trading facility that--
(A) operates by means of an electronic or telecommunications network. See 7 USC 1a
- eligible commercial entity: means , with respect to an agreement, contract or transaction in a commodity--
(A) an eligible contract participant described in clause (i), (ii), (v), (vii), (viii), or (ix) of paragraph (18)(A) that, in connection with its business--
(i) has a demonstrable ability, directly or through separate contractual arrangements, to make or take delivery of the underlying commodity. See 7 USC 1a
- eligible contract participant: means --
(A) acting for its own account--
(i) a financial institution. See 7 USC 1a
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Energy Saving qualified investment: means investment in a small business concern that is primarily engaged in researching, manufacturing, developing, or providing products, goods, or services that reduce the use or consumption of non-renewable energy resources. See 15 USC 662
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- environment: includes water, air, and land and the interrelationship which exists among and between water, air, and land and all living things. See 15 USC 2602
- 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
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- evaluation: means the administration and conduct of studies and analyses to determine the impact and value of a project or program in accomplishing the statutory objectives of this chapter. See 34 USC 10251
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- excluded commodity: means --
(i) an interest rate, exchange rate, currency, security, security index, credit risk or measure, debt or equity instrument, index or measure of inflation, or other macroeconomic index or measure. See 7 USC 1a
- Executor: A male person named in a will to carry out the decedent
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Federal question: Jurisdiction given to federal courts in cases involving the interpretation and application of the U.S. Constitution, acts of Congress, and treaties.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Felony: A crime carrying a penalty of more than a year in prison.
- Fiduciary: A trustee, executor, or administrator.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- financial institution: means --
- financial institution: means a State or National bank, a State or Federal savings and loan association, a mutual savings bank, a State or Federal credit union, or any other person who, directly or indirectly, holds an account belonging to a consumer. See 15 USC 1693a
- 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).
- floor broker: means any person--
(i) who, in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged, shall purchase or sell for any other person--
(I) any commodity for future delivery, security futures product, or swap. See 7 USC 1a
- floor trader: means any person--
(i) who, in or surrounding any pit, ring, post, or other place provided by a contract market for the meeting of persons similarly engaged, purchases, or sells solely for such person's own account--
(I) any commodity for future delivery, security futures product, or swap. See 7 USC 1a
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- foreign exchange forward: means a transaction that solely involves the exchange of 2 different currencies on a specific future date at a fixed rate agreed upon on the inception of the contract covering the exchange. See 7 USC 1a
- foreign exchange swap: means a transaction that solely involves--
(A) an exchange of 2 different currencies on a specific date at a fixed rate that is agreed upon on the inception of the contract covering the exchange. See 7 USC 1a
- foreign futures authority: means any foreign government, or any department, agency, governmental body, or regulatory organization empowered by a foreign government to administer or enforce a law, rule, or regulation as it relates to a futures or options matter, or any department or agency of a political subdivision of a foreign government empowered to administer or enforce a law, rule, or regulation as it relates to a futures or options matter. See 7 USC 1a
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Fraud Alert: A key provision of the Fair and Accurate Credit Transactions Act of 2003 is the consumer's ability to place a fraud alert on their credit record. A consumer would use this option if they believe they were a victim of identity theft. Source: OCC
- futures commission merchant: means an individual, association, partnership, corporation, or trust--
(aa) engaged in soliciting or in accepting orders for--
(AA) the purchase or sale of a commodity for future delivery. See 7 USC 1a
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
- Grantor: The person who establishes a trust and places property into it.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- guidance: means any significant written guidance of general applicability prepared by the Administrator. See 15 USC 2602
- Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
- health and safety study: means any study of any effect of a chemical substance or mixture on health or the environment or on both, including underlying information and epidemiological studies, studies of occupational exposure to a chemical substance or mixture, toxicological, clinical, and ecological studies of a chemical substance or mixture, and any test performed pursuant to this chapter. See 15 USC 2602
- hybrid instrument: means a security having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities. See 7 USC 1a
- Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- 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
- interstate commerce: means commerce--
(A) between any State, territory, or possession, or the District of Columbia, and any place outside thereof. See 7 USC 1a
- introducing broker: means any person (except an individual who elects to be and is registered as an associated person of a futures commission merchant)--
(I) is engaged in soliciting or in accepting orders for--
(aa) the purchase or sale of any commodity for future delivery, security futures product, or swap. See 7 USC 1a
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Joint resolution: A legislative measure which requires the approval of both chambers.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Law clerk: Assist judges with research and drafting of opinions.
