690A.0247 - “Open-end credit” defined. - Nevada Statutes

690A.0247  “Open-end credit” defined.  “Open-end credit” means credit extended by a creditor under an agreement in which:

      1.  The creditor reasonably contemplates repeated transactions;

      2.  The creditor periodically imposes a finance charge on any outstanding unpaid balance; and

      3.  The amount of credit that may be extended to the debtor during the term of the agreement up to any limit set by the creditor is generally made available to the extent that any outstanding balance is repaid.

      (Added to NRS by 2005, 2138)