Texas Business and Commerce Code 622.001 – Definitions
Terms Used In Texas Business and Commerce Code 622.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Month: means a calendar month. See Texas Government Code 312.011
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this chapter:
(1) “Credit card” means a card that, if covered by the law of this state, would be subject to a lender credit card agreement, as defined by Section 301.002, Finance Code, except that the term does not exclude a card that is subject to an agreement under which:
(A) the obligations are payable in full each month and not deferred; and
(B) no finance charge is assessed when the obligations are paid.
(2) “Debit card” means a card offered by an institution the deposits of which are insured by the Federal Deposit Insurance Corporation or another agency, corporation, or instrumentality chartered by the United States government.
(3) “Imply” means to use any means by which an implication can be conveyed, including:
(A) a statement, question, or request;
(B) conduct;
(C) a graphic or symbol; and
(D) lettering, coloring, font size, font style, or formatting.
(4) “Sweepstakes” means a contest that awards one or more prizes based on chance or the random selection of entries.