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Open-End Credit |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.03 sec. |
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A type of revolving account that permits an individual to pay, on a monthly basis, only a portion of the total amount due. This type of Consumer Credit is frequently used in conjunction with bank and department store credit cards. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The amendments principally deal with open-end credit accounts and require new disclosures on periodic statements and on credit card applications and solicitations. A consumer home loan is defined as a loan, including an open-end credit plan but excluding a reverse mortgage loan, that is incurred by the borrower primarily for personal, family, or household purposes, and is secured by a mortgage or deed of trust upon real estate on which there is located or will be located a structure(s) designed principally for occupancy of from one to four families and that is or will be occupied by the borrower as the borrower's principal dwelling. Open-end credit generally refers to a revolving line of credit (such as a credit card account) where repeated transactions are expected, the available credit is replenished as unpaid balances are repaid, and finance charges are assessed on unpaid balances. |
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