Section 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.Amended by P.L. 137-2021,SEC. 4, eff. 7/1/2021.Formerly: Acts1971 , P.L. 366, SEC.3.