Section 5-408 - Credit agreements(a)(1) In this section the following words have the meanings indicated.(2)(i) "Credit agreement" means a covenant, promise, undertaking, commitment, or other agreement by a financial institution to:2. Forbear from repayment of money, goods, or things in action;3. Forbear from collecting or exercising any right to collect a debt; or4. Otherwise extend credit.(ii) "Credit agreement" includes agreeing to take or to not take certain actions by a financial institution in connection with an existing or prospective credit agreement.(3) "Financial institution" means: (iv) A savings and loan association; or(v) An affiliate or subsidiary of a bank, trust company, savings bank, or savings and loan association.(b) A credit agreement is not enforceable by way of action or defense unless it:(2) Expresses consideration;(3) Sets forth the relevant terms and conditions of the agreement; and(4) Is signed by the person against whom its enforcement is sought.(c)(1) This section applies only to commercial transactions.(2) This section does not apply to: (i) Credit agreements made primarily for personal, family, or household purposes; or(ii) Credit extended by means of, or in connection with, a credit or charge card.