§ 20-780 — Definitions

§ 20-780 Definitions.

a. "Person" shall mean any individual, firm, partnership, trust, association, corporation or other legal entity. This term shall not include any individual, firm, partnership, trust, association, corporation or other legal entity that accepts federally insured deposits, such as national banks, state-chartered banks, or savings and loan associations, or any individual, firm, partnership, trust, association, corporation or other legal entity regulated by or subject to the rules and regulations of the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation or Office of Thrift Supervision of the Department of the Treasury. b. "Payday loan," also known as, among other terms, "deferred deposit advances," "cash on demand" or "cash advance," shall mean any transaction in which funds are provided to a consumer for a limited time period in exchange for (i) a consumer's personal check or share draft, in the amount of the funds provided to the consumer plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer's authorization to debit the consumer's transaction account, in the amount of the funds provided to the consumer plus a fee, where such account will be debited on or after a designated future date. Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2005/015.