367.600 Definitions.
186 words·~1 min read·
/ky/chapter-367/367-600A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in KRS 367.610:
(1)"Person" means an individual, corporation, or any other business organization.
(2)"Consumer" means a natural person who seeks or acquires goods or services for
personal, family, or household use.
(3)"Creditor" means a person who, in the ordinary course of business, lends purchase
money or finances the sale of goods or services to consumers on a deferred payment
basis, provided such person is not acting, for the purposes of a particular
transaction, in the capacity of a credit card issuer.
(4)"Purchase money loan" means a cash advance which is received by a consumer in
return for a finance charge, which is applied, in whole or substantial part, to a
purchase of goods or services from a seller who:
(a)Refers consumers to the creditor; or
(b)Is affiliated with the creditor by common control, contract, or business
arrangement.
(5)"Consumer credit contract" means any instrument which evidences or embodies a
debt arising from a "purchase money loan" transaction or in which credit is
extended by a seller or lessor in connection with a sale or lease to a consumer.