CMP.2.2.010 General Definitions

Any term not defined in this section shall be given its ordinary meaning. The following terms, wherever used in this Code, shall be construed to apply as follows:

(a) "Applicant" means any Person who has applied for a License under the provisions of this Code.

(b) "Application" means a request for the issuance of a License under the provisions of this Code.

(d) "Code" means this Consumer Financial Services Regulatory Code, Lac Courte Oreilles Band of Lake Superior Chippewa Indians Tribal Code of Law this chapter.

(e) "Conspicuously Displayed" means emphasized through the use of capitalization, font size, bold print, underlining, highlighting or some combination thereof.

(f) "Consumer" means a natural Person who acquires goods, services, or credit primarily for Personal, family or household purposes. The term does not include a Person who acquires goods, services, or credit primarily for business, commercial, or investment purposes.

(g) "Consumer Financial Services" means the business of providing (a) goods, services, or credit to Consumers in transactions subject to this Code in exchange for interest, fees, rent, or other form of consideration originating from the Tribe's Reservation or from within the Tribe's jurisdiction or (b) services directly to a Licensee, the Tribe, or other tribally owned entity when provided from the Tribe's Reservation or from within the Tribe's jurisdiction. Goods, services, or credit to consumers offered by any tribally licensed gaming operator are not Consumer Financial Services.

(h) "Control" means the power to vote more than twenty-five percent (25%) of the outstanding voting shares of a licensed corporation, partnership, association or trust, or the possession, directly or indirectly, of the power to direct or cause the direction of the management, operations, policies and practices of a Person, whether through equity ownership, contract, or other means.

(i) "Controlling Person" means a Person who has Control or who has the ability to affect one or more significant business decisions of the Licensee or Applicant.

(j) "Governing Board" means the Tribal Governing Board of the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, the governing body of the Tribe as defined and described in the Tribe's Constitution and pursuant to Tribal law.

(k) "Indian lands" means all lands within the limits of the Tribe's Reservation and all lands, owned by the Tribe, and over which the Tribe exercises governmental power.

(l) "Installment Loan" means a Loan made to an individual Consumer that charges interest and/or fees for which the stated repayment period is greater than 60 days but no longer than 5 years and is not secured by title to a motor vehicle.

(m) "Lease" means a contract by which a rightful possessor of Personal property conveys the right to use and possess the Personal property in exchange for consideration, e.g., fixed regular payments.

(n) "Lender" means a wholly owned economic arm of the Tribe formed or organized by the Tribe and licensed by the Authority to engage in the business of providing Loans to Consumers from the Tribe's Reservation or from within the Tribe's jurisdiction.

(o) "License" means the official and legal privilege to engage in certain and specified conduct. A License is issued by the Authority. A License relating to Consumer Financial Services is a revocable privilege subject to revocation in accordance with the Code.

(p) "Licensee" means any Person licensed by the Authority.

(q) "Line of Credit" means an arrangement between a Licensee and a customer that establishes a maximum Loan balance that the Licensee will permit a borrower to maintain. The borrower can draw down on the Line of Credit at any time as long as he or she does not exceed the maximum set in the agreement.

(r) "Loan" means any extension of credit in connection with a Consumer Financial Services transaction.

(s) "New Merchant Technology Leasing Product" means a Technology Lease product offering. Lease amounts will be secured by customer collateral consisting of phones, tablets, laptops, and other technology products. Lease payments will be based on pay frequency. The Lease will be a true Lease and there will be no required principal payments by the customer.

(t) "Person" means any natural Person, partnership, joint venture, association, trust, firm, estate, club, society, receiver, assignee, trustee in bankruptcy, political entity, company, corporation or other group, however organized, and any owner, director, officer or employee of any such entity or any group of individuals acting as a unit, whether mutual, cooperative, fraternal, nonprofit, or otherwise, business entities that are wholly owned or operated by the Tribe, or any other entity whatsoever. The term does not include the Federal Government, State Government, or any agency thereof, The Tribe, the Governing Board, or any agency thereof including the Authority, or any other tribal government.

(u) "Reservation" means all lands identified in Art. I § 1 of the Constitution and also includes any other land set aside and held in trust by the United States over which the Tribe is recognized as having governmental power.

(v) "Right of Rescission" means, with respect to any installment Loan, the right to return any amount borrowed, in full, within the timeframe allotted by this Code, any promulgated regulation, or by any installment Loan agreement, without the incursion of any fee or other charges.

(w) "Single-payment Consumer Loan" means a Loan made to a Consumer that is repayable in full on the Consumer's next pay date.

(x) "Tribe" means the Lac Courte Oreilles Band of Lake Superior Chippewa Indians.

(y) "Vendor" means any Person who engages or seeks to engage in the business of providing services directly to a Licensee, the Tribe, or other tribally owned entity.