§ 6.2-500. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Adverse action" means a denial or revocation of credit, a change in theterms of an existing credit arrangement, or a refusal to grant credit insubstantially the amount or on substantially the terms requested. The termdoes not include a refusal to extend additional credit under an existingcredit arrangement where the applicant is delinquent or otherwise in default,or where such additional credit would exceed a previously established creditlimit.
"Applicant" means any person who applies to a creditor directly for anextension, renewal, or continuation of credit, or applies to a creditorindirectly by use of an existing credit plan for an amount exceeding thepreviously established credit limit.
"Credit" means the right granted by a creditor to a debtor to defer paymentof debt or to incur debt and defer its payment or to purchase property orservices and defer payment therefor.
"Creditor" means any person who regularly extends, renews, or continuescredit; any person who regularly arranges for the extension, renewal, orcontinuation of credit; or any assignee of an original creditor whoparticipates in the decision to extend, renew, or continue credit.
(1975, c. 627, § 59.1-21.20; 1977, c. 589; 2010, c. 794.)
§ 6.2-500. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Adverse action" means a denial or revocation of credit, a change in theterms of an existing credit arrangement, or a refusal to grant credit insubstantially the amount or on substantially the terms requested. The termdoes not include a refusal to extend additional credit under an existingcredit arrangement where the applicant is delinquent or otherwise in default,or where such additional credit would exceed a previously established creditlimit.
"Applicant" means any person who applies to a creditor directly for anextension, renewal, or continuation of credit, or applies to a creditorindirectly by use of an existing credit plan for an amount exceeding thepreviously established credit limit.
"Credit" means the right granted by a creditor to a debtor to defer paymentof debt or to incur debt and defer its payment or to purchase property orservices and defer payment therefor.
"Creditor" means any person who regularly extends, renews, or continuescredit; any person who regularly arranges for the extension, renewal, orcontinuation of credit; or any assignee of an original creditor whoparticipates in the decision to extend, renew, or continue credit.
(1975, c. 627, § 59.1-21.20; 1977, c. 589; 2010, c. 794.)
§ 6.2-500. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Adverse action" means a denial or revocation of credit, a change in theterms of an existing credit arrangement, or a refusal to grant credit insubstantially the amount or on substantially the terms requested. The termdoes not include a refusal to extend additional credit under an existingcredit arrangement where the applicant is delinquent or otherwise in default,or where such additional credit would exceed a previously established creditlimit.
"Applicant" means any person who applies to a creditor directly for anextension, renewal, or continuation of credit, or applies to a creditorindirectly by use of an existing credit plan for an amount exceeding thepreviously established credit limit.
"Credit" means the right granted by a creditor to a debtor to defer paymentof debt or to incur debt and defer its payment or to purchase property orservices and defer payment therefor.
"Creditor" means any person who regularly extends, renews, or continuescredit; any person who regularly arranges for the extension, renewal, orcontinuation of credit; or any assignee of an original creditor whoparticipates in the decision to extend, renew, or continue credit.
(1975, c. 627, § 59.1-21.20; 1977, c. 589; 2010, c. 794.)
