Title 6
Commercial Law — General Regulatory Provisions

Chapter 26.1
Credit Card Lending

§ 6-26.1-1. Definitions.

For purposes of this chapter, the following definitions shall apply:

(1) “ACH”, also known as the Automated Clearing House Network, means the electronic funds-transfer system comprised of a network of associated institutions that process computer-based electronic financial transactions between originating and receiving depository financial institutions. ACH in the United States is governed by NACHA, the former National Automated Clearing House Association.

(2) “Credit card device” includes any means of making a credit card transaction available to a borrower pursuant to a credit card plan, including, but not limited to, a card, draft or check, identification code, other means of identification, or other credit device or code, whether made directly or indirectly by means of telephone, point of sale terminal, automated teller machine, computer or other electronic or other communication or device, or through the mail.

(3) “Credit card lender” or “lender” means any entity that is a lending institution as defined by § 19-9-1, or licensee as defined by § 19-14-1, that offers or extends credit in the form of a credit card transaction.

(4) “Credit card plan” or “plan” means any arrangement or plan between a borrower and a credit card lender or issuer, including, without limitation, lines of credit directly between a borrower and a credit card lender or issuer, for open-end, revolving extensions of credit made available through a credit card device or other means of settlement between the credit card lender or issuer and the merchant, such as ACH or electronic-only credit card devices, provided, however, said “credit card plan” or “plan” does not include an extension of credit the repayment of which is secured by real property.

(5) “Credit card transaction” means any loan or extension of credit made pursuant to a credit card plan. Without limitation of the foregoing, a credit card transaction may be extended under a credit card plan by a credit card lender’s acquisition of obligations arising out of the honoring by a merchant or other third-party; a credit card lender or other financial institution (whether chartered or organized under the laws of this or any other state, the District of Columbia, the United States, or any district, territory, or possession of the United States, or any foreign country); or a government or governmental subdivision or agency of a credit card device.