Terms Used In New Jersey Statutes 17:3B-11

  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
Omitted installments. A lender may at any time extend to a borrower under a revolving credit plan the option of omitting monthly installments.

L. 1985, c. 81, s. 8, eff. March 14, 1985.