(a) The definitions and rules
of construction set forth in this section apply to the provisions
of this title.
(b) The term “Board” refers to the
Board of Governors of the Federal Reserve System.
(c) The term “organization” means a corporation, government or governmental
subdivision or agency, trust, estate, partnership, cooperative, or
association.
(d) The term “person” means a natural
person or an organization.
(e) The term “credit”
means the right granted by a creditor to a debtor to defer payment
of debt or to incur debt and defer its payment.
(f) The term “creditor” refers to any person who extends, or arranges
for the extension of, credit, whether in connection with a loan, a
sale of property or services, or otherwise.
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(g) The term
“credit sale” refers to any sale with respect to which credit is extended
or arranged by the seller. The term includes any rental-purchase contract
and any contract or arrangement for the bailing or leasing of property
when used as a financing device.
(h) The terms
“extension of credit” and “credit transaction” include loans, credit
sales, the supplying of funds through the underwriting, distribution,
or acquisition of securities, the making or assisting in the making
of a direct placement, or otherwise participating in the offering,
distribution, or acquisition of securities.
(i)
The term “borrower” includes any person to whom credit is extended.
(j) The term “loan” includes any type of credit,
including credit extended in connection with a credit sale.
(k) The term “State” refers to any State, the Commonwealth
of Puerto Rico, the District of Columbia, and any territory or possession
of the United States.
(l) Any reference
to any requirement imposed under this title of [sic; should be “or”]
any provision thereof includes reference to the regulations of the
Board under this title or the provision thereof in question.
[Formerly 12 USC 1901.
Omitted.]
