Can you summarize IC 24-4.5-2-108?

Short Summary

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.

Jurisdiction

Indiana

Source

• Banking