In this chapter, unless the context otherwise requires: 1. "Credit service charge" means the amount, however expressed, which the retail buyer contracts to pay or pays the retail seller in excess of the amount of credit extended, representing the total charges by the retail seller incident to investigating and extending credit under a revolving charge agreement and for extending to the retail buyer the privilege of paying over a period of time therefor. 2. "Retail buyer" or "buyer" means a person who buys personal property from a retail seller, or to whom a retail seller otherwise extends credit, pursuant to a revolving charge agreement. 3. "Retail seller" or "seller" means: a. A person that pursuant to a revolving charge agreement, agrees to sell or sells goods or services, other than medical services. The term does not include a medical services provider. b. A state -chartered or national bank that extends credit by the advancement of moneys or the payment for goods or services under a revolving charge agreement. 4. "Revolving charge agreement" means a written instrument, defining the terms of credit extended from time to time under the terms of the agreement. Under the agreement, the buyer's total unpaid balance, whenever incurred, is payable over a period of time and under the terms of which a credit service charge, other than the portion thereof consisting of late payment or other charges, is to be computed in relation to the buyer's unpaid balance from time to time.
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