# § 4313. Definitions
For the purposes of this chapter—
**(1)** **Account** 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)** **Annual percentage yield** 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)** **Annual rate of simple interest** 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)** **Bureau** The term “Bureau” means the Bureau of Consumer Financial Protection.
**(5)** **Deposit broker** The term “deposit broker”—
**1** has the meaning given to such term in section 1831f(f)(1) [^1] of this title; and
See References in Text note below.
**(B)** includes any person who solicits any amount from any other person for deposit in an insured depository institution.
**2** **Depository institution** section 461(b)(1)(A) of this title<sup>1</sup>September 30, 1996[^2]
The term “depository institution” has the meaning given such term in clauses (i) through (vi) of , but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter as of , pursuant to the determination of the National Credit Union Administration Bureau.
So in original. Probably should be “Board.”
**(7)** **Interest** The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).
**(8)** **Multiple rate account** 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.
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**Source Credit**: (Pub. L. 102–242, title II, § 274, Dec. 19, 1991, 105 Stat. 2342; Pub. L. 102–550, title XVI, § 1604(e)(2)(S), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 103–325, title III, § 332, Sept. 23, 1994, 108 Stat. 2232; Pub. L. 104–208, div. A, title II, § 2604(c), Sept. 30, 1996, 110 Stat. 3009–471; Pub. L. 111–203, title X, § 1100B(1), (4), July 21, 2010, 124 Stat. 2109, 2110.)
## Editorial Notes
### References in Text
, referred to in par. (5)(A), was redesignated by , , .
This chapter, referred to in par. (6), was in the original “this title”, and was translated as meaning “this subtitle”, which is subtitle F of title II of , , , which enacted this chapter, to reflect the probable intent of Congress.
### Amendments
2010—, substituted “Bureau” for “Board” wherever appearing.
Par. (4). , added par. (4) and struck out former par. (4). Prior to amendment, text read as follows: “The term ‘Board’ means the Board of Governors of the Federal Reserve System.”
1996—Par. (6). inserted before period at end “, but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter as of , pursuant to the determination of the National Credit Union Administration Board”.
1994—Par. (1). amended par. (1) generally. Prior to amendment, par. (1) read as follows: “The term ‘account’ means any account offered to 1 or more individuals or an unincorporated nonbusiness association of individuals by a depository institution into which a customer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.”
1992— made technical amendment to reference to “this chapter” in introductory provisions to reflect correction of corresponding provision of original act.
## Statutory Notes and Related Subsidiaries
### Effective Date of 2010 Amendment
Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.
### Effective Date of 1992 Amendment
Amendment by effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, , as of , see , set out as a note under .