Credit Card - Law Dictionary Search Results
Home Dictionary Name: credit cardCredit card
Credit card, is a payment of card, the holder of which is permitted under his contract with the user of the card to discharge less than the whole of any outstanding balance on his payment card account on or before the expiry of a specified period, subject to any contractual requirements with respect to minimum or fixed amount of payments. UK Credit Card (Merchant Acquisition) Order, 1990, SI 1990/2158, Art. 29(1). See also H.M. Ogilvie Canadian Banking Law, Carswell, Scarborrow, 1991, p. 647....
Debit card
a small usually plastic card with a magnetic coded number similar to a credit card which is used to pay for purchases by the electronic deduction of a sum of money a debit directly from the card holders bank account Such cards do not require the establishment of a credit line and such transactions do not incur any interest payments...
Credit information
Credit information, means any information relating to (i) the amount and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted or to be granted, by a credit institution or any borrower; (ii) the nature of security taken or proposed to be taken by a credit institution from any borrower for credit facilities granted or proposed to be granted to him; (iii) the guarantee furnished or any other non-fund based facility granted or proposed to be granted or proposed to be granted by a credit institution for any of its borrowers; (iv) the credit worthiness of any borrower of credit institution; (v) any other matter which the Reserve Bank, consider necessary for inclusion in the credit information to be collected and maintained by credit information companies, and specify, by notification, in this behalf [Credit Information Companies (Regulation) Act, 2005, s. 2(d)]....
Drawal
Drawal, means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability. [Foreign Exchange Management (Current Account Transactions) Rules, 2000, s. 2 (b)]...
Client account
Client account, is a current or deposit account with an authorised institution, in the name of the estate agent or his employer, containing the word 'client' in its title, Estate Agents Act, 1979, s. 14(2) (UK) Halsbury's Laws of England, Vol. 1(2), para 17, p. 15.Includes (i) a guarantor or a person who proposes to give guarantee or security for borrower of a credit institution; or (ii) a person (a) who has obtained or seeks to obtain financial assistance from a credit constitution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance by way of credit cards or in any other form or manner; (b) who has raised or seeks to raise money by issue of security as defined in clause (h) of s. 2 of the Securities Contracts (Regulation) Act, 1956, or by issue of commercial paper depository receipts or any other instrument; (c) whose financial standing has been assessed or is proposed to be assessed by credit institution or any...
fico score
fico score FICO is an abbreviation for Fair Isaac Corporation and refers to a person's credit score based on credit history. Lenders and credit card companies use the number to decide if the person is likely to pay his or her bills. A credit score is evaluated using information from the three major credit bureaus and is usually between 300 and 850. Source: U.S. Department of Housing and Urban Development ...
posting
posting 1 : the transfer of an entry or item from a book or file of original entry to the proper account in a ledger ;also : the record produced by such a transfer 2 : the actual crediting or debiting of an account (as in payment of a draft) [charged interest from the date of the credit card transaction] ...
Currency
Currency, coin; bank notes, or other paper money issued by authority, and which re continully passing as and for coin. See the (English) Coinage Act, 1870 (33 & 34 Vict. c. 18), repealing 56 Geo. 3, c. 68, and other enactments; and COIN and TENDER.It includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travellers cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (h)]...
arrival-departure card
arrival-departure card Also known as Form I-94, Arrival-Departure Record. The U.S. Customs and Border Protection official at the port-of-entry gives foreign visitors (all non-U.S. citizens) an Arrival-Departure Record, (a small white card) when they enter the United States. Recorded on this card is the immigrant classification and the authorized period of stay in the U.S. This is either recorded as a date or the entry of D/S, meaning duration of status. It is important to keep this card safe because it shows the length of time you are permitted and authorized by the Department of Homeland Security to stay in the U.S. It is best kept stapled with your passport, kept in a safe place. The visitors return the I-94 card when they leave the country. The I-94W, Nonimmigrant Visa Waiver Arrival-Departure Record (green card) is for travelers on the Visa Waiver Program. Go to the FAQs on the I-94 Form & the I-95 Form to learn more. Source: Department of State. March 2007. ...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
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