Unless otherwise clearly indicated by the context, the following words and phrases have the meanings indicated:
(1) "Cash sale price" , the price stated in a retail installment contract for which the seller would have sold to the buyer, and the buyer would have bought from the seller, the motor vehicle which is the subject matter of the retail installment contract, if the sale had been a sale for cash or at a cash price instead of a retail installment transaction at a time sale price. The cash sale price may include any taxes, registration, certificate of title, license and other fees and charges for accessories and their installment and for delivery, servicing, repairing or improving the motor vehicle;
(2) "Director" , the office of the director of the division of finance;
(3) "Holder" of a retail installment contract, the retail seller of the motor vehicle under the contract or, if the contract is purchased by a sales finance company or other assignee, the sales finance company or other assignee;
(4) "Insurance company" , any form of lawfully authorized insurer in this state;
(5) "Motor vehicle" , any new or used automobile, mobile home, manufactured home as defined in section 700.010 , excluding a manufactured home with respect to which the requirements of subsections 1 to 3 of section 700.111 , as applicable, have been satisfied, motorcycle, all-terrain vehicle, motorized bicycle, electric bicycle as defined in section 301.010 , moped, motortricycle, truck, trailer, semitrailer, truck tractor, or bus primarily designed or used to transport persons or property on a public highway, road or street;
(6) "Official fees" , the fees prescribed by law for filing, recording or otherwise perfecting and releasing or satisfying any title or lien retained or taken by a seller in connection with a retail installment transaction;
(7) "Person" , an individual, partnership, corporation, association, and any other group however organized;
(8) "Principal balance" , the cash sale price of the motor vehicle which is the subject matter of the retail installment transaction plus the amounts, if any, included in the sale, if a separate identified charge is made therefor and stated in the contract, for insurance and other benefits, including any amounts paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest, lien, or lease interest on property traded in and official fees, minus the amount of the buyer's down payment in money or goods. Notwithstanding any law to the contrary, any amount actually paid by the seller pursuant to an agreement with the buyer to discharge a security interest, lien or lease on property traded in which was included in a contract prior to August 28, 1999, is valid and legal;
(9) "Retail buyer" or "buyer" , a person who buys a motor vehicle from a retail seller in a retail installment transaction under a retail installment contract;
(10) "Retail installment contract" or "contract" , an agreement evidencing a retail installment transaction entered into in this state pursuant to which the title to or a lien upon the motor vehicle, which is the subject matter of the retail installment transaction is retained or taken by the seller from the buyer as security for the buyer's obligation. The term includes a chattel mortgage or a conditional sales contract;
(11) "Retail installment transaction" , a sale of a motor vehicle by a retail seller to a retail buyer on time under a retail installment contract for a time sale price payable in one or more deferred installments;
(12) "Retail seller" or "seller" , a person who sells a motor vehicle, not principally for resale, to a retail buyer under a retail installment contract;
(13) "Sales finance company" , a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more sellers. The term includes but is not limited to a bank, trust company, loan and investment company, savings and loan association, financing institution, or registrant pursuant to sections 367.100 to 367.200 , if so engaged. The term shall not include a person who makes only isolated purchases of retail installment contracts, which purchases are not being made in the course of repeated or successive purchases of retail installment contracts from the same seller;
(14) "Time price differential" , the amount, however denominated or expressed, as limited by section 365.120 , in addition to the principal balance to be paid by the buyer for the privilege of purchasing the motor vehicle on time to be paid for by the buyer in one or more deferred installments;
(15) "Time sale price" , the total of the cash sale price of the motor vehicle and the amount, if any, included for insurance and other benefits if a separate identified charge is made therefor and the amounts of the official fees and time price differential.