16-117.   Credit agreements; definitions.As used in this act:

      (a)   "Credit agreement" means an agreement by a financial institution tolend or delay repayment ofmoney, goods or things in action, to otherwise extend credit or to make anyother financial accommodation. For purposes of this act the term "creditagreement" does not include the following agreements: Open-end orclosed-end promissory notes,real estate mortgages, security agreements, guaranty agreements, letters ofcredit, deposit account agreements, agreements in connection with depositaccounts for the payment of overdrafts, agreements in connection with studentloans insured or guaranteedpursuant to the federal higher education act of 1965 and acts amendatorythereof and supplementary thereto, and agreements in connection with"lender credit cards" as defined in the uniform consumer credit code;

      (b)   "creditor" means a financial institution which extends credit or extendsa financialaccommodation under a credit agreement with a debtor;

      (c)   "debtor" means a person who obtains credit or receives a financialaccommodation under a credit agreement with a financial institution; and

      (d)   "financial institution" means a bank, savings and loan association,savings bank or credit union.

      History:   L. 1988, ch. 55, § 1;L. 1989, ch. 70, § 1;L. 1998, ch. 56, § 1; July 1.