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
Examples & Explanations for ContractsExamples & Explanations for Contracts
by Brian A. Blum
  • List Price: $52.95
  • Price: $51.03
  • You Save: $1.92 (4%)
from $41.05
View
Secured Transactions (Quick Study: Law)Secured Transactions (Quick Study: Law)
by Inc. BarCharts
  • Price: $4.95
from $4.00
View
Brian L ErnstAttorney at LawPRACTICE AREA: Labor & Employment Law, Workers Compensation
Brian S BradleyAttorney at LawPRACTICE AREA: Personal Injury, Business Law, Workers Compensation
John P BerginAttorney at LawPRACTICE AREA: Labor & Employment Law, Insurance Litigation, Litigation, Workers Compensation
Tom's Guide"The most important thing for a consumer to do when they discover that a credit card has been stolen is to act fast," said Jen Grondahl Lee, bankruptcy attorney and co-author of Preventing Credit Card Fraud: A Complete Guide for Everyone from Merchants ... more »
Inquirer.netAngelo Virtucio pleaded guilty to bank fraud conspiracy. ASSOCIATED PRESS. NEWARK, New Jersey — A Filipino national has been sentenced to more than five years in prison for orchestrating a scheme that used hacked credit and debit card information to ... more »
Globalnews.caThe suspects are believed to have entered apartment buildings to steal mail, seizing residents' credit cards and identification information. Police said that by using the personal information, the suspects were able to activate the credit cards and ... 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