2019 US Virgin Islands Code
Title 9 - Banking
Chapter 17 - Disclosure of Finance Charges
§ 251. Definitions
Universal Citation: V.I. Code tit. 9, § 251 (2019)
- Whenever used in this chapter the following words shall have the meaning set opposite them below:
- “consumer goods” means goods bought for use primarily for personal, family, or household purposes, as distinguished from goods bought for commercial, industrial, or business use, and does not include motor vehicles, accessories, equipment, parts, or repairs. “credit” means any loan, residential mortgage, deed of trust, advance, or discount; any conditional sales contract; any contract to sell, or sale, or contract of sale of property or services, either for present or future delivery, under which part or all of the price is payable subsequent to the making of such sale or contract; any rental-purchase contract; any contract or arrangement for the hire, bailment, or leasing of property; any option, demand, lien, pledge, or other claim against, or for the delivery of, property or money; any purchase, discount, or other acquisition of, or any credit upon the security of, any obligation or claim arising out of any of the foregoing; and any transaction or series of transactions having a similar purpose or effect. “finance charges” includes charges such as interest, fees, service charges, discounts, and other charges associated with the extension of credit. “person” means any individual, partnership, association, corporation, or unincorporated organization.
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