2023 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.