{"data":{"id":"us-ky/krs-371.210","jurisdiction":"us-ky","citation":"KRS 371.210","heading":"Definitions for KRS 371.210 to 371.330.","body":"As used in KRS 371.210 to 371.330, unless the context otherwise requires:\n(1) \"Goods\" means all tangible chattels personal when purchased primarily for\npersonal, family or household use and not for commercial, industrial or agricultural\nuse, but not includ ing motor vehicles as herein defined, money, things in action or\nintangible personal property other than merchandise certificates or coupons as\nherein described. The term includes such chattels which are furnished or used, at the\nsale of or subsequently, i n the modernization, rehabilitation, repair, alteration,\nimprovement or construction of real property as to become a part thereof whether or\nnot severable therefrom. The term also includes merchandise certificates or\ncoupons, issued by a retail seller, not redeemable in cash and to be used in their face\namount in lieu of cash.\n(2) \"Services\" means work, labor or services of any kind when purchased primarily for\npersonal, family or household use and not for commercial or business use, but not\nincluding services for which the prices charged are required by law to be determined\nor approved by or to be filed, subject to approval or disapproval, with the United\nStates or any state, or any department, division, agency, officer or official of either\nas in the case of transportation services.\n(3) \"Motor vehicle\" means any automobile, mobile home, recreational vehicle,\nmotorcycle, truck trailer, semitrailer, truck tractor and bus designed and used\nprimarily to transport persons or property on a public highway, or any vehicle\ndesigned to run only on rails or tracks or in the air, excepting however, any boat\ntrailer and any vehicle propelled or drawn exclusively by muscular power.\n(4) \"Retail buyer\" or \"buyer\" means a person who buys or agrees to buy goods or obtain\nservices or agrees to have services rendered or furnished, from a retail seller.\n(5) \"Retail seller\" or \"seller\" means a person regularly and principally engaged in the\nbusiness of selling goods to retail buyers.\n(6) \"Retail installment transaction\" means any transaction in which a retail buyer\npurchases goods or services from a retail seller pursuant to a retail installment\ncontract or a retail charge agreement, as defined in this section, which provides for a\ntime price differential, as defined in this sectio n, and under which the buyer agrees\nto pay the unpaid balance in one (1) or more installments.\n(7) \"Retail installment contract\" means an instrument, other than a retail charge\nagreement or an instrument reflecting a sale made pursuant thereto, entered int o in\nthis state evidencing a retail installment transaction. The term \"retail installment\ncontract\" may include a chattel mortgage, a security agreement, a conditional sale\ncontract and a contract in the form of a bailment or a lease if the bailee or lesse e\ncontracts to pay as compensation for their use a sum substantially equivalent to or in\nexcess of the value of the goods sold and if it is agreed that the bailee or lessee is\nbound to become, or for no other or a merely nominal consideration, has the opti on\nof becoming the owner of the goods upon full compliance with the provisions of the\nbailment or lease.\n(8) \"Retail charge agreement\" means an instrument prescribing the terms of retail\ninstallment transactions which may be made thereunder from time to time and under\nthe terms of which a time price differential, as defined in this section, is to be\ncomputed in relation to the buyer's unpaid balance from time to time.\n(9) \"Time price differential\" however denominated or expressed, means the amount\nwhich is paid or payable for the privilege of purchasing goods or services to be paid\nfor by the buyer in installments over a period of time. It does not include the\namount, if any, charged for insurance premiums, delinquency charges, attorneys\nfees, court costs, or official fees.\n(10) \"Cash sale price\" means the price stated in a retail installment contract or in a sales\nslip or other memorandum furnished by a retail seller to a retail buyer under or in\nconnection with a retail charge agreement, for which the selle r would have sold or\nfurnished to the buyer and the buyer would have bought or obtained from the seller\nthe goods or services which are the subject matter of a retail installment transaction,\nif the sale had been a sale for cash. The cash sale price may in clude any taxes and\ncharges for delivery, installation, servicing, repairs, alterations or improvements.\n(11) \"Official fees\" means the amount of the fees prescribed by law for filing, recording\nor otherwise perfecting, and releasing or satisfying, a retai ned title, lien or other\nsecurity interest created by a retail installment transaction.\n(12) \"Time sale price\" means the total of the cash sale price of the goods or services and\nthe amount, if any, included for insurance, if a separate identified charge i s made\ntherefor, and the official fees and the time price differential.\n(13) \"Principal balance\" means the cash sale price of the goods or services which are the\nsubject matter of a retail installment contract plus the amounts, if any, included\ntherein, if a separate identified charge is made therefor and stated in the contract, for\ninsurance and official fees, less the amount of the buyer's down payment in money\nor goods or both.\n(14) \"Holder\" means the retail seller of the goods or services under the retail installment\ncontract or retail charge agreement or the assignee if the retail installment contract\nor the retail charge agreement or any indebtedness under either has been sold or\notherwise transferred.\n(15) \"Person\" means an individual, partnership, joint venture, corporation, association or\nany other group, however organized.\n(16) Words of the masculine gender include the feminine and the neuter and, when the\nsense so indicates, words of the neuter gender may refer to any gender.","path":["KRS Chapter 371"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35239","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:07Z","sha256":"48c42238a80c075a6f7e7e428af0ec0ee9817d4a58d9b4c175dad925619f1378","source_id":"us-ky","stale":false,"prev":"us-ky/krs-371.190","next":"us-ky/krs-371.220"},"notice":"GroundRules: Original legal text. Not legal advice."}