1. (a) In this subtitle the following words have the meanings indicated.

2. (b) “Applicant” means any person who applies to a creditor:

   1. (1) Directly for an extension, renewal, or continuation of credit; or
   2. (2) Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.
3. (c) “Commissioner” means the Commissioner of Financial Regulation.

4. (d) “Credit” means the right granted by a creditor to a debtor to:

   1. (1) Defer payment of a debt;
   2. (2) Incur a debt and defer its payment; or
   3. (3) Purchase property or services and defer payment for it.

5. (e) “Creditor” means any person who regularly:

   1. (1) Extends, renews, or continues credit for personal, family or household purposes; or
   2. (2) Arranges for the extension, renewal, or continuation of credit.
6. (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.

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.