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.
Indiana Legal Code