NY Banking L § 491 (2021)
2021 New York Laws BNK - Banking Article 11-B - Sales Finance Companies 491 - Definitions.

§ 491.  Definitions.  In  this  article, unless the context or subject   matter otherwise requires:1. "Goods" means all chattels personal, but not  including  money  and   things in action.2. "Motor vehicle" or "vehicle" means any device propelled or drawn by   any  power  other  than  muscular  power, upon or by which any person or   property is or may be transported or drawn upon a public  highway,  road   or street. Unless otherwise specified, "motor vehicle" or "vehicle" also   means   a  "mobile  home"  or  "manufactured  home".  "Mobile  home"  or   "manufactured home" means a structure,  transportable  in  one  or  more   sections,  which  in  the  traveling mode, is eight body feet or more in   width or forty body feet or more in length, or when erected on site,  is   three  hundred  twenty  or  more  square  feet,  and which is built on a   permanent chassis and designed to be used as a dwelling with or  without   a  permanent  foundation  when  connected  to  required  utilities,  and   includes the plumbing, heating, air-conditioning and electrical  systems   contained therein.3.  "Instalment buyer" or "buyer" or "retail buyer" means a person who   buys goods from a retail seller and who  executes  a  retail  instalment   contract in connection therewith.4.  "Instalment  seller" or "seller" or "retail seller" means a person   who sells goods  to  a  retail  buyer  under  or  subject  to  a  retail   instalment contract.5.  "Retail  instalment sale" or "sale" means a sale, other than for a   commercial or business use or for the purpose of resale, of goods  by  a   retail  seller to a retail buyer for a time sale price payable in two or   more instalments, payment of which is secured  by  a  retail  instalment   contract.6.  "Retail  instalment  contract"  or  "contract" means an agreement,   entered into in this state, pursuant to which the title to, the property   or a security interest in or a  lien  upon  the  goods,  which  are  the   subject  matter  of  a retail instalment sale, is retained or taken by a   retail seller from a retail buyer as security, in whole or in part,  for   the  buyer's  obligation.  The  term includes such an agreement wherever   entered into if executed by the buyer in this state and if solicited  in   person by a salesman or other person acting on his own behalf or that of   the  seller.  The  term  also  includes  a  contract  whereby a security   interest in favor of the seller is created or retained  and  a  contract   for  the  bailment  or  leasing  of  goods by which the bailee or lessee   contracts to pay as compensation  for  their  use  a  sum  substantially   equivalent to or in excess of their value and by which it is agreed that   the  bailee  or  lessee  is  bound  to  become, or for no other or for a   nominal consideration has the option of becoming, the owner of the goods   upon full compliance with the terms of the contract.6-a.  "Retail  instalment  obligation"  or   "obligation"   means   an   agreement,  entered  into  in  this  state,  pursuant to which the buyer   promises to pay, in instalments, the time sale price or prices of  goods   and/or  services,  or  any part thereof. The term does not include (a) a   retail instalment contract, (b) a retail instalment credit agreement  or   (c)  an  obligation which is intended to be and is ultimately insured or   guaranteed  under  title  three  of  the  act   of   Congress   entitled   "Servicemen's Readjustment Act of 1944".6-b.  "Retail instalment credit agreement" or "credit agreement" means   an agreement entered into in this state, pursuant  to  which  the  buyer   promises  to pay, in instalments, his outstanding indebtedness from time   to time to a  retail  seller,  not  evidenced  by  a  retail  instalment   contract  or  obligation,  for  one  or more items of goods or services,   whenever purchased or obtained, which provides for a service charge  and    under  which  instalment  payments apply to his outstanding indebtedness   from time to time.7.  "Sales  finance  company"  means  a person engaged, in whole or in   part, directly or indirectly, in the business of purchasing or otherwise   acquiring retail instalment contracts, obligations or credit  agreements   made  by  and  between  other parties, or any interest therein. The term   includes a retail seller of motor vehicles engaged, in whole or in part,   in the business of holding retail  instalment  contracts  acquired  from   retail  buyers, which have aggregate unpaid time balances of twenty-five   thousand dollars or  more  at  any  one  time,  exclusive  of  contracts   repurchased  from  a sales finance company or financing agency, under an   agreement to repurchase in case of default entered into as  an  incident   to  the  bona  fide sale thereof to a sales finance company or financing   agency. The term does not include the pledgee of an aggregate number  of   contracts to secure a bona fide loan thereon. The term includes a person   engaged, in whole or in part, directly or indirectly, in the business of   entering  into  retail  instalment  credit agreements with retail buyers   pursuant to subdivision eleven of section four hundred thirteen  of  the   personal property law.8. "Superintendent" means the superintendent of financial services.9. "Person" means an individual, partnership, corporation, association   or other group, however organized.10. Words in the singular include the plural and vice versa.