45-1,105. Terms, defined.
As used in sections 45-1,105 to 45-1,110, unless the context otherwise requires:
(1) Collateral shall mean the property subject to a security interest as defined by the Uniform Commercial Code;
(2) Consumer shall mean a natural person to whom credit is offered or extended by way of a transaction if the money, property, or services of the transaction are primarily for personal, family, or household purposes;
(3) Credit shall mean the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment;
(4) Creditor shall mean creditors who regularly extend, or arrange for the extension of, credit which is payable by agreement in more than four installments or for which payment of a finance charge is or may be required, whether in connection with loans, sale of property or services, or otherwise; and
(5) Default shall mean either of the following, if without justification under any law:
(a) The consumer fails to make a payment required by the agreement; or
(b) The prospect of payment, performance, or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment shall be on the creditor.
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