KRS § 371.210 — KY Code / Title XXX / Chapter 371 / Section 371.210
371.210 Definitions for KRS 371.210 to 371.330
Status: in_force

371.210 Definitions for KRS 371.210 to 371.330.

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.