Minnesota Statutes 325G.41 – Definitions and Computations
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Subdivision 1.Generally.
Except as otherwise provided, the terms used in sections 325G.40 to 325G.47 have the meanings prescribed in Title 12 of the Code of Federal Regulations, Part 226. Except as otherwise provided, the computations required under sections 325G.40 to 325G.47 shall be made as provided in Title 12 of the Code of Federal Regulations, Part 226.
Subd. 2.Credit card application.
Terms Used In Minnesota Statutes 325G.41
- 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
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
Terms Used In Minnesota Statutes 325G.41
- 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
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
“Credit card application” means any written form, document, or material distributed by or on behalf of a creditor and designed to be used by a consumer to request or accept the issuance of a credit card.
Subd. 3.Creditor.
“Creditor” includes any credit card issuer that extends either open-end credit or credit that is not subject to a finance charge and is not payable in installments.