- accepted card or other means of access
means a card, code, or other means of access to a consumer’s account for the purpose of initiating electronic fund transfers when the person to whom such card or other means of access was issued has requested and received or has signed or has used, or authorized another to use, such card or other means of access for the purpose of transferring money between accounts or obtaining money, property, labor, or services;
- accepted credit card
means any credit card which the cardholder has requested and received or has signed or has used, or authorized another to use, for the purpose of obtaining money, property, labor, or services on credit.
- accommodation
includes an agreement to defer 1 or more payments, make a partial payment, forbear any delinquent amounts, modify a loan or contract, or any other assistance or relief granted to a consumer who is affected by the coronavirus disease 2019 (COVID–19) pandemic during the covered period.
- 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;
- active duty military consumer
means a consumer in military service who—
- actuarial method
means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed.
- adverse action
means a denial or revocation of credit, a change in the terms of an existing credit arrangement, or a refusal to grant credit in substantially the amount or on substantially the terms requested.
- affiliate
has the same meaning as in section 1841(k) of title 12.
- agricultural products
includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof.
- agricultural purposes
includes the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures those agricultural products, including but not limited to the acquisition of farmland, real property with a farm residence, and personal property and services used primarily in farming.
- anti-deficiency law
means the law of any State which provides that, in the event of foreclosure on the residential property of a consumer securing a mortgage, the consumer is not liable, in accordance with the terms and limitations of such State law, for any deficiency between the sale price obtained on such property through foreclosure and the outstanding balance of the mortgage.
- applicant
means any person who applies to a creditor directly for an extension, renewal, or continuation of credit, or applies to a creditor indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.
- appropriate Federal banking agency
has the meaning given the term in section 1813 of title 12;
- automated teller machine operator
means any person who—
- average prime offer rate
means the average prime offer rate for a comparable transaction as of the date on which the interest rate for the transaction is set, as published by the Bureau..2
- bad check violation
means a violation of the applicable State criminal law relating to the writing of dishonored checks.
- balloon payment
means, with respect to any open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling, any repayment option under which—
- Board
refers to the Board of Governors of the Federal Reserve System.
- bona fide discount points
means loan discount points which are knowingly paid by the consumer for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate or time-price differential applicable to the mortgage.
- Bureau
means the Bureau of Consumer Financial Protection.
- 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;
- card issuer
means—
- cardholder
means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person.
- certified or licensed appraiser
means a person who—
- charge card
means a card, plate, or other single credit device that may be used from time to time to obtain credit which is not subject to a finance charge.
- check
has the same meaning as in section 5002(6) of title 12.
- classified information
means information that is protected from unauthorized disclosure under Executive Order No. 12958 or successor orders.
- college affinity card
means a credit card issued by a credit card issuer under an open end consumer credit plan in conjunction with an agreement between the issuer and an institution of higher education, or an alumni organization or foundation affiliated with or related to such institution, under which such cards are issued to college students who have an affinity with such institution, organization and—
- college student
means an individual who is a full-time or a part-time student attending an institution of higher education.
- college student credit card account
means a credit card account under an open end consumer credit plan established or maintained for or on behalf of any college student.
- Commission
means the Federal Trade Commission.
- communication
means the conveying of information regarding a debt directly or indirectly to any person through any medium.
- consumer
means an individual.
- consumer credit transaction
means any transaction in which credit is offered or extended to an individual for personal, family, or household purposes.
- consumer lease
means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,1 primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 2 of this title.
- consumer report
means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for—
- consumer reporting agency
means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports.
- covered institution
means an insured depository institution or an insured credit union that, together with its affiliates, has less than $10,000,000,000 in total consolidated assets;
- covered period
means the period beginning on January 31, 2020 and ending on the later of—
- credit
means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
- credit card
has the same meaning as in section 1602 of this title.
- credit sale
refers to any sale in which the seller is a creditor.
- credit union
means a Federal credit union or a State credit union, as those terms are defined, respectively, in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
- creditor
includes a private educational lender (as that term is defined in section 1650 of this title) for purposes of this subchapter.
