"Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:

1. (1) the lender may permit the debtor to obtain loans from time to time;
2. (2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;
3. (3) a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor's account from time to time; and
4. (4) the debtor has the privilege of paying the balances in installments.

HISTORY: 1962 Code SECTION 8-800.238; 1974 (58) 2879.