Legal definition of Creditor
Credit Cards Fraud Legal Terminology

Creditor

1
\ ˈkɒn.trækt \ "Creditor" means:
(i) a party:
(A) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and
(B) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract;
(ii) an issuer of a credit card that extends either open-end credit or credit that:
(A) is not subject to a finance charge; and
(B) is not payable by written agreement in more than four installments; and
(iii) an issuer of a credit card that extends closed-end credit that:
(A) is subject to a finance charge; or
(B) is payable by written agreement in more than four installments.
(b) (i) For purposes of this Subsection (3), a party is considered to extend consumer credit regularly only if the party extends credit in the preceding calendar year:
(A) more than 25 times; or
(B) more than five times for a transaction secured by a dwelling.
(ii) If a person does not meet the numerical standards described in Subsection (3)(b)(i) in the preceding calendar year, the numerical standards shall be applied to the current calendar year.
(Title 70C, Chapter 1, Sec.302)
Source: Utah Code / Constitution. website
2
A creditor is a party (e.g. person, organization, company, or government) that has a claim to the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property or service. The second party is frequently called a debtor or borrower. The first party is the creditor, which is the lender of property, service or money.
Source: Wikipedia - The Free Encyclopedia. website. license
3
Any person who extends credit, or any person claiming by, under, or through such a person.
Source: Ohio Revised Code. website
Find a legal term by clicking on the first letter of a legal word or phrase:
Book of the Day in our Store
Share it on TwitterFacebook
How to Disappear: Erase Your Digital Footprint, Leave False Trails, And Vanish Without A TraceHow to Disappear: Erase Your Digital Footprint, Leave False Trails, And Vanish Without A Trace
by Frank Ahearn, Eileen Horan
  • List Price: $16.95
  • Price: $13.95
  • You Save: $3.00 (18%)
from $8.21
View
2017 U.S. Bankruptcy Code & Rules Booklet (For Use With All Bankruptcy Law Casebooks)2017 U.S. Bankruptcy Code & Rules Booklet (For Use With All Bankruptcy Law Casebooks)
by LegalPub.com
  • Price: $25.00
from
View
Kevin J RileyAttorney at LawPRACTICE AREA: Real Estate Law, Wills & Probate, Business Law, Litigation, Industrial Development Law
Philip L CarsonAttorney at LawPRACTICE AREA: Real Estate Law, Business Law, Labor & Employment Law, Industrial Development Law
Christian P PorterAttorney at LawPRACTICE AREA: Real Estate Law, Bankruptcy Law, Litigation, Industrial Development Law
Enterprise NewsDetectives began performing surveillance and witnessed Sean Trim use fraudulent credit cards at a location in town, Assistant District Attorney John Delaney said. “At one point, they observed Sean Trim ... disposing of evidence,” Delaney said. “He ... more »
Cape Cod Times (subscription)FALMOUTH — A Centerville man pleaded not guilty to credit card fraud in connection to the theft of a woman's wallet at the Sagamore Market Basket last year. Justice O. Shabazz, 58, of 450 Skunknet Road, pleaded not guilty Wednesday in Falmouth ... more »
Motley FoolPersonally, I was probably happier than most to see the EMV card adoption begin. As an economic crimes detective, I get a front row seat to the impact of credit card fraud on the financial and economic system. In 2015, research issued by Barclays PLC ... more »
It's a free online legal dictionary search engine for definitions of legal terminology and legal words, legal abbreviations, and legal jargon you may meet when reading legal acts, law books, documents, legal forms and other legal content