New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 3B-5

a. “Borrower” means a natural person or persons obtaining credit for personal, family or household purposes.

b. “Closed end credit” means the extension of credit by a lender to a borrower pursuant to a note or loan agreement which contains a term of payment and which is not a revolving credit plan.

c. “Credit device” means any card, check, identification code, or other means of identification contemplated by the agreement governing a revolving credit plan.

d. “Lender” means a banking institution as defined in section 1 of P.L.1948, c. 67 (C. 17:9A-1), a federally chartered savings bank, and an association as defined in section 5 of P.L.1963, c. 144 (C. 17:12B-5).

e. “Loan” means an advance or extension of credit to a borrower.

f. “Note” or “loan agreement” means a promissory note, bond or other written evidence of the extension by the lender of credit to a borrower.

g. “Outstanding unpaid indebtedness” means, on any day, the amount not in excess of the total amount of purchases and loans charged to the borrower's account under the plan, which is outstanding and unpaid at the end of such day, after adding the aggregate amount of any new purchases and loans charged to the account as of that day and deducting the aggregate amount of any payments and credits applied to that indebtedness as of that day.

h. “Purchases” means an agreement to make payment for property of whatever nature, real or personal, tangible or intangible, and an agreement to make payment for services, licenses, taxes, official fees, fines, private or governmental obligations, or any other thing of value.

i. “Revolving credit plan” or “plan” means a plan contemplating the extension of credit under an account governed by an agreement between a lender and a borrower pursuant to which:

j. “Periodic percentage rate” means a rate of interest on a revolving credit plan or under a closed end credit agreement for a daily, weekly, monthly, annual or other period.