365.020. Unless otherwise clearly indicated by the context, thefollowing words and phrases have the meanings indicated:
(1) "Cash sale price", the price stated in a retail installmentcontract for which the seller would have sold to the buyer, and the buyerwould have bought from the seller, the motor vehicle which is the subjectmatter of the retail installment contract, if the sale had been a sale forcash or at a cash price instead of a retail installment transaction at atime sale price. The cash sale price may include any taxes, registration,certificate of title, license and other fees and charges for accessoriesand their installment and for delivery, servicing, repairing or improvingthe motor vehicle;
(2) "Director", the office of the director of the division offinance;
(3) "Holder" of a retail installment contract, the retail seller ofthe motor vehicle under the contract or, if the contract is purchased by asales finance company or other assignee, the sales finance company or otherassignee;
(4) "Insurance company", any form of lawfully authorized insurer inthis state;
(5) "Motor vehicle", any new or used automobile, mobile home,motorcycle, all-terrain vehicle, motorized bicycle, moped, motortricycle,truck, trailer, semitrailer, truck tractor, or bus primarily designed orused to transport persons or property on a public highway, road or street;
(6) "Official fees", the fees prescribed by law for filing, recordingor otherwise perfecting and releasing or satisfying any title or lienretained or taken by a seller in connection with a retail installmenttransaction;
(7) "Person", an individual, partnership, corporation, association,and any other group however organized;
(8) "Principal balance", the cash sale price of the motor vehiclewhich is the subject matter of the retail installment transaction plus theamounts, if any, included in the sale, if a separate identified charge ismade therefor and stated in the contract, for insurance and other benefits,including any amounts paid or to be paid by the seller pursuant to anagreement with the buyer to discharge a security interest, lien, or leaseinterest on property traded in and official fees, minus the amount of thebuyer's down payment in money or goods. Notwithstanding any law to thecontrary, any amount actually paid by the seller pursuant to an agreementwith the buyer to discharge a security interest, lien or lease on propertytraded in which was included in a contract prior to August 28, 1999, isvalid and legal;
(9) "Retail buyer" or "buyer", a person who buys a motor vehicle froma retail seller in a retail installment transaction under a retailinstallment contract;
(10) "Retail installment contract" or "contract", an agreementevidencing a retail installment transaction entered into in this statepursuant to which the title to or a lien upon the motor vehicle, which isthe subject matter of the retail installment transaction is retained ortaken by the seller from the buyer as security for the buyer's obligation.The term includes a chattel mortgage or a conditional sales contract;
(11) "Retail installment transaction", a sale of a motor vehicle by aretail seller to a retail buyer on time under a retail installment contractfor a time sale price payable in one or more deferred installments;
(12) "Retail seller" or "seller", a person who sells a motor vehicle,not principally for resale, to a retail buyer under a retail installmentcontract;
(13) "Sales finance company", a person engaged, in whole or in part,in the business of purchasing retail installment contracts from one or moresellers. The term includes but is not limited to a bank, trust company,loan and investment company, savings and loan association, financinginstitution, or registrant pursuant to sections 367.100 to 367.200, RSMo,if so engaged. The term shall not include a person who makes only isolatedpurchases of retail installment contracts, which purchases are not beingmade in the course of repeated or successive purchases of retailinstallment contracts from the same seller;
(14) "Time price differential", the amount, however denominated orexpressed, as limited by section 365.120, in addition to the principalbalance to be paid by the buyer for the privilege of purchasing the motorvehicle on time to be paid for by the buyer in one or more deferredinstallments;
(15) "Time sale price", the total of the cash sale price of the motorvehicle and the amount, if any, included for insurance and other benefitsif a separate identified charge is made therefor and the amounts of theofficial fees and time price differential.
(L. 1963 p. 466 § 2, A.L. 1999 S.B. 386, A.L. 2000 S.B. 896, A.L. 2004 S.B. 1233, et al.)
Effective 8-28-05
(1973) By regulating motor vehicle time sales of vehicles having a cash sale price of $7,500 or less the G.A. did not prohibit such sales having a cash sales price in excess of such amount. DePoortere v. Commercial Credit Corp. (A.), 500 S.W.2d 724.
