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Extension of Credit means the right to defer payment of debt or to incur debt and defer its payment offered or granted primarily for personal, family, or household purposes.
(q) Extend credit and extension of credit mean the granting of credit in any form (including, but not limited to, credit granted in addition to any existing credit or credit limit; credit granted pursuant to an open-end credit plan; the refinancing or other renewal of credit, including the issuance of a new credit card ...
Is Maine a "brick and mortar state" (i.e., does an out-of-state loan broker that desires to do business in Maine need to maintain a physical office in the state)? No, a loan broker does not need to maintain a physical office in the state.
Consumer credit, or consumer debt, is personal debt taken on to purchase goods and services. Although any type of personal loan could be labeled consumer credit, the term is more often used to describe unsecured debt of smaller amounts.
Under Section 215.3 of. Regulation O, an extension of credit is defined to include the making or renewal of any loan, a granting of. a line of credit, or an extending of credit in any manner whatsoever, and specifically includes the.
Extension of consumer credit means the right to defer payment of debt offered or granted primarily for personal, family, or household purposes or to incur the debt and defer its payment.