§ 24-4.5-2-108 — "Revolving charge account"

Definition: "Revolving Charge Account"
— "Revolving charge account" means an arrangement between a seller
and a buyer pursuant to which:
(1) the seller may permit the buyer to purchase goods or services
on credit either from the seller or pursuant to a seller credit card;
(2) the unpaid balances of amounts financed arising from
purchases and the credit service and other appropriate charges are
debited to an account;
(3) a credit service charge if made is not precomputed but is
computed on the outstanding unpaid balances of the buyer's
account from time to time; and
(4) the buyer has the privilege of paying the balances in
installments.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by
P.L.137-2021, SEC.4.