367.600 Definitions.
As used in KRS 367.610: <br>(1) "Person" means an individual, corporation, or any other business organization. <br>(2) "Consumer" means a natural person who seeks or acquires goods or services for
personal, family, or household use.
(3) "Creditor" means a person who, in the ordinary course of business, lends purchase
money or finances the sale of goods or services to consumers on a deferred payment <br>basis, provided such person is not acting, for the purposes of a particular <br>transaction, in the capacity of a credit card issuer.
(4) "Purchase money loan" means a cash advance which is received by a consumer in
return for a finance charge, which is applied, in whole or substantial part, to a <br>purchase of goods or services from a seller who: <br>(a) Refers consumers to the creditor; or <br>(b) Is affiliated with the creditor by common control, contract, or business
arrangement.
(5) "Consumer credit contract" means any instrument which evidences or embodies a
debt arising from a "purchase money loan" transaction or in which credit is <br>extended by a seller or lessor in connection with a sale or lease to a consumer.
History: Created 1976 Ky. Acts ch. 152, sec. 1.
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