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§ 12-701. Definitions

MD Comm L Code § 12-701 (2019) (N/A)
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(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.

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§ 12-702. Findings and purpose