44-6001

44-6001. Definitions

In this chapter, unless the context otherwise requires:

1. "Cash sale price" means the price stated in a retail installment contract or
other memorandum furnished by a retail seller to a retail buyer in connection with a
retail charge account agreement, for which the seller would have sold and the buyer would
have bought the goods or services which are the subject matter of a retail installment
transaction, if the sale had been a sale for cash. The cash sale price may include any
taxes and charges for delivery, installation, servicing, repairs, alterations or
improvements.

2. "Finance charge" means the amount payable by the buyer for the privilege of
purchasing goods or services under a retail installment transaction. It does not include
the amount, if any, charged for insurance premiums, delinquency charges, attorneys' fees,
court costs or official fees.

3. "Goods" means all tangible chattels, except motor vehicles, money, things in
action or intangible personal property other than merchandise certificates or coupons as
described in this chapter. The term includes chattels which are to be affixed to real
property as to become a part of it whether or not severable from it and merchandise
certificates or coupons, issued by a retail seller, not redeemable in cash and to be used
in the face amount instead of cash for goods or services sold by such seller.

4. "Holder" means:

(a) The retail seller of goods or services under a retail installment contract or
retail charge account agreement.

(b) A person to whom a retail buyer owes an obligation arising from a retail
installment transaction, whether directly or by assignment or other transfer.

(c) Any person entitled to the rights of a retail seller under a retail installment
contract or retail charge account agreement.

5. "Motor vehicle" means any self-propelled device in, upon or by which any person
or property is or may be transported or drawn on a public highway, except:

(a) Devices which move upon or are guided by a track or travel through the air.

(b) The following, if not designed primarily for highway transportation, but which
may incidentally be operated on a public highway:

(i) Tractors.

(ii) Buses. (iii) Trucks.

(iv) Power shovels.

(v) Road machinery.

(vi) Agricultural machinery.

6. "Official fees" means:

(a) The amount of the fees prescribed by law for filing, recording or otherwise
perfecting and releasing or satisfying a retained title, lien or other security interest
created by a retail installment transaction.

(b) The premium for insurance in lieu of perfecting a security interest to the
extent that the premium does not exceed the amount described in subdivision (a) of this
paragraph that otherwise would be payable.

7. "Principal balance" means the cash sale price of the goods or services which are
the subject matter of a retail installment contract plus any amounts included, if a
separate identified charge is made and stated in the contract, for insurance and official
fees, less the amount of the buyer's down payment in money or goods, or both.

8. "Retail buyer" or "buyer" means a person who buys goods or services from a
retail seller.

9. "Retail charge account agreement" means an arrangement prescribing the terms of
retail installment transactions which may be made from time to time in which a retail
buyer purchases goods or services and in which a finance charge or delinquency charge may
be computed in relation to the buyer's balance in the account.

10. "Retail installment contract" means an arrangement for a retail installment
transaction except a retail charge account agreement or memorandum reflecting a sale made
pursuant to such agreement. "Retail installment contract" may include a chattel
mortgage, a conditional sale contract, any security agreement or any contract in the form
of a bailment or lease if the bailee or lessee contracts to pay as compensation for the
use of the bailed or leased goods a sum substantially equivalent to or in excess of the
value of the goods and if it is agreed that the bailee or lessee is bound to or has the
option of becoming the owner of the goods for no other or a nominal consideration upon
full compliance with the provisions of the bailment or lease.

11. "Retail installment transaction" means any transaction in which a retail buyer
purchases goods or services, excluding services purchased in connection with a lease,
from a retail seller pursuant to a retail installment contract or a retail charge account
agreement and under which the buyer agrees to pay for the goods and services in more than
four installments or for which the payment of a finance charge may be required.

12. "Retail seller" or "seller" means a person regularly and principally engaged in
the business of selling goods or services to retail buyers.

13. "Services" means work, labor, or services of any kind.