revolving charge account

revolving charge account
An arrangement between a seller and a buyer pursuant to which:
(1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card,
(2) the unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account,
(3) a credit service charge if made is not precomputed but is computed on the outstanding unpaid balances of the buyer's account from time to time, and
(4) the buyer has the privilege of paying the balances in installments.
Uniform Consumer Credit Code, No. 2.108

Black's law dictionary. . 1990.

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Look at other dictionaries:

  • revolving charge account — noun a charge account that does not have to be paid to zero balance • Hypernyms: ↑credit account, ↑charge account, ↑open account * * * a charge plan offerring revolving credit. [1965 70] …   Useful english dictionary

  • revolving charge account — An arrangement between a seller and a buyer pursuant to which: (1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card, (2) the unpaid balances of amounts financed… …   Black's law dictionary

  • revolving charge account — a charge plan offerring revolving credit. [1965 70] * * * …   Universalium

  • charge account — noun credit extended by a business to a customer • Syn: ↑credit account, ↑open account • Hypernyms: ↑open end credit, ↑revolving credit, ↑charge account credit • Hyponyms: ↑ …   Useful english dictionary

  • charge account — System of purchasing goods and services on credit, under which customer agrees to settle or make payments on his balance within a specified time or periodically. See Consumer Credit Protection Act revolving charge account …   Black's law dictionary

  • charge account — System of purchasing goods and services on credit, under which customer agrees to settle or make payments on his balance within a specified time or periodically. See Consumer Credit Protection Act revolving charge account …   Black's law dictionary

  • revolving charge — A type of credit arrangement that permits a buyer or a borrower to purchase merchandise or obtain loans on a continuing basis as long as the outstanding balance of the account does not exceed a certain limit. Dictionary from West s Encyclopedia… …   Law dictionary

  • charge account credit — noun a consumer credit line that can be used up to a certain limit or paid down at any time • Syn: ↑open end credit, ↑revolving credit • Hypernyms: ↑consumer credit • Hyponyms: ↑credit account, ↑cha …   Useful english dictionary

  • charge — verb To impose a burden, duty, obligation, or lien; to create a claim against property; to assess; to demand; to accuse; to instruct a jury on matters of law. To impose a tax, duty, or trust. To entrust with responsibilities and duties (e.g. care …   Black's law dictionary

  • charge — verb To impose a burden, duty, obligation, or lien; to create a claim against property; to assess; to demand; to accuse; to instruct a jury on matters of law. To impose a tax, duty, or trust. To entrust with responsibilities and duties (e.g. care …   Black's law dictionary

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