RSA 384-G:1 · Definitions

384-G:1 Definitions. – In this chapter:

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I.

"Bank" means a bank as defined in RSA 383-A:2-201(a)(3).

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II.

"Bank commissioner" means the New Hampshire bank commissioner.

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III.

"Borrower" means any corporation, partnership, association, government or governmental subdivision or agency, trust, individual, or other entity.

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IV.

"Credit device" means any card, check, identification code or other means of identification contemplated by the agreement governing the plan.

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V.

"Individual borrower" means a borrower who is a natural person borrowing for personal, household, or family purposes.

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VI.

"Loans" mean cash advances or loans to be paid to or for the account of the borrower.

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VII.

"Outstanding unpaid indebtedness" means on any day an amount not in excess of the total amount of purchases and loans charged to the borrower's account under the plan which is outstanding and unpaid at the end of the day, after adding the aggregate amount of any new purchases and loans charged to the account as of that day and deducting the aggregate amount of any payments and credits applied to that indebtedness as of that day and, if the agreement providing the plan so provides, may include the amount of any periodic interest, interest charges and other charges permitted by this chapter, including late or delinquency charges, which have accrued in the account and which are unpaid at the end of the day. Purchases and loans may be included in outstanding unpaid indebtedness as of such time as may be specified in the agreement governing the plan.

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VIII.

"Purchases" mean payments for property of whatever nature, real or personal, tangible or intangible, and payments for services, licenses, taxes, official fees, fines, private or governmental obligations, or any other thing of value.

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IX.

"Revolving credit plan" or "plan" means a plan contemplating the extension of credit under an account governed by an agreement between a bank and a borrower pursuant to which:

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(a)

The bank permits the borrower and, if the agreement governing the plan so provides, persons acting on behalf of or with authorization from the borrower, from time to time to make purchases and/or to obtain loans by use of a credit device;

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(b)

The amounts of such purchases and loans are charged to the borrower's account under the revolving credit plan;

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(c)

The borrower is required to pay the bank the amounts of all purchases and loans charged to such borrower's account under the plan but has the privilege of paying such amounts outstanding from time to time in full or otherwise in accordance with the agreement governing the plan; and

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(d)

Interest may be charged and collected by the bank from time to time on the outstanding unpaid indebtedness under such plan. Source. 2002, 225:1. 2015, 272:18, eff. Oct. 1, 2015.

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