Sec. 53-389. Definitions.
Sec. 53-389. Definitions. (a) As used in this chapter:
(1) "To extend credit" means to make or renew any loans, or to enter into any
agreement, tacit or express, whereby the repayment or satisfaction of any debt or claim,
whether acknowledged or disputed, valid or invalid, and however arising, may or will
be deferred;
(2) "Creditor", with reference to any given extension of credit, refers to any person
making such extension of credit, or to any person claiming by, under or through such
person;
(3) "Debtor", with reference to any given extension of credit, refers to any person
to whom such extension of credit is made, or to any person who guarantees the repayment
of that extension of credit, or in any manner undertakes to indemnify the creditor against
loss resulting from the failure of any person to whom that extension of credit is made
to repay the same;
(4) "Repayment" of any extension of credit includes the repayment, satisfaction or
discharge, in whole or in part, of any debt or claim, acknowledged or disputed, valid or
invalid, resulting from or in connection with such extension of credit;
(5) "To collect an extension of credit" means to induce in any way any person to
make repayment thereof;
(6) An "extortionate extension of credit" is any extension of credit with respect to
which it is the understanding of the creditor and the debtor, at the time such extension
of credit is made, that delay in making repayment or failure to make repayment could
result in the use of violence or other criminal means to cause harm to the person, reputation or property of any person;
(7) An "extortionate means" is any means which involves the use, or an express or
implicit threat of use, of violence or other criminal means to cause harm to the person,
reputation or property of any person.
(b) State law, including conflict of laws rules, governing the enforceability through
civil judicial processes of repayment of any extension of credit or the performance of
any promise given in consideration thereof, shall be judicially noticed. This subsection
shall not impair any authority which any court would otherwise have to take judicial
notice of any matter of state law.
(1971, P.A. 239, S. 1; May 25 Sp. Sess. P.A. 94-1, S. 97, 130.)
History: May 25 Sp. Sess. P.A. 94-1 made technical change, effective July 1, 1994.