- 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
- Legacy: A gift of property made by will.
- leverage: includes --
(A) debentures purchased or guaranteed by the Administration. See 15 USC 662
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- license: means a license issued by the Administration as provided in section 681 of this title. See 15 USC 662
- Lien: A claim against real or personal property in satisfaction of a debt.
- limited liability company: means a business entity that is organized and operating in accordance with a State limited liability company statute approved by the Administration. See 15 USC 662
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- location information: means a consumer's place of abode and his telephone number at such place, or his place of employment. See 15 USC 1692a
- Magistrate judges: Judicial officers who assist U.S. district judges in getting cases ready for trial, who may decide some criminal and civil trials when both parties agree to have the case heard by a magistrate judge instead of a judge.
- major security-based swap participant: has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. See 7 USC 1a
- major swap participant: means any person who is not a swap dealer, and--
(i) maintains a substantial position in swaps for any of the major swap categories as determined by the Commission, excluding--
(I) positions held for hedging or mitigating commercial risk. See 7 USC 1a
- Majority leader: see Floor Leaders
- Majority whip: See Whips.
- manufacture: means to import into the customs territory of the United States (as defined in general note 2 of the Harmonized Tariff Schedule of the United States), produce, or manufacture. See 15 USC 2602
- marriage: means only a legal union between one man and one woman as husband and wife, and the word "spouse" refers only to a person of the opposite sex who is a husband or a wife. See 1 USC 7
- member: means , with respect to a registered entity or derivatives transaction execution facility, an individual, association, partnership, corporation, or trust--
(A) owning or holding membership in, or admitted to membership representation on, the registered entity or derivatives transaction execution facility. See 7 USC 1a
- member: means , with respect to a licensee that is a limited liability company, a holder of an ownership interest or a person otherwise admitted to membership in the limited liability company. See 15 USC 662
- Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. Source: Federal Reserve
- Minority leader: See Floor Leaders
- Minority whip: See Whips.
- Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
- mixture: means any combination of two or more chemical substances if the combination does not occur in nature and is not, in whole or in part, the result of a chemical reaction. See 15 USC 2602
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- narrow-based security index: means an index--
(i) that has 9 or fewer component securities. See 7 USC 1a
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- new chemical substance: means any chemical substance which is not included in the chemical substance list compiled and published under section 2607(b) of this title. See 15 USC 2602
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- oath: includes affirmation, and "sworn" includes affirmed. See 1 USC 1
- Oath: A promise to tell the truth.
- 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.
- obligee: means (A) in the case of a bid bond, the person requesting bids for the performance of a contract, or (B) in the case of a payment bond or performance bond, the person who has contracted with a principal for the completion of the contract and to whom the obligation of the surety runs in the event of a breach by the principal of the conditions of a payment bond or performance bond. See 15 USC 694a
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- option: means an agreement, contract, or transaction that is of the character of, or is commonly known to the trade as, an "option" "privilege" "indemnity" "bid" "offer" "put" "call" "advance guaranty" or "decline guaranty". See 7 USC 1a
- organized exchange: means a trading facility that--
(A) permits trading--
(i) by or on behalf of a person that is not an eligible contract participant. See 7 USC 1a
- Oversight: Committee review of the activities of a Federal agency or program.
- 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.
