Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 717
Definitions
General Business (GBS) CHAPTER 20, ARTICLE 34-B
§ 717. Definitions. Whenever used in this article:

1. "Obligor" means a natural person.

2. "Creditor" means a person, partnership, corporation, association or
other entity who in the ordinary course of business, regularly extends
consumer credit. The term creditor includes any agent of a creditor for
collection, processing or other purposes.

3. "Consumer credit" means credit extended to an obligor on an account
pursuant to a plan under which (a) the creditor may permit the obligor
to make purchases or obtain loans, from time to time, directly from the
creditor or indirectly by use of a credit card, check, or other device,
as the plan may provide; (b) the customer has the privilege of paying
the balance in full or in installments; and (c) a finance charge may be
computed by the creditor from time to time on an outstanding unpaid
balance. The term does not include negotiated advances under an open end
real estate mortgage or a letter of credit.

4. "Interest" means that part of the entire amount agreed to be paid
for the purchase made or loan advanced which exceeds the aggregate of
the cash value of such purchases or loans and is deemed to include
service charges, time-price charges and per check charges.