12 C.F.R. § 1002.102
§ 1002.102 Definitions. (12 CFR Part 1002)
Operative Text
In this subpart: (a) Affiliate means, with respect to a financial institution, any company that controls, is controlled by, or is under common control with, another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.). With respect to a business or an applicant, affiliate shall have the same meaning as in 13 CFR 121.103. (b) Applicant means any person who requests or who has received an extension of business credit from a financial institution. (c) Business is defined in § 1002.106(a). (d) Business credit shall have the same meaning as in § 1002.2(g). (e) Closed-end credit transaction means an extension of business credit that is not an open-end credit transaction under paragraph (n) of this section. (f) Covered application is defined in § 1002.103. (g) Covered credit transaction is defined in § 1002.104. (h) Covered financial institution is defined in § 1002.105(b). (i) Credit shall have the same meaning as in § 1002.2(j). (j) Financial institution is defined in § 1002.105(a). (k)-(l) [Reserved] (m) Minority-owned business means a business for which one or more American Indian or Alaska Native, Asian, Black or African American, Native Hawaiian or Other Pacific Islander, or Hispanic or Latino individuals hold more than 50 percent of its ownership or control, and for which more than 50 percent of the net profits or losses accrue to one or more such individuals. (n) Open-end credit transaction means an open-end credit plan as defined in Regulation Z, 12 CFR 1026.2(a)(20), but without regard to whether the credit is consumer credit, as defined in § 1026.2(a)(12), is extended by a creditor, as defined in § 1026.2(a)(17), or is extended to a consumer, as defined in § 1026.2(a)(11). (o) Principal owner means an individual who directly owns 25 percent or more of the equity interests of a business. (p) Small business is defined in § 1002.106(b). (q) Small business lending application register or register means the data reported, or required to be reported, annually pursuant to § 1002.109. (r) State shall have the same meaning as in § 1002.2(aa). (s) Women-owned business means a business for which more than 50 percent of its ownership or control is held by one or more women, and more than 50 percent of its net profits or losses accrue to one or more women.
Section 1002.102 of 12 CFR Part 1002 establishes the foundational vocabulary used throughout the small business lending data collection subpart. It defines key terms such as 'applicant,' 'minority-owned business,' 'women-owned business,' 'principal owner,' and 'open-end credit transaction,' among others, either directly within this section or by cross-referencing adjacent provisions. These definitions determine the scope of who and what is covered by the rule's data reporting requirements, and several terms—such as 'covered application,' 'covered credit transaction,' and 'covered financial institution'—are explicitly delegated to their own dedicated definitional sections.
Plain English — not legal advice.
While § 1002.102 is primarily directed at financial institutions rather than property owners, landlords who seek business credit—such as loans for acquiring or improving rental properties—may fall within the definition of 'applicant' under this provision. Compliant financial institutions generally apply these definitions consistently when collecting and reporting data on business credit applications, including those from real estate businesses. Property owners and managers who interact with lenders on business credit matters benefit from understanding how terms like 'principal owner' (holding 25% or more equity) and 'minority-owned business' or 'women-owned business' are defined, as these classifications may be relevant to how their applications are categorized and reported.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Although § 1002.102 defines terms used in a rule aimed at lenders and business credit applicants rather than residential tenants directly, the definitions it establishes underpin fair lending data collection that can affect housing-related businesses in a community. Tenants who believe a landlord's business practices may be connected to discriminatory lending patterns can reference this subpart's framework when researching how small business lending data is gathered and reported. Tenant-rights organizations and housing advocates can help individuals understand how the definitions in § 1002.102 fit into the broader data transparency system established by this rule.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated September 4, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
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