(1) Credit is a contract, arrangement or understanding under which:
(a) payment of a debt owed by one person to another person is deferred; or
(b) one person incurs a debt to another person and defers the payment of the debt.
(2) The amount of credit is the amount of the debt that is actually deferred, or that may be deferred, but does not include any fees or charges payable in connection with the deferral of the debt.
(3) Without limiting subsection (1), credit includes:
(a) a hire-purchase agreement; and
(b) a contract, arrangement or understanding of a kind referred to in that subsection that is for the hire, lease or rental of goods, or for the supply of services, other than a contract, arrangement or understanding under which:
(i) full payment is made before, or at the same time as, the goods or services are provided; and
(ii) in the case of goods--an amount greater than, or equal to, the value of the goods is paid as a deposit for the return of the goods.