§14A-3-106. Definition: "Loan".
210 words·~1 min read·
/ok/title-14a-consumer-credit-code/14a-3-106A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)"Loan" includes
(a)the creation of debt by the lender's payment of or
agreement to pay money to the debtor or to a third
party for the account of the debtor;
(b)the creation of debt by a credit to an account with
the lender upon which the debtor is entitled to draw
immediately;
(c)the creation of debt pursuant to a lender credit card
or similar arrangement, except that the creation of
debt or the forbearance of debt arising from a sale or
lease of goods or services pursuant to a lender credit
card shall be a "loan" only as to the issuer of such
card and not as to a seller nor a lessor nor any
assignee of a seller's right to payment or lessor's
right to payment; and
(d)the forbearance of debt arising from a loan.
(2)"Loan" does not include the creation of debt nor the forbearance of debt in connection with a sale or lease of goods or services arising pursuant to a seller credit card as to the issuer of such card, nor a seller, a lessor or any assignee of a seller's or lessor's right to payment, nor otherwise. Added by Laws 1969, c. 352, § 3-106, eff. July 1, 1969.