§22.3902 Definitions
For purposes of this Division, defined terms appear in italics. The following definitions apply in this Division:
Affiliate means any company that controls, is controlled by, or is under common control with another company. The term “control” has the meaning given to that term in 12 U.S.C. section 1841(a)(2), and a company is under common control with another company if both companies are directly or indirectly controlled by the same company.
Affordable means affordable to low or moderate-income individuals as provided in the CRA.
Banking services means depository, disbursement, payroll, and securities clearance and safekeeping services.
Branch means a staffed banking facility authorized as a branch, whether shared or unshared, including, for example, a minibranch in a grocery store or a branch operated in conjunction with any other local business or nonprofit organization. Community development means:
(1) affordable housing (including multifamily rental housing) for low- or moderate-income individuals;
(2) community services targeted to low- or moderate-income individuals;
(3) activities that promote economic development by financing small businesses; and
(4) activities to revitalize or stabilize low-or moderate-income neighborhoods.
Community development loan means a loan that has as its primary purpose community development, and is not otherwise collected and reported for consideration as a consumer, home or small business loan by the financial institution.
Committee means the Community Reinvestment Review Advisory Committee as established in Chapter 2, Article 6, Division 23 of this Code.
CRA means the Community Reinvestment Act of 1977 (12 U.S.C. § 2901, et seq.).
Community Reinvestment Plan means a document created by a financial institution that describes its plan to meet the financial needs of the City of San Diego’s residents, as provided in this Division.
Consumer loan means a loan to one or more individuals for household, family, or other personal expenditures. A consumer loan does not include a home mortgage or small business loan.
Disabled veteran owned business means a business certified as such by the State of California or certified as a “Service Disabled Veteran Owned Small Business” by the federal government.
Disadvantaged business means a business certified as such by any department of the State of California or other public agency recognized by the City of San Diego. Disadvantaged businesses include women owned businesses, minority owned businesses, and any other business so certified.
Emerging business means the same as emerging business enterprise, as provided in Municipal Code, Chapter 2, Article 6, Division 36.
Emerging local business means an emerging business that meets the definition of “local business enterprise” as provided in Municipal Code, Chapter 2, Article 6, Division 36.
Financial institution means an entity engaged in the State of California in the business of accepting cash deposits for checking and savings accounts from customers and using those cash deposits to issue loans. Financial institutions include banks, savings and loans, and credit unions.
Low-income means individual income that is less than 50 percent of the area median income, or a median family income that is less than 50 percent of the area median family income.
Moderate-income means an individual income that is at least 50 percent and less than 80 percent of the area median income, or a median family income that is at least 50 percent and less than 80 percent of the area median family income.
Predatory lending practices are lending practices that are specifically prohibited by State or federal law, including practices such as: (1) the frequent making of new loans to refinance existing loans; (2) the selling of additional products without the borrower’s informed consent; and (3) the charging of excessive fees.
Small business loan means a loan to a small local business or emerging local business.
Small local business means a small business that meets the definition of “local business enterprise” as provided in Municipal Code, Chapter 2, Article 6, Division 36 and also includes a Disadvantaged Business, if the business otherwise meets the criteria for a small local business.
(“Definitions” added 10-10-12 by O-20201 N.S.; effective 11-9-2012.)