- payment bond: means a bond conditioned upon the payment by the principal of money to persons under contract with him. See 15 USC 694a
- performance: may be construed to mean "exercise". See 3 USC 303
- performance bond: means a bond conditioned upon the completion by the principal of a contract in accordance with its terms. See 15 USC 694a
- person: import s the plural or singular, and includes individuals, associations, partnerships, corporations, and trusts. See 7 USC 1a
- Personal property: All property that is not real property.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
- potentially exposed or susceptible subpopulation: means a group of individuals within the general population identified by the Administrator who, due to either greater susceptibility or greater exposure, may be at greater risk than the general population of adverse health effects from exposure to a chemical substance or mixture, such as infants, children, pregnant women, workers, or the elderly. See 15 USC 2602
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- preauthorized electronic fund transfer: means an electronic fund transfer authorized in advance to recur at substantially regular intervals. See 15 USC 1693a
- Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. Source: OCC
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- prime contractor: means the person with whom the obligee has contracted to perform the contract. See 15 USC 694a
- principal: means (A) in the case of a bid bond, a person bidding for the award of a contract, or (B) the person primarily liable to complete a contract for the obligee, or to make payments to other persons in respect of such contract, and for whose performance of his obligation the surety is bound under the terms of a payment or performance bond. See 15 USC 694a
- Probable cause: A reasonable ground for belief that the offender violated a specific law.
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- process: means the preparation of a chemical substance or mixture, after its manufacture, for distribution in commerce--
(A) in the same form or physical state as, or in a different form or physical state from, that in which it was received by the person so preparing such substance or mixture, or
(B) as part of an article containing the chemical substance or mixture. See 15 USC 2602
- processor: means any person who processes a chemical substance or mixture. See 15 USC 2602
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- protocols and methodologies for the development of information: means a prescription of--
(i) health and environmental effects, and
(ii) information relating to toxicity, persistence, and other characteristics which affect health and the environment,
for which information for a chemical substance or mixture are to be developed and any analysis that is to be performed on such information, and
(B) to the extent necessary to assure that information respecting such effects and characteristics are reliable and adequate--
(i) the manner in which such information are 2 to be developed,
(ii) the specification of any test protocol or methodology to be employed in the development of such information, and
(iii) such other requirements as are necessary to provide such assurance. See 15 USC 2602
- prudential regulator: means --
(A) the Board in the case of a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant that is--
(i) a State-chartered bank that is a member of the Federal Reserve System. See 7 USC 1a
- Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Quorum: The number of legislators that must be present to do business.
- Ranking minority member: The highest ranking (and usually longest serving) minority member of a committee or subcommittee.
- Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Recess: A temporary interruption of the legislative business.
- registered entity: means --
(A) a board of trade designated as a contract market under section 7 of this title. See 7 USC 1a
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Remand: When an appellate court sends a case back to a lower court for further proceedings.
- Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Reserve officer: means a commissioned officer in the Reserve, except an officer excluded by section 3732 of this title or a commissioned warrant officer. See 14 USC 3731
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- Secretary: means the Secretary of the Treasury. See 7 USC 1a
- security: means a security as defined in section 2(a)(1) of the Securities Act of 1933 (15 U. See 7 USC 1a
- security future: means a contract of sale for future delivery of a single security or of a narrow-based security index, including any interest therein or based on the value thereof, except an exempted security under section 3(a)(12) of the Securities Exchange Act of 1934 [15 U. See 7 USC 1a
- security futures product: means a security future or any put, call, straddle, option, or privilege on any security future. See 7 USC 1a
- security-based swap: has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. See 7 USC 1a
- security-based swap dealer: has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U. See 7 USC 1a
- Service of process: The service of writs or summonses to the appropriate party.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- significant price discovery contract: means an agreement, contract, or transaction subject to section 2(h)(5) of this title. See 7 USC 1a
- small business concern: means a business concern that meets the size standard for the primary industry in which such business concern, and the affiliates of such business concern, is engaged, as determined by the Administrator in accordance with the North American Industry Classification System. See 15 USC 694a
- smaller enterprise: means any small business concern that, together with its affiliates--
(i) a net financial worth of not more than $6,000,000, as of the date on which assistance is provided under this chapter to that business concern. See 15 USC 662
- State: includes the several States, the territories and possessions of the United States, the Commonwealth of Puerto Rico, and the District of Columbia. See 15 USC 662
- State: means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, the Canal Zone, American Samoa, the Northern Mariana Islands, or any other territory or possession of the United States. See 15 USC 2602
- State: means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any political subdivision of any of the foregoing. See 15 USC 1692a
- State: means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any political subdivision of any of the foregoing. See 15 USC 1693a
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- subcontractor: means a person who has contracted with a prime contractor or with another subcontractor to perform a contract. See 15 USC 694a
- Subpoena: A command to a witness to appear and give testimony.
