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This entry was published on 2014-09-22
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§ 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

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.