NY Pers Prop L § 401 (2021)
2021 New York Laws PEP - Personal Property Article 10 - Retail Instalment Sales Act 401 - Definitions.

§  401.  Definitions.  In  this article, unless the context or subject matter otherwise requires:   1. "Goods" means all chattels personal, other than things in action or money, sold for other than a commercial or business use or  for  purpose of  resale.  The  term  includes goods which, at the time of the sale or subsequently, are to be so affixed to realty as to become a part thereof whether or not severable therefrom, but does not include a motor vehicle as defined in article nine or nine-A of this chapter, nor any goods sold or leased with such a vehicle if they are sold under a retail instalment contract governed by article nine of this  chapter  or  leased  under  a retail lease agreement governed by article nine-A of this chapter.   In  the  case  of  a retail instalment credit agreement, the term also includes all chattels personal, other than things in  action  or  money, sold for a commercial or business use.   2.  "Services" means: (a) In the case of a retail instalment contract, work, labor and services furnished, or agreed to be furnished, for other than a commercial  or  business  use,  in  the  delivery,  installation, servicing,  repair  or  improvement  of goods or repairs, alterations or improvements upon or in connection with real property, except that  such services  shall not mean or include any services sold in connection with the sale or lease of a motor vehicle which  is  evidenced  by  a  retail instalment contract governed by article nine of this chapter or a retail lease agreement governed by article nine-A of this chapter;  (b)  In  the  case  of a retail instalment obligation, services of any kind furnished or rendered or agreed to be furnished  or  rendered,  for other than a commercial or business use, except that such services shall not  mean  nor  include (1) services for which the tariffs or the rates, charges, cost or expense  is  required  by  law  to  be  filed  with  or determined  or  approved  by  the  state  or  federal  government or any official department, division, commission or agency of the state of  New York  or  of the United States, or (2) services by an institution of the university of the state of New York, an elementary school which provides the education required by the state of New York, a nursery school  or  a kindergarten; and  (c)  In  the case of a retail instalment credit agreement, services of any kind rendered or furnished or agreed to be rendered or furnished  by a  retail  seller;  and,  in  the  case  of  a  retail instalment credit agreement entered into under paragraph  (b)  of  subdivision  eleven  of section  four  hundred thirteen of this chapter, a contract or contracts of insurance issued to a retail buyer.   3. "Retail seller" or "seller" means  a  person  who  sells  goods  or furnishes or renders or agrees to furnish or render services to a retail buyer.  The  term includes the lessor under a lease of a department in a shop, store or other establishment if the lessor is liable to  customers in respect to goods sold or services furnished or rendered by the leased department and the other operations thereof.   4.  "Retail buyer" or "buyer" means a person who buys goods or obtains services from a retail  seller.  When  used  in  subdivision  eleven  of section  four  hundred thirteen of this chapter, the term also means any person who is liable for the payment of  a  fine,  tax,  civil  penalty, rent,  rate, fee, charge, revenue, financial obligation or other amount, including a penalty, special assessment  or  interest,  to  a  municipal corporation  or  the  New  York  city water board, and any person who is liable for the payment of any fee, rate, rent or  other  charge  of  the White Plains parking authority.   5.  "Retail  instalment  sale" or "sale" means a sale of goods, or the furnishing or rendering of services,  or  an  agreement  to  furnish  or  render  services,  by  a retail seller to a retail buyer for a time sale price payable in instalments.   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 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 has the option of becoming, the  owner  of the  goods upon full compliance with the terms of the contract. The term does not include a contract 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".   7. "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  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 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 until title three of the act of Congress entitled "Servicemen's Readjustment Act of 1944".   8. "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, or merchandise certificates to be used solely in  exchange  for  goods  and services  with a cash sale price in the face amount of such certificates and not redeemable  in  cash,  whenever  purchased  or  obtained,  which provides  for a service charge and under which instalment payments apply to his outstanding indebtedness from time to  time.  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 retail instalment credit agreement entered into by a financing  agency  with  a retail  buyer  as provided in subdivision eleven of section four hundred thirteen of this article.   8-a. "Retail instalment  note"  or  "note"  means  a  promissory  note required  by  the  provision  of  a  retail  instalment  obligation  and conforming to the  requirements  of  subdivision  two  of  section  four hundred three of this article.   9.  "Cash  sale  price"  means  the cash sale price stated in a retail instalment contract or obligation for which the  seller  would  sell  or furnish  to  the buyer and the buyer would buy or obtain from the seller the goods  or  services  which  are  the  subject  matter  of  a  retail instalment  contract  or  obligation  if  the  sale were a sale for cash instead of a retail instalment sale. The cash sale price may include any taxes and cash  sale  prices  for  accessories  and  services,  if  any, included in a retail instalment sale.    10.  "Time  sale  price" means the total of the cash sale price of the goods or services and the  amounts,  if  any,  included  for  insurance, official fees and credit service charge.   11.  "Credit  service  charge"  means  that  part of the entire amount agreed to be paid for the goods or services which exceeds the  aggregate of  the  cash  sale price thereof and the amounts, if any, included in a retail instalment sale for insurance and official fees.   12. "Service charge" means all charges incident to  investigating  and making  a  retail  instalment  credit agreement and for the extension of credit thereunder.   13. "Principal balance" means the cash sale  price  of  the  goods  or services  which  are  the  subject matter of the retail instalment sale, plus the amounts, if any, included  in  a  retail  instalment  sale  for insurance   and   official   fees,  minus  the  amount  of  the  buyer's down-payment in money or goods.   14. "Time balance" means the total of the principal  balance  and  the amount of the credit service charge, if any.   15.  "Holder" means the retail seller who acquires a retail instalment contract, obligation or credit agreement, or note, executed, incurred or entered into by a retail buyer, or if the contract,  obligation,  credit agreement  or  note is purchased by a financing agency or other assignee or endorsee, the financing agency or other assignee or endorsee.   16. "Official fees" means the  fees  or  taxes  required  by  law  and actually  to  be  paid  to the appropriate public officer to perfect the lien or other security interest, on or in goods, retained or taken by  a seller  under  a  retail  instalment contract or to record a mortgage on real property taken by a seller or holder to secure a retail  instalment contract or obligation or note.   17.   "Person"   means   an   individual,   partnership,  corporation, association or other group, however organized.   18. "Financing agency" means a person engaged in this state, in  whole or  in  part, in the business of purchasing retail instalment contracts, obligations or credit agreements or indebtedness of buyers under  credit agreements  from  one  or  more  retail  sellers or entering into credit agreements with retail buyers  as  provided  in  subdivision  eleven  of section  four  hundred  thirteen of this article but shall not include a retail seller. The term includes but is not limited  to  a  bank,  trust company,  savings  bank, savings and loan association, private banker or investment company, if so  engaged,  but  shall  not  include  a  retail seller.   19. Words in the singular include the plural and vice versa.   20.  "Boat"  shall  mean  any  vessel  or  craft designed to transport persons or cargo on the water surface.   21. "New York city water board" means the public  benefit  corporation established  pursuant  to  section  one thousand forty-six of the public authorities law.   22. "Municipal corporation" means a local government, as that term  is defined in section ten of the general municipal law.   23.  "White Plains parking authority" means the corporation created by section one thousand four hundred twenty-seven of the public authorities law.