                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-500)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Adverse action&#8221; means a denial or revocation of credit, a change
in the terms of an existing credit arrangement, or a refusal to grant credit in
substantially the amount or on substantially the terms requested. The term does
not include a refusal to extend additional credit under an existing credit
arrangement where the applicant is delinquent or otherwise in default, or where
such additional credit would exceed a previously established credit limit.
		&#8220;Applicant&#8221; means any person who applies to a creditor directly
for an extension, renewal, or continuation of credit, or applies to a creditor
indirectly by use of an existing credit plan for an amount exceeding the
previously established credit limit.
		&#8220;Credit&#8221; means the right granted by a creditor to a debtor to
defer payment of debt or to incur debt and defer its payment or to purchase
property or services and defer payment therefor.
		&#8220;Creditor&#8221; means any person who regularly extends, renews, or
continues credit; any person who regularly arranges for the extension, renewal,
or continuation of credit; or any assignee of an original creditor who
participates in the decision to extend, renew, or continue credit.

HISTORY: 1975, c. 627, § 59.1-21.20; 1977, c. 589; 2010, c. 794.