Retail charge account definition
Retail charge account means any account, other than a retail installment contract or a home repair contract
Retail charge account means any account, other than a retail installment contract or a home repair contract which is subject to the “Home Repair Financing Act” (P.L.1960, c. 41; C. 17:16C-62 et seq.), established by an agreement which prescribes the terms under which a retail buyer may from time to time purchase or lease goods or services which are primarily for personal, family or household purposes, and under which the unpaid balance thereunder, whenever incurred, is payable in one or more installments and under which a time price differential may be added in each billing period as provided herein. Retail charge account also includes all accounts arising out of the utilization by the holder of a credit card, letter of credit or other credit identification issued by a sales finance company, giving the holder the privilege of using the credit card, letter of credit or other credit identification to become a retail buyer in transactions out of which debt arises: (1) by the sales finance company’s payment or agreement to pay the retail buyer’s obligations; or (2) by the sales finance company’s purchase from the retail seller of the obligations of the user of the credit card, letter of credit or other credit identification as a retail buyer.