### Question
How is the term refund defined?


### Answer
The term **refund** is defined in *15 U.S.C. § 2301* as the following:

> refunding the actual purchase price (less reasonable depreciation based on actual use where permitted by rules of the Commission)

#### Citation:
  - *15 U.S.C. § 2301*
  - Heading: **CHAPTER 50-CONSUMER PRODUCT WARRANTIES**

