"Consumer credit transaction" shall mean the
same as defined in Iowa Code section
537.1301.
"Credit accident and health insurance" means
insurance on a debtor or debtors to provide indemnity for payments becoming due
on a specific loan or other credit transaction while the debtor is disabled as
defined in the policy.
"Credit insurance" means both credit life
and credit accident and health insurance.
"Credit life insurance" means insurance on
the lives of debtors pursuant to or in connection with a specific loan or other
credit transaction.
"Creditor" means the lender of money or
vendor or lessor of goods, services or property, rights or privileges, for
which payment is arranged through a credit transaction, or any successor to the
right, title or interest of any lender, vendor, or lessor, and an affiliate,
associate or subsidiary of any of them or any director, officer or employee of
any of them or any other person in any way associated with any of them.
"Credit transaction" means any transaction
by the terms of which the repayment of money loaned or loan commitment made, or
payment for goods, services or properties sold or leased, is to be made at a
future date or dates.
"Debtor" means a borrower of money or a
purchaser or lessee of goods, services, property, rights or privileges for
which payment is arranged through a credit transaction.
"Indebtedness" means total amount repayable
including principal, interest and finance charges.
"Lender-agent" means a creditor, as defined
herein, who offers credit insurance or arranges for the offering of credit
insurance to debtors.
"Open-end credit" means credit extended by a
creditor under an agreement in which:
1. The creditor reasonably contemplates repeated
transactions;
2. The creditor imposes a finance charge from time to time on
an outstanding unpaid balance; and
3. The amount of credit that may be extended to the debtor
during the term of the agreement (up to any limit set by the creditor) is
generally made available to the extent that any outstanding balance is repaid.
"Person" means any natural person,
partnership, corporation or other business entity.
