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P-40.1 - Consumer Protection Act
Section 118
Disposition versions
118. An open credit contract 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.
Open credit contracts include credit card contracts, whether or not the use of the credit card requires a personal identification number or any other means designed to ensure consumer authorization; open credit contracts also include contracts for the use of what are commonly called lines of credit, credit accounts, budget accounts, revolving credit accounts, credit openings and any other contract of the same nature.
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.
