R590-91-3. Definitions

Terms used in this rule are defined in Sections 31A-1-301 and 31A-22-802. Additional terms are defined as follows: (1) "Credit insurance" means credit life insurance and credit accident and health insurance. (2) "Open-end credit" means credit extended by a creditor under an agreement in which: (a) the creditor reasonably contemplates repeated transactions; (b) the creditor imposes a finance charge from time to time on an outstanding unpaid balance; and (c) the credit available to the debtor is self-replenishing as the debtor repays amounts previously drawn.