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Legal Terms - debtor-creditor agreement
A *credit agreement with a consumer that is governed by the Consumer Credit Act of 1974. It could be:
1. a *restricted-use credit agreement to fund a transaction (such as when a loan is made directly by the creditor to a dealer who would supply the debtor) between the debtor and a supplier in the absence of any agreements between the parties;
2. a limited-use credit arrangement to refinancing the debtor's current debt to the creditor or any other entity;
3. an unlimited-use credit agreement (such as a simple money loan) that is not granted by the creditor through agreements with a supplier with the understanding that the credit will be utilized to fund a deal involving the debtor and the supplier.
A *credit agreement with a consumer that is governed by the Consumer Credit Act of 1974. It could be:
1. a *restricted-use credit agreement to fund a transaction (such as when a loan is made directly by the creditor to a dealer who would supply the debtor) between the debtor and a supplier in the absence of any agreements between the parties;
2. a limited-use credit arrangement to refinancing the debtor's current debt to the creditor or any other entity;
3. an unlimited-use credit agreement (such as a simple money loan) that is not granted by the creditor through agreements with a supplier with the understanding that the credit will be utilized to fund a deal involving the debtor and the supplier.
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