Terms Used In CFR > Title 13 > Chapter I > Part 108 > Subpart B - Definition of Terms Used in This Part 108

• Descendent: One who is directly descended from another such as a child, grandchild, or great grandchild.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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.
• Personal property: All property that is not real property.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Service of process: The service of writs or summonses to the appropriate party.
• you: as used in this part 108 means a NMVC Company unless otherwise noted. See 13 CFR 108.40