New Jersey Statutes 56:11-20. Definitions
Terms Used In New Jersey Statutes 56:11-20
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Charge card” means a credit card on an account for which no periodic rate is used to compute a finance charge.
“Check” means a demand draft drawn on or payable through an office of a depository institution located in the United States that has imprinted on it the account holder’s name and the depository institution’s name, location and routing number.
“Consumer” means a natural person.
“Consumer transaction” means the sale of goods, services or anything of value to a consumer, primarily for personal, family or household purposes.
“Credit card” means any card, plate, coupon book, or other single credit device that may be used from time to time to obtain credit.
“Depository institution” means a state or federally chartered bank, savings bank, savings and loan association or credit union.
L.1991,c.281,s.1; amended 1999, c.234, s.1.