Section 12-701 - Definitions. - Maryland Statutes

§ 12-701. Definitions.
 

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

(b)  Applicant.- "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.- "Commissioner" means the Commissioner of Financial Regulation. 

(d)  Credit.- "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.- "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.- "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. 
 

[1975, ch. 753; 1977, ch. 534; 1980, ch. 578, § 1; 1989, ch. 648; 1995, ch. 213, § 2; 1996, ch. 326, § 2; 2010, ch. 611, § 2.]