N.Y. Banking Law § 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.