The definitions in this section apply throughout this division, except as otherwise provided in this division or if the context clearly indicates otherwise: (a) âAffiliateâ means any person that controls, is controlled by, or is under common control with another person. For purposes of this definition, âcontrolâ means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person. (b) âDepartmentâ means the Department of Financial Protection and Innovation. (c) âConsumerâ means an individual or an agent, trustee, or representative acting on behalf of an individual or the estate, trust, or joint trust of an individual, however denominated. (d) âConsumer financial lawâ means a federal or California law that directly and specifically regulates the manner, content, or terms and conditions of any financial transaction, or any account, product, or service related thereto, with respect to a consumer. (e) âConsumer financial product or serviceâ means either of the following: (1) A financial product or service that is delivered, offered, or provided for use by consumers primarily for personal, family, or household purposes. (2) A financial product or service as described in paragraph (11) of subdivision (k). (f) âCovered personâ means, to the extent not preempted by federal law, any of the following: (1) Any person that engages in offering or providing a consumer financial product or service to a resident of this state. (2) Any affiliate of a person described in this subdivision if the affiliate acts as a service provider to the person. (3) Any service provider to the extent that the person engages in the offering or provision of its own consumer financial product or service. (g) âCreditâ means the right granted by a person to another person to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for those purchases. (h) âDebtâ means any obligation of a person to pay another person money regardless of whether the obligation is absolute or contingent, has been reduced to judgment, is fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured and includes any obligation that gives rise to right of an equitable remedy for breach of performance if the breach gives rise to a right to payment. (i) âDeposit-taking activityâ means any of the following: (1) The acceptance of deposits, maintenance of deposit accounts, or the provision of services related to the acceptance of deposits or the maintenance of deposit accounts. (2) The acceptance of funds, the provision of other services related to the acceptance of funds, or the maintenance of member share accounts by a credit union. (3) The receipt of funds or the equivalent thereof, as the department may determine by rule or order, received or held by a covered person or an agent for a covered person for the purpose of facilitating a payment or transferring funds or value of funds between a consumer and a third party. (j) âCommissionerâ means the Commissioner of Financial Protection and Innovation. (k) âFinancial product or serviceâ means: (1) Extending credit and servicing extensions of credit, including acquiring, purchasing, selling, brokering extensions of credit, other than solely extending commercial credit to a person who originates consumer credit transactions. (2) Extending or brokering leases of personal or real property that are the functional equivalent of purchase finance arrangements, if all of the following: (A) The lease is on a nonoperating basis. (B) The initial term of the lease is at least 90 days. (C) In the case of a lease involving real property, at the inception of the initial lease, the transaction is intended to result in ownership of the leased property to be transferred to the lessee, subject to standards prescribed by the department. (3) Providing real estate settlement services. (
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