"Revolving charge account" means an open end credit plan between a seller and a buyer under
(1) which the seller reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and pursuant to which the seller will permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; and
(2) which provides for a credit service charge which is not precomputed but is computed on the outstanding unpaid balances of the buyer's account from time to time.
Added by Laws 1969, c. 352, § 2-108, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 9, operative June 1, 1982.