Commercial lending company

Commercial lending company means any organization, other than a bank or an organization operating under section 25 of the Federal Reserve Act (FRA) (12 U.S.C. 601-604a), organized under the laws of any state, that maintains credit balances permissible for an agency, and engages in the business of making commercial loans. Commercial lending company includes any company chartered under article XII of the banking law of the State of New York.
means any organization, other than a bank or an organization operating undersection 25 ofthe Federal Reserve Act (FRA) (12 U.S.C. 601-604a), organized under the laws of any state, that maintains credit balances permissible for an agency, and engages in the business of making commercial loans.

Source

12 CFR § 211.21

---

Scoping language

The definitions contained in 211.1 and 211.2 apply to this subpart, except as a term is otherwise defined in this section:

---

Is this correct? or