§ 51-13-01 — Definitions

In this chapter, unless the context or subject matter otherwise requires:
1. "Amount financed" or "unpaid balance" means the cash price of the personal property
which is the subject matter of the retail installment sale, plus the amounts, if any,
included in a retail installment sale for insurance and official fees, minus the amount of
the buyer's downpayment in money or goods.
2. "Cash price" means the cash price stated in a retail installment contract for which the
seller would sell to the buyer, and the buyer would buy from the seller, the personal
property which is the subject matter of the contract if the sale were a sale for cash
instead of a retail installment sale. The cash price may include any taxes and cash
prices for accessories included in a retail installment sale.
3. "Deferred payment price" means the total of the cash price and the amounts, if any,
included for insurance, official fees, and finance charge.
4. "Finance charge" means the amount which the retail buyer contracts to pay or pays for
the privilege of purchasing the personal property to be paid for by the buyer in
installments; it does not include the amounts, if any, charged for insurance premiums,
delinquency charges, attorney's fees, court costs, collection expenses, or official fees.
5. "Financing agency" means a person engaged, in whole or in part, in the business of
purchasing retail installment contracts from one or more retail sellers. The term
includes a bank, trust company, finance company, 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 installment contracts acquired from retail buyers. The term
does not include the pledgee of an aggregate number of such contracts to secure a
bona fide loan thereon.
6. "Holder" means the seller of the personal property 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.
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 retained or taken by a seller under the retail
installment contract, and to file or record a release, satisfaction, or discharge of the
contract, and license, certificate of title, and registration fees imposed by law.
8. "Person" means an individual, partnership, corporation, limited liability company,
association, or other group, however organized.
9. "Retail buyer" or "buyer" means a person who buys personal property from a retail
seller in a retail installment sale.
10. "Retail installment contract" or "contract" means an agreement, entered into in this
state, pursuant to which the title to or a lien upon the personal property, which is the
subject matter of a retail installment 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, or a contract for
the bailment or leasing of personal property 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 has
the option of becoming, the owner of the personal property upon full compliance with
the terms of the contract.
11. "Retail installment sale" or "sale" means a sale, other than for the purpose of resale, of
personal property by a retail seller to a retail buyer for a price payable in one or more
deferred payments.
12. "Retail seller" or "seller" means a person who sells personal property to a retail buyer.
13. "Total of payments" or "time balance" means the total of the unpaid balance and the
amount of the finance charge, if any, payable by the buyer.