Indiana Code
Chapter 2. Credit Sales
24-4.5-2-108. "Revolving Charge Account"

Sec. 108. 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.

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