Definitions.

CFR · 2024-01-01 · US · Title 12

For purposes of this subpart, the following terms and definitions apply excepting that words like document, record, certify, report, sign, and write generally should be interpreted to permit their electronic equivalents: (1) A transaction that is usual and customary in the business in question on terms that are not preferential; or (2) A transaction with a person who is in the business of offering the goods or services that are the subject of the transaction on terms that are not preferential. (1) Owns a material percentage of the equity; (2) Owns, controls, or has the power to vote a material percentage of any class of voting securities; or (3) Has the power to exercise a material influence over the management of policies of such entity from his or her status as a partner, director, officer, or majority shareholder in the entity.

official document · source cfr-2024 · id 12:§ 612.2130