P-40.1 - Consumer Protection Act

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118. A contract extending variable credit is a contract by which credit is extended in advance by a merchant to a consumer who may avail himself of it, in whole or in part, from time to time, in accordance with the terms and conditions of the contract.
Contracts extending variable credit include, in particular, contracts made for the use of what are commonly called credit cards, credit accounts, budget accounts, revolving credit accounts, marginal credit and credit openings and any other contract of similar nature.
1978, c. 9, s. 118.