Terms Used In 16 CFR Part 680 - Affiliate Marketing

• Act: means the Fair Credit Reporting Act (15 U. See 16 CFR 680.3
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affiliate: means any company that is related by common ownership or common corporate control with another company. See 16 CFR 680.3
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• common ownership or common corporate control: means a relationship between two companies under which:

  (1) One company has, with respect to the other company:

  (i) Ownership, control, or the power to vote 25 percent or more of the outstanding shares of any class of voting security of a company, directly or indirectly, or acting through one or more other persons;

  (ii) Control in any manner over the election of a majority of the directors, trustees, or general partners (or individuals exercising similar functions) of a company; or

  (iii) The power to exercise, directly or indirectly, a controlling influence over the management or policies of a company, as the Commission determines; or

  (2) Any person has, with respect to both companies, a relationship described in paragraphs (d)(1)(i) through (d)(1)(iii) of this section. See 16 CFR 680.3

• company: means any corporation, limited liability company, business trust, general or limited partnership, association, or similar organization. See 16 CFR 680.3
• concise: means a reasonably brief expression or statement. See 16 CFR 680.3
• consumer: means an individual. See 16 CFR 680.3
• Conviction: A judgement of guilt against a criminal defendant.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• eligibility information: means any information the communication of which would be a consumer report if the exclusions from the definition of "consumer report" in section 603(d)(2)(A) of the Act did not apply. See 16 CFR 680.3
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• motor vehicle dealer: means any person excluded from Consumer Financial Protection Bureau jurisdiction as described in 12 U. See 16 CFR 680.3
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity. See 16 CFR 680.3
• Personal property: All property that is not real property.
• 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}
• pre-existing business relationship: means a relationship between a person, or a person's licensed agent, and a consumer based on—

  (i) A financial contract between the person and the consumer which is in force on the date on which the consumer is sent a solicitation covered by this part;

  (ii) The purchase, rental, or lease by the consumer of the persons' goods or services, or a financial transaction (including holding an active account or a policy in force or having another continuing relationship) between the consumer and the person, during the 18-month period immediately preceding the date on which the consumer is sent a solicitation covered by this part; or

  (iii) An inquiry or application by the consumer regarding a product or service offered by that person during the three-month period immediately preceding the date on which the consumer is sent a solicitation covered by this part. See 16 CFR 680.3

• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• solicitation: means the marketing of a product or service initiated by a person to a particular consumer that is—

  (i) Based on eligibility information communicated to that person by its affiliate as described in this part; and

  (ii) Intended to encourage the consumer to purchase or obtain such product or service. See 16 CFR 680.3

• Trustee: A person or institution holding and administering property in trust.
• United States: when used in a geographical sense shall include only the States and the District of Columbia. See 27 CFR 44.11