As used in this subchapter, unless the context otherwise requires, the following words shall have the following meanings: [PL 1973, c. 668 (NEW).]
1. Application for credit. “Application for credit” means any communication, oral or written, by a person to a creditor requesting an extension of credit to that person or to any other person, and includes any procedure involving the renewal or alteration of credit privileges or the changing of the name of the person to whom credit is extended;

[PL 1973, c. 668 (NEW).]

Terms Used In Maine Revised Statutes Title 5 Sec. 4597

  • Application for credit: means any communication, oral or written, by a person to a creditor requesting an extension of credit to that person or to any other person, and includes any procedure involving the renewal or alteration of credit privileges or the changing of the name of the person to whom credit is extended;
[PL 1973, c. See Maine Revised Statutes Title 5 Sec. 4597
  • Contract: A legal written agreement that becomes binding when signed.
  • Credit: means the right granted by a creditor to a person to defer payment of debt or to incur debt and defer its payment, or purchase property or services and defer payment therefor;
    • [PL 1973, c. See Maine Revised Statutes Title 5 Sec. 4597
  • Credit sale: means any transaction with respect to which credit is granted or arranged by the seller. See Maine Revised Statutes Title 5 Sec. 4597
  • Credit transaction: means any invitation to apply for credit, application for credit, extension of credit or credit sale. See Maine Revised Statutes Title 5 Sec. 4597
  • Creditor: means any person who regularly extends or arranges for the extension of credit for which the payment of finance charge or interest is required whether in connection with loans, sale of property or services or otherwise. See Maine Revised Statutes Title 5 Sec. 4597
  • Extension of credit: means any acts incident to the evaluation of an application for credit and the granting of credit. See Maine Revised Statutes Title 5 Sec. 4597
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Invitation to apply for credit: means any communication, oral or written, by a creditor which encourages or prompts an application for credit. See Maine Revised Statutes Title 5 Sec. 4597
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC