28.1505 Open-end credit.

Cite as [A.S.C.A. § 28.1505]

(a) Notwithstanding any other provision to the contrary, the maximum rate of interest chargeable on open-end credit issued in American Samoa shall be determined by reference to the law of the creditor’s principal place of business.

(b) Open-end credit means credit extended by a creditor under a plan which: (1) The creditor reasonably contemplates repeated transactions,

(2) The creditor may impose a finance charge from time to time on an outstanding unpaid balance, and

(3) The amount of credit that may be extended during the term of the plan (up to any limit set by the creditor) is generally made available to the extent that any outstanding balance is repaid.

(c) Creditor means a person who extends credit that is subject to a finance charge.

(d) Person means a natural person or an organization, including a corporation, partnership, proprietorship, association, cooperative, estate, trust, or government unit.

History: 1991 PL 22-21; 2004, PL 28-15.