§ 6-27-3 - Definitions.
SECTION 6-27-3
§ 6-27-3 Definitions. – As used in this chapter:
(1) "Credit" means any loan, mortgage, deed of trust,advance, or discount; any conditional sales contract; any contract to sell, orsale or contract of sale of property or services either for present or futuredelivery, under which part or all of the price is payable subsequent to themaking of the sale or contract and the creditor imposes a finance charge; anycontract or arrangement for the hire, bailment, or leasing of property inconnection with which the creditor imposes a finance charge; any option,demand, lien, pledge, or other claim against or for the delivery of property ormoney; any purchase, or other acquisition of, or any credit upon the securityof, any obligation or claim arising out of any of the foregoing; and anytransaction or series of transactions having a similar purpose or effect.
(2) "Creditor" means any person engaged in the business ofextending credit, including any person who as a regular business practice makesloans or sells or rents property or services on a time, credit, or installmentbasis, either as principal or as agent, who requires, as an incident to theextension of credit, the payment of a finance charge.
(3) "Director" means the director of business regulation.
(4) "Official fees" means the fees prescribed by law forfiling, recording, or otherwise perfecting or releasing or satisfying anytitle, lien, or security interest retained or taken by a creditor in connectionwith the extension of credit.
(5) "Person" means any individual, corporation, partnership,association, or other organized group of persons, or the legal successor orrepresentative of the foregoing.
(6) "Revolving or open-end credit plan" means a credit planprescribing the terms of credit transactions exclusive of cash advances underthe plans.