365.020. Unless otherwise clearly indicated by the context, thefollowing words and phrases have the meanings indicated:
(1) "Cash sale price", the price stated in a retail installmentcontract for which the seller would have sold to the buyer, and the buyerwould have bought from the seller, the motor vehicle which is the subjectmatter of the retail installment contract, if the sale had been a sale forcash or at a cash price instead of a retail installment transaction at atime sale price. The cash sale price may include any taxes, registration,certificate of title, license and other fees and charges for accessoriesand their installment and for delivery, servicing, repairing or improvingthe motor vehicle;
(2) "Director", the office of the director of the division offinance;
(3) "Holder" of a retail installment contract, the retail seller ofthe motor vehicle under the contract or, if the contract is purchased by asales finance company or other assignee, the sales finance company or otherassignee;
(4) "Insurance company", any form of lawfully authorized insurer inthis state;
(5) "Motor vehicle", any new or used automobile, mobile home,motorcycle, all-terrain vehicle, motorized bicycle, moped, motortricycle,truck, trailer, semitrailer, truck tractor, or bus primarily designed orused to transport persons or property on a public highway, road or street;
(6) "Official fees", the fees prescribed by law for filing, recordingor otherwise perfecting and releasing or satisfying any title or lienretained or taken by a seller in connection with a retail installmenttransaction;
(7) "Person", an individual, partnership, corporation, association,and any other group however organized;
(8) "Principal balance", the cash sale price of the motor vehiclewhich is the subject matter of the retail installment transaction plus theamounts, if any, included in the sale, if a separate identified charge ismade therefor and stated in the contract, for insurance and other benefits,including any amounts paid or to be paid by the seller pursuant to anagreement with the buyer to discharge a security interest, lien, or leaseinterest on property traded in and official fees, minus the amount of thebuyer's down payment in money or goods. Notwithstanding any law to thecontrary, any amount actually paid by the seller pursuant to an agreementwith the buyer to discharge a security interest, lien or lease on propertytraded in which was included in a contract prior to August 28, 1999, isvalid and legal;
(9) "Retail buyer" or "buyer", a person who buys a motor vehicle froma retail seller in a retail installment transaction under a retailinstallment contract;
(10) "Retail installment contract" or "contract", an agreementevidencing a retail installment transaction entered into in this statepursuant to which the title to or a lien upon the motor vehicle, which isthe subject matter of the retail installment transaction is retained ortaken by the seller from the buyer as security for the buyer's obligation.The term includes a chattel mortgage or a conditional sales contract;
(11) "Retail installment transaction", a sale of a motor vehicle by aretail seller to a retail buyer on time under a retail installment contractfor a time sale price payable in one or more deferred installments;
(12) "Retail seller" or "seller", a person who sells a motor vehicle,not principally for resale, to a retail buyer under a retail installmentcontract;
(13) "Sales finance company", a person engaged, in whole or in part,in the business of purchasing retail installment contracts from one or moresellers. The term includes but is not limited to a bank, trust company,loan and investment company, savings and loan association, financinginstitution, or registrant pursuant to sections 367.100 to 367.200, RSMo,if so engaged. The term shall not include a person who makes only isolatedpurchases of retail installment contracts, which purchases are not beingmade in the course of repeated or successive purchases of retailinstallment contracts from the same seller;
(14) "Time price differential", the amount, however denominated orexpressed, as limited by section 365.120, in addition to the principalbalance to be paid by the buyer for the privilege of purchasing the motorvehicle on time to be paid for by the buyer in one or more deferredinstallments;
(15) "Time sale price", the total of the cash sale price of the motorvehicle and the amount, if any, included for insurance and other benefitsif a separate identified charge is made therefor and the amounts of theofficial fees and time price differential.
(L. 1963 p. 466 § 2, A.L. 1999 S.B. 386, A.L. 2000 S.B. 896, A.L. 2004 S.B. 1233, et al.)
Effective 8-28-05
(1973) By regulating motor vehicle time sales of vehicles having a cash sale price of $7,500 or less the G.A. did not prohibit such sales having a cash sales price in excess of such amount. DePoortere v. Commercial Credit Corp. (A.), 500 S.W.2d 724.
