A financial product or service refers to any offering that a financial holding company can provide by engaging in activities considered financial in nature or incidental to such activities. This definition is rooted in the Bank Holding Company Act of 1956, which outlines the permissible activities of financial institutions.
This term is commonly used in the banking and finance sectors. It encompasses a variety of products and services, including loans, investment accounts, insurance, and more. Legal professionals may encounter this term in contexts involving regulatory compliance, consumer protection, and financial disclosures. Users can manage certain related forms or procedures through platforms like US Legal Forms, which provide templates drafted by attorneys.
Here are a couple of examples of abatement:
Example 1: A bank offers a mortgage loan to a homebuyer, which qualifies as a financial product.
Example 2: An investment firm provides retirement accounts to clients, representing a financial service. (hypothetical example)
The primary statute governing financial products and services is the Bank Holding Company Act of 1956. This act outlines the scope of activities that financial holding companies can engage in.
| Term | Definition |
|---|---|
| Financial Product | A specific offering such as a loan or investment account. |
| Financial Service | The broader category that includes various financial products and advisory services. |
If you are considering a financial product or service, start by assessing your needs and researching your options. You can explore US Legal Forms for templates that can help you navigate the necessary documentation. If your situation is complex, it may be wise to consult a legal professional for tailored advice.
Browse our library of 85,000+ state-specific legal templates.
A financial product is a specific offering such as a loan, insurance policy, or investment account.