§ 12-701. Definitions

   (a) In general. -- In this subtitle the following words have the meanings indicated.

(b) Applicant. -- "Applicant" means any person who applies to a creditor:

   (1) Directly for an extension, renewal, or continuation of credit; or

   (2) Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.

(c) Commissioner. -- "Commissioner" means the Commissioner of Financial Regulation.

(d) Credit. -- "Credit" means the right granted by a creditor to a debtor to:

   (1) Defer payment of a debt;

   (2) Incur a debt and defer its payment; or

   (3) Purchase property or services and defer payment for it.

(e) Creditor. -- "Creditor" means any person who regularly:

   (1) Extends, renews, or continues credit for personal, family or household purposes; or

   (2) Arranges for the extension, renewal, or continuation of credit.

(f) Person. -- "Person" includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.

HISTORY: 1975, ch. 753; 1977, ch. 534; 1980, ch. 578, § 1; 1989, ch. 648; 1995, ch. 213, § 2; 1996, ch. 326, § 2; 2010, ch. 611, § 2.