33-21-103. Definitions. As used in this chapter, the following definitions apply:
(1) "Credit disability insurance" means insurance on a debtor or joint debtors to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor or either of the joint debtors is disabled as defined in the policy.
(2) "Credit life insurance" means insurance on the life of a debtor or the lives of joint debtors pursuant to or in connection with a specific loan or other credit transaction.
(3) "Credit transaction" means a transaction by the terms of which, at a future date:
(a) repayment of money loaned is made;
(b) a loan commitment is made; or
(c) payment for goods, services, or property sold or leased is made.
(4) "Creditor" means:
(a) a lender of money or vendor or lessor of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction;
(b) any successor to the right, title, or interest of a lender, vendor, or lessor;
(c) an affiliate, associate, or subsidiary of a lender, vendor, or lessor;
(d) a director, officer, or employee of a lender, vendor, or lessor; or
(e) any other person in any way associated with a lender, vendor, or lessor.
(5) "Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction.
(6) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.
(7) "Open-end credit" means credit extended by a creditor under an agreement in which:
(a) the creditor reasonably contemplates repeated transactions;
(b) the creditor imposes a finance charge from time to time on an outstanding unpaid balance; and
(c) the amount of credit that may be extended to the debtor during the term of the agreement (up to any limit set by the creditor) is generally made available to the extent that any outstanding balance is repaid.
History: En. Sec. 395, Ch. 286, L. 1959; R.C.M. 1947, 40-4204; amd. Sec. 3, Ch. 156, L. 1989; amd. Sec. 1, Ch. 179, L. 1993.