Nevada Revised Statutes 690A.0247 – ‘Open-end credit’ defined
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‘Open-end credit’ means credit extended by a creditor under an agreement in which:
Terms Used In Nevada Revised Statutes 690A.0247
- 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
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.