The Collaborative International Dictionary of English v.0.48:

Velvetleaf \Vel"vet*leaf`\, n. (Bot.)
   A name given to several plants which have soft, velvety
   leaves, as the Abutilon Avicennae, the Cissampelos
   Pareira, and the Lavatera arborea, and even the common
   mullein.
   [1913 Webster]

WordNet (r) 3.0 (2006):

velvetleaf
    n 1: arborescent perennial shrub having palmately lobed furry
         leaves and showy red-purple flowers; southwestern United
         States [syn: tree mallow, velvetleaf, velvet-leaf,
         Lavatera arborea]
    2: tall annual herb or subshrub of tropical Asia having velvety
       leaves and yellow flowers and yielding a strong fiber;
       naturalized in southeastern Europe and United States [syn:
       velvetleaf, velvet-leaf, velvetweed, Indian mallow,
       butter-print, China jute, Abutilon theophrasti]