§ 6-26.1-1 - Definitions.
SECTION 6-26.1-1
§ 6-26.1-1 Definitions. – For purposes of this chapter, the following definitions shall apply:
(1) "Credit card device" includes any means of making acredit card transaction available to a borrower pursuant to a credit card plan,including, but not limited to, a card, draft or check, identification code,other means of identification, or other credit device or code, whether madedirectly or indirectly by means of telephone, point of sale terminal, automatedteller machine, computer or other electronic or other communication or device,or through the mail.
(2) "Credit card lender" or "lender" means any entity that isa lending institution as defined by § 19-9-1, or licensee as defined by§ 19-14-1, which offers or extends credit in the form of a credit cardtransaction.
(3) "Credit card transaction" means any loan or extension ofcredit made pursuant to a credit card plan. Without limitation of theforegoing, a credit card transaction may be extended under a credit card planby a credit card lender's acquisition of obligations arising out of thehonoring by a merchant, or other third-party, a credit card lender or otherfinancial institution (whether chartered or organized under the laws of this orany other state, the District of Columbia, the United States or any district,territory or possession of the United States, or any foreign country), or agovernment or governmental subdivision or agency of a credit card device.
(4) "Credit card plan" or "plan" means any arrangement orplan between a borrower and a credit card lender for open-end, revolvingextensions of credit made available through a credit card device, provided,however, said "credit card plan" or "plan" does not include an extension ofcredit, the repayment of which is secured by real property.