### Question
How does CONSUMER CREDIT COST DISCLOSURE define open end credit plan?


### Answer
Under *15 U.S.C. § 1602*, **open end credit plan** is defined as:

> a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance

#### Citation:
  - *15 U.S.C. § 1602*
  - Heading: **CHAPTER 41-CONSUMER CREDIT PROTECTION > SUBCHAPTER I-CONSUMER CREDIT COST DISCLOSURE > Part A-General Provisions**

