As used in this chapter, the following definitions shall apply:
(a) “Actuarial method” means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed.
(b) “Consumer” means a natural person to whom credit is offered or extended primarily for personal, family, or household purposes.
(c) “Consummation” means the time that a consumer becomes contractually obligated on a credit transaction.
(d) “Covered loan” means a consumer credit mortgage loan transaction that meets both of the following criteria:
(1) The loan involves property located within the City of Cleveland Heights.
(2) The loan is considered a mortgage under Section 152(a) of the “Home Ownership and Equity Protection Act of 1994,” 108 Stat. 2190, 15 U.S.C.A. 1602(AA), as amended, and the regulations adopted thereunder by the Federal Reserve Board, as amended.
(e) “Credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
(f) “Creditor” has the same meaning as in Section 152(C) of the “Home Ownership and Equity Protection Act of 1994,” 108 Stat. 2190, 15 U.S.C.A. 1602(F), as amended, and the regulations adopted thereunder by the Federal Reserve Board, as amended.
(g) “Person” means a natural person, partnership, association, trust, corporation, or any other legal entity. (Ord. 72-2003. Passed 6-2-03.)