§ 4313 — Definitions

For the purposes of this chapter— (1) The term “account” means any account intended for use by and generally used by consumers primarily for personal, family, or household purposes that is offered by a depository institution into which a consumer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts. (2) The term “annual percentage yield” means the total amount of interest that would be received on a $100 deposit, based on the annual rate of simple interest and the frequency of compounding for a 365-day period, expressed as a percentage calculated by a method which shall be prescribed by the Bureau in regulations. (3) The term “annual rate of simple interest”— (A) means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and (B) may be referred to as the “annual percentage rate”. (4) The term “Bureau” means the Bureau of Consumer Financial Protection. (5) The term “deposit broker”— (A) of this title; and (B) includes any person who solicits any amount from any other person for deposit in an insured depository institution. (6) (7) The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3). (8) The term “multiple rate account” means any account that has 2 or more annual rates of simple interest which take effect at the same time or in succeeding periods and which are known at the time of disclosure.