In this chapter, unless the context otherwise requires,
(1) “commissioner” means the commissioner of commerce, community, and economic development or a designee of the commissioner;
(2) “department” means the Department of Commerce, Community, and Economic Development;
(3) “open-end loan” means a loan made by a licensee under this chapter under an agreement between the licensee and a borrower which provides that
(A) the borrower may obtain advances of money from the licensee from time to time or the licensee may advance money on behalf of the borrower from time to time as directed by the borrower;
(B) the amount of each advance and interest and charges will be added to the borrower's open-end loan account and payments and other credits are deducted from that account;
(C) interest will be computed on the unpaid principal balance or the average unpaid principal balance of the open-end loan account;
(D) the borrower may pay all or any part of the unpaid principal balance of the borrower's open-end loan account or, if the account is not in default, in monthly installments of fixed amounts as provided in the loan agreement; and
(E) the agreement covers open-end loans under this chapter.
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