Terms Used In New Jersey Statutes 17:3B-25

  • 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
Applicable federal law. Revolving credit plans or closed end credit agreements shall be subject to the federal truth in lending provisions of the “Consumer Credit Protection Act,” Pub.L. 90-321 (15 U.S.C. § 1601 et seq.) or other applicable provisions of federal law.

L. 1985, c. 81, s. 22, eff. March, 14, 1985.