Terms Used In U.S. Code > Title 15 > Chapter 40 - Department of Commerce

• 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.
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• 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.
• blind: means an individual who has central visual acuity of 20/200 or less in the better eye with the use of a correcting lens or whose eye is accompanied by a limitation in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees. See 34 USC 10284
• Board: means the Board of Governors of the Federal Reserve System. See 7 USC 1a
• board of trade: means any organized exchange or other trading facility. See 7 USC 1a
• candidate officer: means an individual who is enrolled or admitted, as a cadet or trainee, in a formal and officially established program of instruction or of training (such as a police or fire academy) that is specifically intended to result upon completion, in the&mdash. See 34 USC 10284
• catastrophic injury: means an injury, the direct and proximate result of which is to permanently render an individual functionally incapable (including through a directly and proximately resulting neurocognitive disorder), based on the state of medicine on the date on which the claim is determined by the Bureau, of performing work, including sedentary work: Provided, That, if it appears that a claimant may be functionally capable of performing work&mdash. See 34 USC 10284
• chaplain: includes any individual serving as an officially recognized or designated member of a legally organized volunteer fire department or legally organized police department, or an officially recognized or designated public employee of a legally organized fire or police department who was responding to a fire, rescue, or police emergency. See 34 USC 10284
• chief executive: means the highest official of a State or local jurisdiction. See 34 USC 10251
• child: means any natural, illegitimate, adopted, or posthumous child or stepchild of a deceased or permanently and totally disabled public safety officer who, at the time of the public safety officer's death or fatal injury (in connection with any claim predicated upon such death or injury) or the date of the public safety officer's catastrophic injury or of the final determination by the Bureau of any claim predicated upon such catastrophic injury, is&mdash. See 34 USC 10284
• Civil forfeiture: The loss of ownership of property used to conduct illegal activity.
• 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
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• construction: means the erection, acquisition, renovation, repairs, remodeling, or expansion of new or existing buildings or other physical facilities, and the acquisition or installation of initial equipment therefor. See 34 USC 10251
• 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.
• correctional option: includes community-based incarceration, weekend incarceration, boot camp prison, electronic monitoring of offenders, intensive probation, and any other innovative punishment designed to have the greatest impact on offenders who can be punished more effectively in an environment other than a traditional correctional facility. See 34 USC 10251
• court: means a tribunal recognized as a part of the judicial branch of a State or of its local government units. See 34 USC 10251
• covered mental health professional: means a mental health professional working on a crisis intervention team&mdash. See 34 USC 10251
• 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
• de-escalation: means taking action or communicating verbally or non-verbally during a potential force encounter in an attempt to stabilize the situation and reduce the immediacy of the threat so that more time, options, and resources can be called upon to resolve the situation without the use of force or with a reduction in the force necessary. See 34 USC 10251
• 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&mdash. See 7 USC 1a
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Docket: A log containing brief entries of court proceedings.
• electronic trading facility: means a trading facility that&mdash. See 7 USC 1a
• eligible contract participant: means &mdash. See 7 USC 1a
• 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
• 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}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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}
• firefighter: includes an individual serving as an officially recognized or designated member of a legally organized volunteer fire department, including an individual who, as such a member, engages in scene security or traffic management as the primary or only duty of the individual during emergency response. See 34 USC 10284
• 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}
• futures commission merchant: means an individual, association, partnership, corporation, or trust&mdash. See 7 USC 1a
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• institution of higher education: means any such institution as defined by section 1001 of title 20, subject, however, to such modifications and extensions as the Office may determine to be appropriate. See 34 USC 10251
• 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&mdash. 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)&mdash. 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.
• law enforcement officer: means an individual involved in crime and juvenile delinquency control or reduction, or enforcement of the criminal laws (including juvenile delinquency), including, but not limited to, police, corrections, probation, parole, and judicial officers. See 34 USC 10284
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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&mdash. See 7 USC 1a
• maturity date: means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage. See 12 USC 1736
• member: means , with respect to a registered entity or derivatives transaction execution facility, an individual, association, partnership, corporation, or trust&mdash. See 7 USC 1a
• member of a rescue squad or ambulance crew: means an officially recognized or designated employee or volunteer member of a rescue squad or ambulance crew (including a ground or air ambulance service) that&mdash. See 34 USC 10284
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• mortgage: means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable. See 12 USC 1736
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• mortgagee: includes the original lender under a mortgage, and his successors and assigns approved by the Secretary. See 12 USC 1736
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• mortgagor: includes the original borrower under a mortgage and his successors and assigns. See 12 USC 1736
• 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}
• neighborhood or community-based organizations: means organizations, including faith-based, that are representative of communities or significant segments of communities. See 34 USC 10251
• 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
• person: import s the plural or singular, and includes individuals, associations, partnerships, corporations, and trusts. See 7 USC 1a
• Plaintiff: The person who files the complaint in a civil lawsuit.
• population: means total resident population based on data compiled by the United States Bureau of the Census and referable to the same point or period in time. See 34 USC 10251
• 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}
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• prudential regulator: means &mdash. See 7 USC 1a
• public agency: means the United States, any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands of the United States, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Commonwealth of the Northern Mariana Islands, and any territory or possession of the United States, or any unit of local government, department, agency, or instrumentality of any of the foregoing, and includes (as may be prescribed by regulation hereunder) a legally organized volunteer fire department that is a nonprofit entity and provides services without regard to any particular relationship (such as a subscription) a member of the public may have with such a department. See 34 USC 10284
• 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.
• public safety officer: means &mdash. See 34 USC 10284
• registered entity: means &mdash. See 7 USC 1a
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• 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-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
• sedentary work: means work that&mdash. See 34 USC 10284
• State: includes the several States, and Puerto Rico, the District of Columbia, Guam, and the Virgin Islands. See 12 USC 1736
• State: means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, Guam, and the Northern Mariana Islands: Provided, That for the purposes of section 10156(a) of this title, American Samoa and the Commonwealth of the Northern Mariana Islands shall be considered as one state ¹ and that for these purposes 67 per centum of the amounts allocated shall be allocated to American Samoa, and 33 per centum to the Commonwealth of the Northern Mariana Islands. See 34 USC 10251
• Subpoena: A command to a witness to appear and give testimony.
• 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 dealer: means any person who&mdash. 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&mdash. See 7 USC 1a
• 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&mdash. See 7 USC 1a
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• unit of local government: means &mdash. See 34 USC 10251
• Uphold: The decision of an appellate court not to reverse a lower court decision.