§ 6-27-3. Definitions.
As used in this chapter:
(1) "Credit� means any loan, mortgage, deed of trust, advance, or discount; any conditional
sales contract; any contract to sell, or sale or contract of sale of property or services
either for present or future delivery, under which part or all of the price is payable
subsequent to the making of the sale or contract and the creditor imposes a finance
charge; any contract or arrangement for the hire, bailment, or leasing of property
in connection with which the creditor imposes a finance charge; any option, demand,
lien, pledge, or other claim against or for the delivery of property or money; any
purchase, or other acquisition of, or any credit upon the security of, any obligation
or claim arising out of any of the foregoing; and any transaction or series of transactions
having a similar purpose or effect.
(2) "Creditor� means any person engaged in the business of extending credit, including
any person who as a regular business practice makes loans or sells or rents property
or services on a time, credit, or installment basis, either as principal or as agent,
who requires, as an incident to the extension of credit, the payment of a finance
charge.
(3) "Director� means the director of business regulation.
(4) "Official fees� means the fees prescribed by law for filing, recording, or otherwise
perfecting or releasing or satisfying any title, lien, or security interest retained
or taken by a creditor in connection with the extension of credit.
(5) "Person� means any individual, corporation, partnership, association, or other organized
group of persons, or the legal successor or representative of the foregoing.
(6) "Revolving or open-end credit plan� means a credit plan prescribing the terms of credit
transactions exclusive of cash advances under the plans.