Sec. 108. Definition: "Revolving Loan Account" — "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which: (1) the lender may permit the debtor to obtain loans from time to time; (2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account; (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) the debtor has the privilege of paying the balances in installments. Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.137-2021, SEC.5.
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