§ 28-3802 — Definitions.

As used in this chapter —

(1) “revolving credit account” means a revolving credit account as defined in section 28-3701 of this subtitle;

(2) “consumer credit sale” means a sale of goods or services in which —

(A) a credit is granted by a person who regularly engages as a seller in credit transactions of the same kind;

(B) the buyer is a natural person;

(C) the goods or services are purchased primarily for a personal, family, household, or agricultural purpose;

(D) either the debt is payable in installments or a finance charge is made; and

(E) the amount financed does not exceed $25,000.

(3) “direct installment loan” means a direct installment loan as that term is used in section 28-3308 and does not include a loan secured on real estate or a direct motor vehicle installment loan covered by Chapter 36 of this subtitle .

(4) “cross collateral” means an arrangement wherein a seller in a “consumer credit sale” secures a debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as a security for the previous debt.

Legislative History

Dec. 17, 1971, 85 Stat. 669, Pub. L. 92-200, § 4; Apr. 9, 1997, D.C. Law 11-255, § 27(l), 44 DCR 1271; Apr. 20, 1999, D.C. Law 12-264, § 27(a), 46 DCR 2118