§ 51-14-01 — Definitions

In this chapter, unless the context otherwise requires:
1. "Credit service charge" means the amount, however expressed, which the retail buyer
contracts to pay or pays the retail seller in excess of the amount of credit extended,
representing the total charges by the retail seller incident to investigating and
extending credit under a revolving charge agreement and for extending to the retail
buyer the privilege of paying over a period of time therefor.
2. "Retail buyer" or "buyer" means a person who buys personal property from a retail
seller, or to whom a retail seller otherwise extends credit, pursuant to a revolving
charge agreement.
3. "Retail seller" or "seller" means:
a. A person that pursuant to a revolving charge agreement, agrees to sell or sells
goods or services, other than medical services. The term does not include a
medical services provider.
b. A state-chartered or national bank that extends credit by the advancement of
moneys or the payment for goods or services under a revolving charge
agreement.
4. "Revolving charge agreement" means a written instrument, defining the terms of credit
extended from time to time under the terms of the agreement. Under the agreement,
the buyer's total unpaid balance, whenever incurred, is payable over a period of time
and under the terms of which a credit service charge, other than the portion thereof
consisting of late payment or other charges, is to be computed in relation to the
buyer's unpaid balance from time to time.