408.250. Definitions.
Definitions.
408.250. Unless otherwise clearly indicated by the context,the following words when used in sections 408.250 to 408.370, forthe purposes of sections 408.250 to 408.370, shall have themeanings respectively ascribed to them in this section:
(1) "Cash sale price" means the price stated in a retailtime transaction for which the seller would have sold orfurnished to the buyer, and the buyer would have bought orobtained from the seller, the goods or services which are thesubject matter of the retail time transaction, if such sale werefor cash. The cash sale price may include the cost of taxes,official fees, if any, and charges for accessories and theirinstallation and delivery, and for the servicing, repairing orimproving of goods. If a retail time transaction involves therepair, modernization, alteration or rehabilitation of realproperty, the cash sale price may include reasonable fees andcosts actually to be paid for construction permits and similarfees, the services of an attorney and any title search and titleinsurance relating to any mortgage, lien or other securityinterest taken, granted or reserved pursuant to contract;
(2) "Credit" means the right granted by a creditor to adebtor to defer payment of a debt or to incur debt and defer itspayment. It includes the right to incur debt and defer itspayment pursuant to the use of a card, plate, coupon book, orother credit confirmation or identification device or number orother identifying description;
(3) The term "creditor" refers only to creditors whoregularly extend, or arrange for the extension of, credit whetherin connection with loans, sales of property or services, orotherwise;
(4) "Goods" means all tangible chattels personal andmerchandise certificates or coupons issued by a retail sellerexchangeable for tangible chattels personal of such seller, butthe term does not include motor vehicles, nonprocessed farmproducts, livestock, money, things in action, or intangiblepersonal property. The term includes tangible chattels personalwhich, at the time of the sale or subsequently, are to be soaffixed to realty as to become a part thereof whether or notseverable therefrom;
(5) "Holder" of a retail time contract means the retailseller of the goods or services under the contract or, if thecontract is purchased or otherwise acquired, the personpurchasing or otherwise acquiring the contract;
(6) "Insurance company" means any form of lawfullyauthorized insurer in this state;
(7) "Motor vehicle" means any new or used automobile, motorhome, motorcycle, truck, trailer, semitrailer, truck tractor, orbus, primarily designed or used to transport persons or propertyon a public highway, road or street, or a mobile or modular homeor farm machinery or implements;
(8) "Official fees" means the fees prescribed by law forfiling, recording or otherwise perfecting and releasing orsatisfying any title or lien retained or taken by a seller inconnection with a retail time transaction;
(9) "Person" means an individual, partnership, corporation,association, and any other group however organized;
(10) "Principal balance" means the cash sale price of thegoods or services which are the subject matter of a retail timetransaction plus the amount, if any, included in a retail timecontract, if a separate identified charge is made therefor andstated in the contract, for insurance and other benefits andofficial fees, minus the amount of the buyer's down payment inmoney or goods;
(11) "Retail buyer" or "buyer" means a person who buys goodsor obtains services to be used primarily for personal, family, orhousehold purposes and not primarily for business, commercial, oragricultural purposes from a retail seller in a retail timetransaction;
(12) "Retail charge agreement" means an agreement enteredinto in this state between a retail seller and a retail buyerprescribing the terms of retail time transactions to be made fromtime to time pursuant to such agreement, and which provides for atime charge to be computed on the buyer's total unpaid balancefrom time to time;
(13) "Retail seller" or "seller" means a person whoregularly sells or offers to sell goods or services to a buyerprimarily for the latter's personal, family, or household use andnot primarily for business, commercial, or agricultural use. Theterm also includes a person who regularly grants credit to retailbuyers for the purpose of purchasing goods or services from anyperson, pursuant to a retail charge agreement, but shall notapply to any person licensed or chartered and regulated to engageregularly in the business of making loans from or in this state;
(14) "Retail time contract" means an agreement evidencingone or more retail time transactions entered into in this statepursuant to which a buyer engages to pay in one or more deferredpayments the time sale price of goods or services. The termincludes a chattel mortgage; conditional sales contract; and acontract for the bailment or leasing of goods by which the baileeor lessee contracts to pay as compensation for their use a sumsubstantially equivalent to or in excess of their cash sale priceand by which it is agreed that the bailee or lessee is bound tobecome, or, for no further or a merely nominal consideration hasthe option of becoming, the owner of the goods upon fullcompliance with the provisions of the contract;
(15) "Retail time transaction" means a contract to sell orfurnish or the sale of or furnishing of goods or services by aretail seller to a retail buyer for which payment is to be madein one or more deferred payments under and pursuant to a retailtime contract or a retail charge agreement;
(16) "Services" means work, labor and services of any kindfurnished or agreed to be furnished by a retail seller but doesnot include professional services including, but not limited to,services performed by an accountant, physician, lawyer or thelike, unless the furnishing of such professional services is thesubject of a signed retail time transaction;
(17) "Time charge" means the amount, however denominated orexpressed, in excess of the cash sale price under a retail chargeagreement or the principal balance under a retail time contractwhich a retail buyer contracts to pay or pays for goods orservices. It includes the extension to the buyer of theprivilege of paying therefor in one or more deferred payments;
(18) "Time sale price" means the total of the cash saleprice of the goods or services and the amount, if any, includedfor insurance and other benefits if a separate identified chargeis made therefor, and the amounts of the official fees, and thetime charge.
(L. 1961 p. 638 § 2, A.L. 1974 S.B. 427, A.L. 1975 S.B. 71, A.L. 1979 S.B. 305, A.L. 1982 H.B. 1341, et al., A.L. 1989 H.B. 346)