§ 25A-11. "Revolving charge account contract" defined. - North Carolina Statutes

§25A‑11.  "Revolving charge account contract" defined.

"Revolving charge accountcontract" means an agreement or understanding between a seller and a buyerunder which consumer credit sales may be made from time to time, under theterms of which a finance charge or service charge is to be computed in relationto the buyer's unpaid balance from time to time, and under which the buyer hasthe privilege of paying the balance in full or in installments. This definitionshall not affect the meaning of the term "revolving charge account"appearing in G.S. 24‑11(a). (1971, c. 796, s. 1.)