- subscription: includes a mark when the person making the same intended it as such. See 1 USC 1
- Summons: Another word for subpoena used by the criminal justice system.
- surety: means the person who (A) under the terms of a bid bond, undertakes to pay a sum of money to the obligee in the event the principal breaches the conditions of the bond, (B) under the terms of a performance bond, undertakes to incur the cost of fulfilling the terms of a contract in the event the principal breaches the conditions of the contract, (C) under the terms of a payment bond, undertakes to make payment to all persons supplying labor and material in the prosecution of the work provided for in the contract if the principal fails to make prompt payment, or (D) is an agent, independent agent, underwriter, or any other company or individual empowered to act on behalf of such person. See 15 USC 694a
- swap: includes a master agreement that provides for an agreement, contract, or transaction that is a swap under subparagraph (A), together with each supplement to any master agreement, without regard to whether the master agreement contains an agreement, contract, or transaction that is not a swap pursuant to subparagraph (A). See 7 USC 1a
- swap data repository: means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, swaps entered into by third parties for the purpose of providing a centralized recordkeeping facility for swaps. See 7 USC 1a
- swap dealer: means any person who--
(i) holds itself out as a dealer in swaps. See 7 USC 1a
- swap execution facility: means a trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce, including any trading facility, that--
(A) facilitates the execution of swaps between persons. See 7 USC 1a
- Testify: Answer questions in court.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- third party debt: means any indebtedness for borrowed money, other than indebtedness owed to the Administration. See 15 USC 662
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- trading facility: means a person or group of persons that constitutes, maintains, or provides a physical or electronic facility or system in which multiple participants have the ability to execute or trade agreements, contracts, or transactions--
(i) by accepting bids or offers made by other participants that are open to multiple participants in the facility or system. See 7 USC 1a
- Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- Trustee: A person or institution holding and administering property in trust.
- unauthorized electronic fund transfer: means an electronic fund transfer from a consumer's account initiated by a person other than the consumer without actual authority to initiate such transfer and from which the consumer receives no benefit, but the term does not include any electronic fund transfer (A) initiated by a person other than the consumer who was furnished with the card, code, or other means of access to such consumer's account by such consumer, unless the consumer has notified the financial institution involved that transfers by such other person are no longer authorized, (B) initiated with fraudulent intent by the consumer or any person acting in concert with the consumer, or (C) which constitutes an error committed by a financial institution. See 15 USC 1693a
- underlicensed State: means a State in which the number of licensees per capita is less than the median number of licensees per capita for all States, as calculated by the Administrator. See 15 USC 662
- United States: when used in the geographic sense, means all of the States. See 15 USC 2602
- Uphold: The decision of an appellate court not to reverse a lower court decision.
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
- 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
- Venue: The geographical location in which a case is tried.
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
- Whips: Assistants to the floor leaders who are also elected by their party conferences. The Majority and Minority Whips (and their assistants) are responsible for mobilizing votes within their parties on major issues. In the absence of a party floor leader, the whip often serves as acting floor leader.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1