- debit card
means any card issued by a financial institution to a consumer for use in initiating an electronic fund transfer from the account of the consumer at such financial institution, for the purpose of transferring money between accounts or obtaining money, property, labor, or services.
- debit instrument
means a card, code, or other device, other than a check, draft, or similar paper instrument, by the use of which a person may initiate an electronic fund transfer.
- 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.
- 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.
- designated automated teller machine network
means either—
- designated recipient
means any person located in a foreign country and identified by the sender as the authorized recipient of a remittance transfer to be made by a remittance transfer provider, except that a designated recipient shall not be deemed to be a consumer for purposes of this chapter;
- disposable earnings
means that part of the earnings of any individual remaining after the deduction from those earnings of any amounts required by law to be withheld.
- dwelling
means a residential structure or mobile home which contains one to four family housing units, or individual units of condominiums or cooperatives.
- earnings
means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension or retirement program.
- electronic debit transaction
means a transaction in which a person uses a debit card.
- electronic fund transfer
includes a transaction that involves a balance inquiry initiated by a consumer in the same manner as an electronic fund transfer, whether or not the consumer initiates a transfer of funds in the course of the transaction.
- electronic terminal
means an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate an electronic fund transfer.
- enterprise
has the same meaning as in paragraph (6) of section 4502 of title 12.
- Federal agency
means—
- Federal banking agency
has the same meaning as in section 1813 of title 12.
- fee appraiser
means a person who is not an employee of the mortgage loan originator or appraisal management company engaging the appraiser and is—
- 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 that, directly or indirectly, holds a transaction account (as defined in section 461(b) of title 12) belonging to a consumer.
- firm offer of credit or insurance
means any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on information in a consumer report on the consumer, to meet the specific criteria used to select the consumer for the offer, except that the offer may be further conditioned on one or more of the following:
- flood insurance
means flood insurance coverage provided under the national flood insurance program pursuant to the National Flood Insurance Act of 1968 [42 U.S.C. 4001 et seq.].
- fully indexed rate
means the index rate prevailing on a residential mortgage loan at the time the loan is made plus the margin that will apply after the expiration of any introductory interest rates.
- garnishment
means any legal or equitable procedure through which the earnings of any individual are required to be withheld for payment of any debt.
- general-use prepaid card
means a card or other payment code or device issued by any person that is—
- gift certificate
means an electronic promise that is—
- higher-risk mortgage
means a residential mortgage loan, other than a reverse mortgage loan that is a qualified mortgage, as defined in section 1639c of this title, secured by a principal dwelling—
- host transfer services
means any electronic fund transfer made by an automated teller machine operator in connection with a transaction initiated by a consumer at an automated teller machine operated by such operator.
- hybrid adjustable rate mortgage
means a consumer credit transaction secured by the consumer’s principal residence with a fixed interest rate for an introductory period that adjusts or resets to a variable interest rate after such period.
- identity theft
means a fraud committed using the identifying information of another person, subject to such further definition as the Bureau may prescribe, by regulation.
- identity theft report
has the meaning given that term by rule of the Bureau, and means, at a minimum, a report—
- institution of higher education
has the same meaning as in section 102 of the Higher Education Act of 1965 (20 U.S.C. 1002);
- insured credit union
has the meaning given the term in section 1752 of title 12;
- insured depository institution
has the meaning given the term in section 3 2 of the Federal Deposit Insurance Act (12 U.S.C. 1813(c) 2).
- interactive computer service
means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically a service or system that provides access to the Internet and such systems operated or services offered by libraries or educational institutions.
- interchange transaction fee
means any fee established, charged or received by a payment card network for the purpose of compensating an issuer for its involvement in an electronic debit transaction.
- interest-only
means that, under the terms of the legal obligation, one or more of the periodic payments may be applied solely to accrued interest and not to loan principal;
- Internet
means the international computer network of both Federal and non-Federal interoperable packet switched data networks;
- introductory period
means the maximum time period for which the temporary annual percentage rate may be applicable.
