Texas Finance Code 346.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 346.001
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Revolving 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 open-end credit.) Source: OCC
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
In this chapter:
(1) “Billing cycle” means the interval between periodic billing statements.
(2) “Credit card” means a card, confirmation, or identification or check or other written request by which a customer obtains access to a revolving credit account.
(3) “Creditor” means an authorized lender who directly or through another who honors a credit card issued by the person, extends credit, including money loaned, to a customer under an agreement that provides for the use of a credit card.
(4) “Customer” means a person who has accepted a revolving credit account.