§ 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.