"Revolving charge account" means an arrangement between a seller and a buyer pursuant to which:

1. (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. (2) the unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account;
3. (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. (4) the buyer has the privilege of paying the balances in installments.

HISTORY: 1962 Code SECTION 8-800.148; 1974 (58) 2879.