371.210 Definitions for KRS 371.210 to 371.330.
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/ky/chapter-371/371-210A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in KRS 371.210 to 371.330, unless the context otherwise requires:
(1)"Goods" means all tangible chattels personal when purchased primarily for
personal, family or household use and not for commercial, industrial or agricultural
use, but not including motor vehicles as herein defined, money, things in action or
intangible personal property other than merchandise certificates or coupons as
herein described. The term includes such chattels which are furnished or used, at the
sale of or subsequently, in the modernization, rehabilitation, repair, alteration,
improvement or construction of real property as to become a part thereof whether or
not severable therefrom. The term also includes merchandise certificates or
coupons, issued by a retail seller, not redeemable in cash and to be used in their face
amount in lieu of cash.
(2)"Services" means work, labor or services of any kind when purchased primarily for
personal, family or household use and not for commercial or business use, but not
including services for which the prices charged are required by law to be determined
or approved by or to be filed, subject to approval or disapproval, with the United
States or any state, or any department, division, agency, officer or official of either
as in the case of transportation services.
(3)"Motor vehicle" means any automobile, mobile home, recreational vehicle,
motorcycle, truck trailer, semitrailer, truck tractor and bus designed and used
primarily to transport persons or property on a public highway, or any vehicle
designed to run only on rails or tracks or in the air, excepting however, any boat
trailer and any vehicle propelled or drawn exclusively by muscular power.
(4)"Retail buyer" or "buyer" means a person who buys or agrees to buy goods or obtain
services or agrees to have services rendered or furnished, from a retail seller.
(5)"Retail seller" or "seller" means a person regularly and principally engaged in the
business of selling goods to retail buyers.
(6)"Retail installment transaction" means any transaction in which a retail buyer
purchases goods or services from a retail seller pursuant to a retail installment
contract or a retail charge agreement, as defined in this section, which provides for a
time price differential, as defined in this section, and under which the buyer agrees
to pay the unpaid balance in one
(1)or more installments.
(7)"Retail installment contract" means an instrument, other than a retail charge
agreement or an instrument reflecting a sale made pursuant thereto, entered into in
this state evidencing a retail installment transaction. The term "retail installment
contract" may include a chattel mortgage, a security agreement, a conditional sale
contract and a contract in the form of a bailment or a lease if the bailee or lessee
contracts to pay as compensation for their use a sum substantially equivalent to or in
excess of the value of the goods sold and if it is agreed that the bailee or lessee is
bound to become, or for no other or a merely nominal consideration, has the option
of becoming the owner of the goods upon full compliance with the provisions of the
bailment or lease.
(8)"Retail charge agreement" means an instrument prescribing the terms of retail
installment transactions which may be made thereunder from time to time and under
the terms of which a time price differential, as defined in this section, is to be
computed in relation to the buyer's unpaid balance from time to time.
(9)"Time price differential" however denominated or expressed, means the amount
which is paid or payable for the privilege of purchasing goods or services to be paid
for by the buyer in installments over a period of time. It does not include the
amount, if any, charged for insurance premiums, delinquency charges, attorneys
fees, court costs, or official fees.
(10)"Cash sale price" means the price stated in a retail installment contract or in a sales
slip or other memorandum furnished by a retail seller to a retail buyer under or in
connection with a retail charge agreement, for which the seller would have sold or
furnished to the buyer and the buyer would have bought or obtained from the seller
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.
(11)"Official fees" means 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.
(12)"Time sale price" means the total of the cash sale price of the goods or services and
the amount, if any, included for insurance, if a separate identified charge is made
therefor, and the official fees and the time price differential.
(13)"Principal balance" means the cash sale price of the goods or services which are the
subject matter of a retail installment contract plus the amounts, if any, included
therein, if a separate identified charge is made therefor 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.
(14)"Holder" means the retail seller of the goods or services under the retail installment
contract or retail charge agreement or the assignee if the retail installment contract
or the retail charge agreement or any indebtedness under either has been sold or
otherwise transferred.
(15)"Person" means an individual, partnership, joint venture, corporation, association or
any other group, however organized.
(16)Words of the masculine gender include the feminine and the neuter and, when the
sense so indicates, words of the neuter gender may refer to any gender.