Consumer
(11) Consumer means a cardholder or natural person to whom consumer credit is offered or extended. However, for purposes of rescission under 226.15 and 226.23, the term also includes a natural person in whose principal dwelling a security interest is or will be retained or acquired, if that person's ownership interest in the dwelling is or will be subject to the security interest. (12) Consumer credit means credit offered or extended to a consumer primarily for personal, family, or household purposes. (13) Consummation means the time that a consumer becomes contractually obligated on a credit transaction. (14) Credit means the right to defer payment of debt or to incur debt and defer its payment. (15) (i) Credit card means any card, plate, or other single credit device that may be used from time to time to obtain credit. (ii) Credit card account under an open-end (not home-secured) consumer credit plan means any open-end credit account that is accessed by a credit card, except: (A) A home-equity plan subject to the requirements of 226.5b that is accessed by a credit card; or (B) An overdraft line of credit that is accessed by a debit card or an account number. (iii) Charge card means a credit card on an account for which no periodic rate is used to compute a finance charge. (16) Credit sale means a sale in which the seller is a creditor. The term includes a bailment or lease (unless terminable without penalty at any time by the consumer) under which the consumer (i) Agrees to pay as compensation for use a sum substantially equivalent to, or in excess of, the total value of the property and service involved; and (ii) Will become (or has the option to become), for no additional consideration or for nominal consideration, the owner of the property upon compliance with the agreement. (17) Creditor means: (i) A person who regularly extends consumer credit 3 that is subject to a finance charge or is payable by written agreement in more than four installments (not including a down payment), and to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract.