12 CFR 23.1 – Authority, purpose, and scope
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(a) Authority. A national bank may engage in personal property lease financing transactions pursuant to 12 U.S.C. § 24(Seventh) or 12 U.S.C. § 24(Tenth).
Terms Used In 12 CFR 23.1
- 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
- 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
- Personal property: All property that is not real property.
(b) Purpose. The purpose of this part is to set forth standards for personal property lease financing transactions authorized for national banks.
(c) Scope. This part applies to the acquisition of personal property by a national bank for the purpose of, or in connection with, the leasing of that property.