As used in this division, “open-end credit program” means a licensee’s plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the open-end credit program, expressly states that the loan is made pursuant to this article, and provides that:
(a)
The borrower may use the open-end credit program to obtain money, goods, labor, or services on credit. The licensee makes open-end loans to the borrower for the purpose of paying money to or at
the direction of the borrower or paying obligations that the borrower creates through use of the open-end credit program.
(b)
The amount of each advance and the charges and other permitted costs are debited to an account.
(c)
The charges are computed from time to time on the unpaid balances of the borrower’s account, excluding from the computation any unpaid charges other than permitted fees, costs, and expenses.
(d)
The borrower has the privilege of paying the account in full at any time.