Ind. Code § 24-4.5-2-108

"Revolving charge account"

Redline — January 1, 2018 → current.View current text →

Current — January 1, 2023

As of January 1, 2018

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;

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 instalments.~~

(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.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.