§ 12-701

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§12–701.

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

(b)“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” means the Commissioner of Financial Regulation.

(d)“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” 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” 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.