(1) “Goods” includes goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title, and instruments. (2) “Merchandise certificate” means a writing issued by a seller not redeemable in cash and usable in its face amount in lieu of cash in exchange for […]
(1) “Consumer lease” means a lease of goods (a)which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family or household purpose; (b)in which the amount payable under the lease does not exceed Fifty Thousand Dollars ($50,000.00). The […]
Except as otherwise provided, “seller” includes an assignee of the seller’s right to payment but use of the term does not in itself impose on an assignee any obligation of the seller with respect to events occurring before the assignment. Added by Laws 1969, c. 352, § 2-107, eff. July 1, 1969.
“Revolving charge account” means an open end credit plan between a seller and a buyer under (1) which the seller reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and pursuant to which the seller will permit the buyer to purchase goods or services on credit either from the seller or pursuant to […]
“Credit service charge” means a finance charge composed of the sum of (1) all charges payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to the extension of credit, including any of the following types of charges which are applicable: time price differential, service, carrying or […]
Except as the Administrator may otherwise prescribe by rule, the “cash price” of goods, services, or an interest in land means the price at which the goods, services, or interest in land are offered for sale by the seller to cash buyers in the ordinary course of business, and may include (1) applicable sales, use, […]
“Amount financed” means the total of the following items to the extent that payment is deferred: (1) the cash price of the goods, services, or interest in land, less the amount of any down payment whether made in cash or in property traded in; (2) the amount actually paid or to be paid by the […]
A seller in a consumer credit sale of a motor vehicle may secure the debt arising from the sale by contracting for a security interest in any other motor vehicle used for the purpose of transportation of persons or property, as well as the motor vehicle which is the subject of the sale. Provided, further, […]
(1) With respect to a consumer credit sale, other than a sale pursuant to a revolving charge account, a seller may contract for and receive a credit service charge not exceeding that permitted by this section. (2) The credit service charge, calculated according to the actuarial method, may not exceed the equivalent of the greater […]
(1) In addition to the credit service charge permitted by this part, a seller may contract for and receive the following additional charges in connection with a consumer credit sale: (a)official fees that are itemized and disclosed in accordance with rules of the Administrator, reasonable closing costs, and taxes; (b)charges for insurance as described in […]
The seller may charge and collect from the buyer a fee for each return by a bank or other depository institution of a dishonored check, negotiable order of withdrawal or share draft issued by the buyer in connection with a consumer credit sale. The amount of the fee shall be limited to the amount which […]
The seller on a revolving charge account accessed by a seller credit card or similar arrangement may contract for and collect from the buyer an over-the-limit charge of Ten Dollars ($10.00) for each time the buyer exceeds the designated credit limit on the amount. This charge shall be in addition to all other credit service […]
(1) With respect to a consumer credit sale, refinancing, or consolidation, including a revolving charge account, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its scheduled due date as follows: (a)an amount, not exceeding the greater of five percent (5%) of the unpaid […]
(1) With respect to any consumer credit sale, refinancing or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments. (2) With respect to a consumer credit sale, refinancing, or consolidation, which is not precomputed, at the time of deferral the […]
With respect to a consumer credit sale, refinancing, or consolidation, the seller may by agreement with the buyer refinance the unpaid balance and may contract for and receive a credit service charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on credit service charge […]
If a buyer owes an unpaid balance to a seller with respect to a consumer credit sale, refinancing, or consolidation, and becomes obligated on another consumer credit sale, refinancing, or consolidation, with the same seller, the parties may agree to a consolidation resulting in a single schedule of payments pursuant to either of the following […]
(1) With respect to a consumer credit sale made pursuant to a revolving charge account, the parties to the sale may contract for the payment by the buyer of a credit service charge not exceeding that permitted in this section. (2) A charge may be made in each billing cycle which is a percentage of […]
(1) If the agreement with respect to a consumer credit sale, refinancing, or consolidation contains covenants by the buyer to perform certain duties pertaining to insuring or preserving collateral and the seller pursuant to the agreement pays for performance of the duties on behalf of the buyer, the seller may add the amounts paid to […]
Subject to the provisions on rebate upon prepayment (Section 2-210), the buyer may prepay in full the unpaid balance of a consumer credit sale, refinancing, or consolidation at any time without penalty. Added by Laws 1969, c. 352, § 2-209, eff. July 1, 1969.
(1) Except as provided in subsection (2), upon prepayment in full of the unpaid balance of a precomputed consumer credit sale, refinancing, or consolidation, an amount not less than the unearned portion of the credit service charge calculated according to this section shall be rebated to the buyer. If the rebate otherwise required is less […]
