40-14-308. Definition of "revolving loan account".
(a) "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:
(i) The lender may permit the debtor to obtain loans from time to time;
(ii) The unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;
(iii) 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
(iv) Either the debtor has the privilege of paying in full or in installments or the lender periodically imposes charges computed on the account for delaying payment and permits the debtor to continue to obtain loans.
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