2012 New York Consolidated Laws
PEP - Personal Property
Article 9 - (301 - 316) MOTOR VEHICLE RETAIL INSTALMENT SALES ACT
301 - Definitions.

 
    §  301.  Definitions.  In  this article, unless the context or subject
  matter otherwise requires:
    1. "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 except that it shall not include a "snowmobile" as defined  in
  subdivision three of section 21.05 of the parks, recreation and historic
  preservation  law.  "Motor  vehicle"  or  "vehicle" also means a "mobile
  home" or a "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.
    2. "Retail buyer" or "buyer" means a person who buys a  motor  vehicle
  from  a  retail  seller and who executes a retail instalment contract in
  connection therewith.
    3. "Retail seller" or "seller"  means  a  person  who  sells  a  motor
  vehicle  to  a  retail  buyer  under  or  subject to a retail instalment
  contract.
    4. "Retail instalment sale" or "sale" means a sale, other than  for  a
  commercial  or  business  use  or  for the purpose of resale, of a motor
  vehicle 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. The cash sale price of  the  motor  vehicle,
  the  amount,  if  any,  included for insurance, official fees and credit
  service charge shall together constitute the time sale price.
    5. "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 a motor vehicle, which is 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 a motor vehicle by which  the  bailee  or
  lessee  contracts to pay as compensation for its use a sum substantially
  equivalent to or in excess of its 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 motor
  vehicle upon full compliance with the terms of the contract.
    6. "Cash sale price" means the cash sale  price  stated  in  a  retail
  instalment  contract  for  which the seller would sell to the buyer, and
  the buyer would buy from the seller, the  motor  vehicle  which  is  the
  subject matter of the retail instalment contract if the sale were a sale
  for  cash  instead  of a retail instalment sale. The cash sale price may
  include any taxes, registration, license and other fees and charges  for
  insurance,  for  accessories  and their installation and for delivering,
  servicing, repairing or  improving  the  motor  vehicle  and  for  other
  services  incidental  to  the  agreement. It also may include the unpaid
  balance of any amount financed under an outstanding motor  vehicle  loan
  agreement  or  motor  vehicle  retail  instalment contract or the unpaid
  portion of the early termination obligation under an  outstanding  motor
  vehicle retail lease agreement.

    7.  "Official  fees" means the filing or other fees required by law to
  be paid to a public officer to perfect the interest or lien, in or on  a
  motor  vehicle,  retained or taken by a seller under a retail instalment
  contract, and to file or record a release, satisfaction or discharge  of
  the contract.
    8.  "Credit  service charge" means that part of the time sale price by
  which it exceeds the aggregate of the cash sale price and the amount, if
  any, included in a retail instalment sale  for  insurance  and  official
  fees.
    9.  "Financing agency" means a person engaged, in whole or in part, in
  the business of purchasing retail instalment contracts from one or  more
  retail  sellers.  The  term includes but is not limited to a bank, trust
  company, savings bank, savings and loan association, private  banker  or
  investment  company,  if  so  engaged.  The  term also includes a retail
  seller engaged, in whole or in part, in the business of  holding  retail
  instalment contracts acquired from retail buyers.
    10.  The  "holder"  of  a  retail instalment contract means the retail
  seller of the motor vehicle under or subject to the contract or, if  the
  contract  is  purchased  by  a  financing  agency or other assignee, the
  financing agency or other assignee.
    11.  "Person"   means   an   individual,   partnership,   corporation,
  association or other group, however organized.
    12. Words in the singular include the plural and vice versa.