retail installment account

retail installment account
An account established by an agreement entered into pursuant to which the buyer promises to pay, in installments, to a retail seller his outstanding balance incurred in retail installment sales, whether or not a security interest in the goods sold is retained by the seller, and which provides for a finance charge which is expressed as a percent of the periodic balances to accrue thereafter providing such charge is not capitalized or stated as a dollar amount in such agreement. Calif.Civil Code, No. 1802.7

Black's law dictionary. . 1990.

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