Others Under Jurisdiction from Condition Banking Agency
Subchapter II. Rotating Borrowing
(1) “Revolving borrowing plan” or “plan” function an idea thinking about the brand new extension from borrowing significantly less than a free account governed by an agreement anywhere between a beneficial licensee and you may a debtor pursuant to which:
an excellent. This new licensee it permits the newest borrower and you can, should your contract governing the master plan thus provides, individuals functioning on account out of or with authorization regarding the borrower, from time to time and also make requests out-of performing resellers and you may/or to obtain fund by the usage of a credit device;
b. This new amounts of such as for instance sales from participating resellers and you can funds is actually charged towards the borrower’s account underneath the revolving borrowing bundle;
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