§ 37-3-108. "Revolving loan account" defined.
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§ 37-3-108. "Revolving loan account" defined.
"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.