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Credit is considered open-end if it satisfies the definition of open-end credit in the law. If a loan does not meet the definition, it is closed-end credit. Credit unions are familiar with open-end because they offer lines of credit, credit cards. Any loan except purchase money mortgages, mobile home loans and Federal program loans can be offered.
Credit is considered open-end if it satisfies the definition of open-end credit in the law. If a loan does not meet the definition, it is closed-end credit. Credit unions are familiar with o…