Terms Used In Texas Finance Code 346.201

• Contract: A legal written agreement that becomes binding when signed.
• Personal property: All property that is not real property.
• 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}