- investigative consumer report
means a consumer report or portion thereof in which information on a consumer’s character, general reputation, personal characteristics, or mode of living is obtained through personal interviews with neighbors, friends, or associates of the consumer reported on or with others with whom he is acquainted or who may have knowledge concerning any such items of information.
- issuer
means any person who issues a debit card, or credit card, or the agent of such person with respect to such card.
- itemization of the amount financed
means a disclosure of the following items, to the extent applicable:
- key factors
means all relevant elements or reasons adversely affecting the credit score for the particular individual, listed in the order of their importance based on their effect on the credit score.
- lessee
means a natural person who leases or is offered a consumer lease.
- lessor
means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
- location information
means a consumer’s place of abode and his telephone number at such place, or his place of employment.
- material disclosures
means the disclosure, as required by this subchapter, of the annual percentage rate, the method of determining the finance charge and the balance upon which a finance charge will be imposed, the amount of the finance charge, the amount to be financed, the total of payments, the number and amount of payments, the due dates or periods of payments scheduled to repay the indebtedness, and the disclosures required by section 1639(a) of this title.
- minority
has the same meaning as in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
- minority-owned business
means a business—
- mortgage loan
means any consumer credit transaction that is secured by the principal dwelling of a consumer.
- National Guard
has the meaning given the term in section 101(c) of title 10.
- national security investigation
means any official inquiry by an agency or department of the United States Government to determine the eligibility of a consumer to receive access or continued access to classified information or to determine whether classified information has been lost or compromised.
- Nationwide Mortgage Licensing System and Registry
has the same meaning as in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 [12 U.S.C. 5101 et seq.].
- nationwide specialty consumer reporting agency
means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis relating to—
- negative amortization
means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation.
- negative information
means information concerning a customer’s delinquencies, late payments, insolvency, or any form of default.
- network fee
means any fee charged and received by a payment card network with respect to an electronic debit transaction, other than an interchange transaction fee.
- new credit plan
means a new account under an open end credit plan (as defined in section 1602(i) 1 of this title) or a new credit transaction not under an open end credit plan.
- organization
means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.
- outstanding balance
means the amount owed on a credit card account under an open end consumer credit plan as of the end of the 14th day after the date on which the creditor provides notice of an increase in the annual percentage rate, fee, or finance charge in accordance with section 1637(i) of this title.
- overdue support
has the meaning given to such term in section 666(e) of title 42.
- payment card network
means an entity that directly, or through licensed members, processors, or agents, provides the proprietary services, infrastructure, and software that route information and data to conduct debit card or credit card transaction authorization, clearance, and settlement, and that a person uses in order to accept as a form of payment a brand of debit card, credit card or other device that may be used to carry out debit or credit transactions.
- person
means a natural person or an organization.
- personal property
means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
- points and fees
means points and fees as defined by section 1602(aa)(4) 1 of this title (other than bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator).
- postsecondary educational expenses
means any of the expenses that are included as part of the cost of attendance of a student, as defined under section 472 of the Higher Education Act of 1965 (20 U.S.C. 1087ll);
- pre-existing business relationship
means a relationship between a person, or a person’s licensed agent, and a consumer, based on—
- preauthorized electronic fund transfer
means an electronic fund transfer authorized in advance to recur at substantially regular intervals;
- preferred lender arrangement
has the same meaning as in section 151 of the Higher Education Act of 1965 [20 U.S.C. 1019];
- principal dwelling
includes any second or vacation home of the consumer.
- private education loan
has the meaning given the term in section 1650(a) of this title.
- private educational lender
means—
- proper identification
has the meaning of such term as used under section 1681h of this title.
- Property Assessed Clean Energy financing
means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer.
- protected consumer
means an individual who is— (i) under the age of 16 years at the time a request for the placement of a security freeze is made;
- qualified loss mitigation plan
means—
- qualified mortgage
means any residential mortgage loan—
- reasonable cause to believe that the information is inaccurate
means having specific knowledge, other than solely allegations by the consumer, that would cause a reasonable person to have substantial doubts about the accuracy of the information.
