59.1-21.20 - (Repealed effective October 1, 2010) Definitions.
§ 59.1-21.20. (Repealed effective October 1, 2010) Definitions.
(a) The term "applicant" means any person who applies to a creditordirectly for an extension, renewal, or continuation of credit, or applies toa creditor, indirectly by use of an existing credit plan for an amountexceeding the previously established credit limit.
(b) The term "credit" means the right granted by a creditor to a debtor todefer payment of debt or to incur debts and defer its payment or to purchaseproperty or services and defer payment therefor.
(c) The term "creditor" means any person who regularly extends, renews, orcontinues credit; any person who regularly arranges for the extension,renewal, or continuation of credit; or any assignee of an original creditorwho participates in the decision to extend, renew, or continue credit.
(d) The term "person" means a natural person, a corporation, government orgovernmental subdivision or agency, trust, estate, partnership, cooperative,or association.
(e) The term "adverse action" means a denial or revocation of credit, achange in the terms of an existing credit arrangement, or a refusal to grantcredit in substantially the amount or on substantially the terms requested.Such term does not include a refusal to extend additional credit under anexisting credit arrangement where the applicant is delinquent or otherwise indefault, or where such additional credit would exceed a previouslyestablished credit limit.
(1975, c. 627; 1977, c. 589.)