"Revolving charge account"

Sec. 44.7. "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. [Pre-2026 Revision Citation: 24-4.5-2-108.] As added by P.L.115-2026, SEC.97.