§ 37-2-104. "Consumer credit sale" defined.

282 words·~1 min read·/sc/title-37-consumer-protection-code/chapter-2/credit-sales/37-2-104·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Except as provided in subsection (2), "consumer credit sale" is a sale of goods, services, or an interest in land in which:

(a)credit is granted by a person who regularly engages as a seller in credit transactions of the same kind;

(b)the buyer is a person other than an organization;

(c)the goods, services, or interest in land are purchased primarily for a personal, family or household purpose;

(d)either the debt is payable in installments or a credit service charge is made; and

(e)with respect to a sale of goods or services, the amount financed does not exceed twenty-five thousand dollars.

(2)Unless the sale is made subject to this title by agreement (Section 37-2-601), "consumer credit sale" does not include:

(a)a sale in which a seller allows the buyer to purchase goods or services pursuant to a lender credit card or similar arrangement, or

(b)a sale of an interest in land if the debt is secured by a first lien or equivalent security interest in real estate.

Credit sales excluded from the definition of a consumer credit sale pursuant to this subsection are subject to the following provisions of this title: civil liability for violation of disclosure (Section 37-5-203) and voluntary complaint resolution (Section 37-6-117); and in credit sales excluded pursuant to item

(b)limitations on selection of a closing attorney and insurance agent (Section 37-10-102(a)) and notice of assumption rights (Section 37-10-102(c)).

(3)In the case of a consumer credit sale pursuant to a seller credit card the person engaged in making such credit sale is the card issuer and not another person honoring such credit card.