- record
means a compilation of information that— (i) identifies a protected consumer;
- regular price
means the tag or posted price charged for the property or service if a single price is tagged or posted, or the price charged for the property or service when payment is made by use of an open-end credit plan or a credit card if either (1) no price is tagged or posted, or (2) two prices are tagged or posted, one of which is charged when payment is made by use of an open-end credit plan or a credit card and the other when payment is made by use of cash, check, or similar means.
- remittance transfer provider
means any person or financial institution that provides remittance transfers for a consumer in the normal course of its business, whether or not the consumer holds an account with such person or financial institution;
- reseller
means a consumer reporting agency that—
- residential mortgage loan
has the meaning given the term in section 5102 of title 12.
- residential mortgage transaction
means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against the consumer’s dwelling to finance the acquisition or initial construction of such dwelling.
- revenue sharing
means an arrangement between a covered educational institution and a private educational lender under which—
- reverse mortgage transaction
means a nonrecourse transaction in which a mortgage, deed of trust, or equivalent consensual security interest is created against the consumer’s principal dwelling—
- reviewing the account
includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.
- securitization vehicle
means a trust, special purpose entity, or other legal structure that is used to facilitate the issuing of securities, participation certificates, or similar instruments backed by or referring to a pool of assets that includes residential mortgages (or instruments that are related to residential mortgages such as credit-linked notes).
- security freeze
means a restriction that prohibits a consumer reporting agency from disclosing the contents of a consumer report that is subject to such security freeze to any person requesting the consumer report.
- self-regulatory organization
includes any self-regulatory organization (as defined in section 78c(a)(26) of this title), any entity established under title I of the Sarbanes-Oxley Act of 2002 [15 U.S.C. 7211 et seq.], any board of trade designated by the Commodity Futures Trading Commission, and any futures association registered with such Commission.
- sender
means a consumer who requests a remittance provider to send a remittance transfer for the consumer to a designated recipient.
- service fee
means a periodic fee, charge, or penalty for holding or use of a gift certificate, store gift card, or general-use prepaid card.
- servicer
has the meaning given the term in section 2605(i) of title 12.
- small business
has the same meaning as the term “small business concern” in section 632 of this title.
- small business loan
means a loan made to a small business.
- solicitation
means the marketing of a product or service initiated by a person to a particular consumer that is based on an exchange of information described in subsection (a), and is intended to encourage the consumer to purchase such product or service, but does not include communications that are directed at the general public or determined not to be a solicitation by the regulations prescribed under this section.
- State
refers to any State, the Commonwealth of Puerto Rico, the District of Columbia, and any territory or possession of the United States.
- State or district attorney
means the chief elected or appointed prosecuting attorney in a district, county (as defined in section 2 of title 1), municipality, or comparable jurisdiction, including State attorneys general who act as chief elected or appointed prosecuting attorneys in a district, county (as so defined), municipality or comparable jurisdiction, who may be referred to by a variety of titles such as district attorneys, prosecuting attorneys, commonwealth’s attorneys, solicitors, county attorneys, and state’s attorneys, and who are responsible for the prosecution of State crimes and violations of jurisdiction-specific local ordinances.
- State or local child support enforcement agency
means a State or local agency which administers a State or local program for establishing and enforcing child support obligations.
- store gift card
means an electronic promise, plastic card, or other payment code or device that is—
- sufficient proof of authority
means documentation that shows a protected consumer’s representative has authority to act on behalf of a protected consumer and includes— (i) an order issued by a court of law;
- sufficient proof of identification
means information or documentation that identifies a protected consumer and a protected consumer’s representative and includes— (i) a social security number or a copy of a social security card issued by the Social Security Administration;
- trafficking documentation
means—
- 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.
- veteran
has the meaning given the term in section 101 of title 38.
- victim
means a consumer whose means of identification or financial information has been used or transferred (or has been alleged to have been used or transferred) without the authority of that consumer, with the intent to commit, or to aid or abet, an identity theft or a similar crime.
- victim of trafficking
means a person who is a victim of a severe form of trafficking in persons or sex trafficking.
- women-owned business
means a business—