Section 12-701 - Definitions.
§ 12-701. Definitions.
(a) In general.- In this subtitle the following words have the meanings indicated.
(b) Applicant.- "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.- "Commissioner" means the Commissioner of Financial Regulation.
(d) Credit.- "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.- "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.- "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.
[1975, ch. 753; 1977, ch. 534; 1980, ch. 578, § 1; 1989, ch. 648; 1995, ch. 213, § 2; 1996, ch. 326, § 2; 2010, ch. 611, § 2.]