Nebraska Statutes 21-1713. Line of credit, defined
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Line of credit shall mean a loan in which amounts are advanced to the borrower upon his or her request from time to time, pursuant to a preexisting contract and conditional or unconditional credit approval, and in which principal amounts repaid automatically replenish the funds available under the contract.
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Terms Used In Nebraska Statutes 21-1713
- Contract: A legal written agreement that becomes binding when signed.
- Line of credit: shall mean a loan in which amounts are advanced to the borrower upon his or her request from time to time, pursuant to a preexisting contract and conditional or unconditional credit approval, and in which principal amounts repaid automatically replenish the funds available under the contract. See Nebraska Statutes 21-1713
- Loan: shall mean any extension of credit pursuant to a contract. See Nebraska Statutes 21-1714