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§ 12-701. Definitions

West's Annotated Code of MarylandCommercial LawEffective: June 1, 2010

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 7. Equal Credit Opportunity Act (Refs & Annos)
Effective: June 1, 2010
MD Code, Commercial Law, § 12-701
§ 12-701. Definitions
Currentness
(a) In this subtitle the following words have the meanings indicated.
(b) “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” means the Commissioner of Financial Regulation.
(d) “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” 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” 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.

Credits

Added by Acts 1975, c. 753, § 1, eff. July 1, 1975. Amended by Acts 1977, c. 534; Acts 1980, c. 578, § 1; Acts 1989, c. 648; Acts 1995, c. 213, § 2, eff. Sept. 29, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2010, c. 611, § 2, eff. June 1, 2010.
MD Code, Commercial Law, § 12-701, MD COML § 12-701
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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