Definitions

Sec. 1153.003. DEFINITIONS. In this chapter: (1) "Credit accident and health insurance" means insurance to provide indemnity for payments that become due on a specific credit transaction of a debtor when the debtor is disabled, as defined in the insurance policy. (2) "Credit life insurance" means insurance on the life of a debtor in connection with a specific credit transaction. (3) "Credit transaction" includes the lending of money. (4) "Creditor" means: (A) a person who lends money or who sells or leases goods, services, property, rights, or privileges, for which the payment is arranged through a credit transaction; (B) a successor to the right, title, or interest of a person described by Paragraph (A); or (C) a person who is in any way associated with a person described by Paragraph (A) or (B), including a director, officer, employee, affiliate, associate, or subsidiary of the person described by Paragraph (A) or (B). (5) "Debtor" means a person who borrows money or who purchases or leases goods, services, property, rights, or privileges, the payment for which is arranged through a credit transaction. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.