365.020. Unless otherwise clearly indicated by the context, thefollowing words and phrases have the meanings indicated:
(1) "Cash sale price", the price stated in a retail installmentcontract for which the seller would have sold to the buyer, and the buyerwould have bought from the seller, the motor vehicle which is the subjectmatter of the retail installment contract, if the sale had been a sale forcash or at a cash price instead of a retail installment transaction at atime sale price. The cash sale price may include any taxes, registration,certificate of title, license and other fees and charges for accessoriesand their installment and for delivery, servicing, repairing or improvingthe motor vehicle;
(2) "Director", the office of the director of the division offinance;
(3) "Holder" of a retail installment contract, the retail seller ofthe motor vehicle under the contract or, if the contract is purchased by asales finance company or other assignee, the sales finance company or otherassignee;
(4) "Insurance company", any form of lawfully authorized insurer inthis state;
(5) "Motor vehicle", any new or used automobile, mobile home,motorcycle, all-terrain vehicle, motorized bicycle, moped, motortricycle,truck, trailer, semitrailer, truck tractor, or bus primarily designed orused to transport persons or property on a public highway, road or street;
(6) "Official fees", the fees prescribed by law for filing, recordingor otherwise perfecting and releasing or satisfying any title or lienretained or taken by a seller in connection with a retail installmenttransaction;
(7) "Person", an individual, partnership, corporation, association,and any other group however organized;
(8) "Principal balance", the cash sale price of the motor vehiclewhich is the subject matter of the retail installment transaction plus theamounts, if any, included in the sale, if a separate identified charge ismade therefor and stated in the contract, for insurance and other benefits,including any amounts paid or to be paid by the seller pursuant to anagreement with the buyer to discharge a security interest, lien, or leaseinterest on property traded in and official fees, minus the amount of thebuyer's down payment in money or goods. Notwithstanding any law to thecontrary, any amount actually paid by the seller pursuant to an agreementwith the buyer to discharge a security interest, lien or lease on propertytraded in which was included in a contract prior to August 28, 1999, isvalid and legal;
(9) "Retail buyer" or "buyer", a person who buys a motor vehicle froma retail seller in a retail installment transaction under a retailinstallment contract;
(10) "Retail installment contract" or "contract", an agreementevidencing a retail installment transaction entered into in this statepursuant to which the title to or a lien upon the motor vehicle, which isthe subject matter of the retail installment transaction is retained ortaken by the seller from the buyer as security for the buyer's obligation.The term includes a chattel mortgage or a conditional sales contract;
(11) "Retail installment transaction", a sale of a motor vehicle by aretail seller to a retail buyer on time under a retail installment contractfor a time sale price payable in one or more deferred installments;
(12) "Retail seller" or "seller", a person who sells a motor vehicle,not principally for resale, to a retail buyer under a retail installmentcontract;
(13) "Sales finance company", a person engaged, in whole or in part,in the business of purchasing retail installment contracts from one or moresellers. The term includes but is not limited to a bank, trust company,loan and investment company, savings and loan association, financinginstitution, or registrant pursuant to sections 367.100 to 367.200, RSMo,if so engaged. The term shall not include a person who makes only isolatedpurchases of retail installment contracts, which purchases are not beingmade in the course of repeated or successive purchases of retailinstallment contracts from the same seller;
(14) "Time price differential", the amount, however denominated orexpressed, as limited by section 365.120, in addition to the principalbalance to be paid by the buyer for the privilege of purchasing the motorvehicle on time to be paid for by the buyer in one or more deferredinstallments;
(15) "Time sale price", the total of the cash sale price of the motorvehicle and the amount, if any, included for insurance and other benefitsif a separate identified charge is made therefor and the amounts of theofficial fees and time price differential.
(L. 1963 p. 466 § 2, A.L. 1999 S.B. 386, A.L. 2000 S.B. 896, A.L. 2004 S.B. 1233, et al.)
Effective 8-28-05
(1973) By regulating motor vehicle time sales of vehicles having a cash sale price of $7,500 or less the G.A. did not prohibit such sales having a cash sales price in excess of such amount. DePoortere v. Commercial Credit Corp. (A.), 500 S.W.2d 724.
