Section 5-2-213 - General-purpose credit cards - definitions(1) As used in this section:(a) "General-purpose credit card" means any card, plate, or other single credit device that may be used from time to time to obtain consumer credit under an open-end credit plan offered by a supervised financial organization, as defined in section 5-1-301 (45), that:(I) Is accepted by any merchant that participates in a widely accepted payment card network and is accepted upon presentation at multiple, unaffiliated merchants for goods or services;(II) Does not charge fees, including pre-account opening fees, which exceed fifteen percent of the credit line; and(III) Does not include an overdraft line of credit that is accessed by a debit or prepaid card or an account number.(b) "Open-end credit plan" means consumer credit extended by a creditor under a plan in which: (I) The creditor reasonably contemplates repeated transactions;(II) The creditor may impose a finance charge from time to time on an outstanding unpaid balance; and(III) The amount of credit that may be extended to the consumer 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.(2) Limitations in state law on finance charges and fees applicable to consumer credit transactions in sections 5-2-201, 5-2-202, and 5-2-203 shall not apply to general-purpose credit cards.Amended by 2023 Ch. 375,§ 1, eff. 7/1/2024.Amended by 2013 Ch. 282, §20, eff. 7/1/2013.L. 2000: Entire article R&RE, p. 1206, § 1, effective July 1. L. 2013: (1) amended, (SB 13-154), ch. 282, p. 1468, § 20, effective July 1.This section is similar to former § 5-3-508, as it existed prior to 2000.