224.90 Definitions. In this subchapter:
(1) “Division" means the division of banking.
(2) “In control" means any of the following:
(a) Owning 10 percent or more of the outstanding voting stock of a nondepository lender.
(b) Possessing, directly or indirectly, alone or in concert with others, the power to control or vote 10 percent or more of the outstanding voting stock of a nondepository lender or to elect or control the election of a majority of the board of directors of a nondepository lender.
(3) “Licensee" means a lender licensed under this subchapter.
(4) “Nondepository lender" means a commercial small business lender that participates in the loan guarantee program of the U.S. small business administration described in 13 CFR 120.2 (a) and that provides financial assistance to small businesses that qualify for financial assistance pursuant to 15 USC 636 (a). “Nondepository lender" does not include a bank, credit union, savings and loan association or savings bank.
History: 1999 a. 9.