Title 10, Chapter 1, Section 2
(a) As used in this article, the term:
(1) "Cash sale price" means the price for which the seller would
have sold or furnished to the buyer and the buyer would have
bought or obtained from the seller the goods or services which are
the subject matter of the retail installment transaction if such
sale had been a sale for cash. The cash sale price may include any
applicable taxes and charges for delivery, installation,
servicing, repairs, alterations, or improvements.
(2) "Goods" means all personalty when purchased primarily for
personal, family, or household use, including certificates or
coupons issued by a retail seller exchangeable for personalty or
services, but not including motor vehicles. The term "goods"
includes such personalty which is furnished or used at the time of
sale or subsequently in the modernization, rehabilitation, repair,
alteration, improvement, or construction of real property so as to
become a part thereof, whether or not severable therefrom.
(3) "Holder" of a retail installment contract means the retail
seller of the goods or services under the contract or, if the
contract is purchased by a sales finance company or other
assignee, the sales finance company or other assignee at the time
of the determination.
(4) "Home solicitation sale" means a consumer credit sale in which
the purchase price is payable in installments and the seller or
his representative solicits the sale in person and the buyer's
agreement or offer to purchase is made at a home other than that
of the person soliciting the sale and the contract is signed at
the time of such solicitation.
(5) "Motor vehicle" means any device or vehicle operated over the
public highways and streets of this state and propelled by other
than muscular power but does not include traction engines, road
rollers, implements of husbandry and other agricultural equipment,
and such vehicles as run only upon a track.
(6) "Official fees" means the fees prescribed by law for filing,
recording, or otherwise perfecting or releasing or satisfying any
title or lien retained or taken by a seller in connection with a
retail installment transaction.
(7) "Person" means an individual, partnership, corporation,
association, and any other group however organized.
(8) "Retail buyer" or "buyer" means a person who buys goods or
obtains services from a retail seller in a retail installment
transaction and not principally for the purpose of resale.
(9) "Retail installment contract" or "contract" means an
instrument or instruments reflecting one or more retail
installment transactions entered into in this state pursuant to
which goods or services may be paid for in installments. The term
includes a series of transactions made pursuant to an instrument
or instruments providing for the addition of the amount financed
plus the time price differential for the current sale to an
existing balance. It does not include a revolving account or an
instrument reflecting a sale pursuant thereto.
(10) "Retail installment transaction" or "transaction" means any
transaction to sell or furnish or the sale of or the furnishing of
goods or services evidenced by a retail installment contract or a
(11) "Retail seller" or "seller" means a person regularly engaged
in, and whose business consists to a substantial extent of,
selling goods or services to a retail buyer. The term also
includes a seller who regularly grants credit to retail buyers for
the purpose of purchasing goods or services from any other person
pursuant to a retail installment contract or a revolving charge
(12) "Revolving account" or "account" means an instrument or
instruments prescribing the terms of retail installment
transactions which may be made thereafter from time to time
pursuant thereto, under which the buyer's total unpaid balance,
whenever incurred, is payable in installments over a period of
time and under the terms of which a time price differential or
finance charge is to be computed in relation to the buyer's
balance from time to time.
(13) "Sales finance company" means a person engaged in the
business of purchasing retail installment contracts from one or
more retail sellers. The term includes but is not limited to a
bank, trust company, or industrial loan company, if so engaged.
The term does not include the pledge of an aggregate number of
such contracts to secure a bona fide loan thereon.
(14) "Services" means:
(A) Work, labor, or other personal services furnished for
personal, family, or household use, whether or not furnished in
connection with the delivery, installation, servicing, repair,
or improvement of goods, and includes such work, labor, or
personal services furnished in connection with the
modernization, rehabilitation, repair, alteration, improvement,
or construction upon or in connection with real property;
(B) Privileges with respect to transportation, hotel and
restaurant accommodations, education, entertainment, recreation,
and the like; and
(C) Insurance provided in connection with a retail installment
(15) "Time price differential" means the amount, however
denominated or expressed, paid or payable for the privilege of
purchasing goods or services to be paid for by the buyer in
installments; it does not include the amounts, if any, charged for
insurance premiums, delinquency charges, attorneys' fees, court
costs, or official fees.
(b) The rules of statutory construction contained in Chapter 3 of
Title 1 shall apply to this article.