South Carolina Statutes
§ 37-2-108 — "Revolving charge account" defined.
"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.
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South Carolina § 37-2-108 ("Revolving charge account" defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-800.148; 1974 (58) 2879.
Nearby Sections
15
§ 37-2-101
Short title.§ 37-2-102
Scope.§ 37-2-103
Index of definitions in chapter.§ 37-2-104
"Consumer credit sale" defined.§ 37-2-106
"Consumer lease" defined.§ 37-2-107
"Seller" defined.§ 37-2-108
"Revolving charge account" defined.§ 37-2-109
"Credit service charge" defined.§ 37-2-110
"Cash price" defined.§ 37-2-111
"Amount financed" defined.§ 37-2-202
Additional charges.§ 37-2-203
Delinquency charges.§ 37-2-204
Deferral charges.