§ 401 — Definitions

§ 401. Definitions. In this article, unless the context or subject\nmatter otherwise requires:\n 1. "Goods" means all chattels personal, other than things in action or\nmoney, sold for other than a commercial or business use or for purpose\nof resale. The term includes goods which, at the time of the sale or\nsubsequently, are to be so affixed to realty as to become a part thereof\nwhether or not severable therefrom, but does not include a motor vehicle\nas defined in article nine or nine-A of this chapter, nor any goods sold\nor leased with such a vehicle if they are sold under a retail instalment\ncontract governed by article nine of this chapter or leased under a\nretail lease agreement governed by article nine-A of this chapter.\n In the case of a retail instalment credit agreement, the term also\nincludes all chattels personal, other than things in action or money,\nsold for a commercial or business use.\n 2. "Services" means: (a) In the case of a retail instalment contract,\nwork, labor and services furnished, or agreed to be furnished, for other\nthan a commercial or business use, in the delivery, installation,\nservicing, repair or improvement of goods or repairs, alterations or\nimprovements upon or in connection with real property, except that such\nservices shall not mean or include any services sold in connection with\nthe sale or lease of a motor vehicle which is evidenced by a retail\ninstalment contract governed by article nine of this chapter or a retail\nlease agreement governed by article nine-A of this chapter;\n (b) In the case of a retail instalment obligation, services of any\nkind furnished or rendered or agreed to be furnished or rendered, for\nother than a commercial or business use, except that such services shall\nnot mean nor include (1) services for which the tariffs or the rates,\ncharges, cost or expense is required by law to be filed with or\ndetermined or approved by the state or federal government or any\nofficial department, division, commission or agency of the state of New\nYork or of the United States, or (2) services by an institution of the\nuniversity of the state of New York, an elementary school which provides\nthe education required by the state of New York, a nursery school or a\nkindergarten; and\n (c) In the case of a retail instalment credit agreement, services of\nany kind rendered or furnished or agreed to be rendered or furnished by\na retail seller; and, in the case of a retail instalment credit\nagreement entered into under paragraph (b) of subdivision eleven of\nsection four hundred thirteen of this chapter, a contract or contracts\nof insurance issued to a retail buyer.\n 3. "Retail seller" or "seller" means a person who sells goods or\nfurnishes or renders or agrees to furnish or render services to a retail\nbuyer. The term includes the lessor under a lease of a department in a\nshop, store or other establishment if the lessor is liable to customers\nin respect to goods sold or services furnished or rendered by the leased\ndepartment and the other operations thereof.\n 4. "Retail buyer" or "buyer" means a person who buys goods or obtains\nservices from a retail seller. When used in subdivision eleven of\nsection four hundred thirteen of this chapter, the term also means any\nperson who is liable for the payment of a fine, tax, civil penalty,\nrent, rate, fee, charge, revenue, financial obligation or other amount,\nincluding a penalty, special assessment or interest, to a municipal\ncorporation or the New York city water board, and any person who is\nliable for the payment of any fee, rate, rent or other charge of the\nWhite Plains parking authority.\n 5. "Retail instalment sale" or "sale" means a sale of goods, or the\nfurnishing or rendering of services, or an agreement to furnish or\nrender services, by a retail seller to a retail buyer for a time sale\nprice payable in instalments.\n 6. "Retail instalment contract" or "contract" means an agreement\nentered into in this state, pursuant to which the title to, the property\nor a security interest in or a lien upon goods, which are the subject\nmatter of a retail instalment sale, is retained or taken by a retail\nseller from a retail buyer as security, in whole or in part, for the\nbuyer's obligation. The term includes such an agreement wherever entered\ninto if executed by the buyer in this state and if solicited in person\nby a salesman or other person acting on his own behalf or that of the\nseller. The term also includes a contract whereby a security interest\nin favor of the seller is created or retained and a contract for the\nbailment or leasing of goods by which the bailee or lessee contracts to\npay as compensation for their use a sum substantially equivalent to or\nin excess of their value and by which it is agreed that the bailee or\nlessee is bound to become, or has the option of becoming, the owner of\nthe goods upon full compliance with the terms of the contract. The term\ndoes not include a contract which is intended to be and is ultimately\ninsured or guaranteed under title three of the act of Congress entitled\n"Servicemen's Readjustment Act of 1944".\n 7. "Retail instalment obligation" or "obligation" means an agreement,\nentered into in this state, pursuant to which the buyer promises to pay,\nin instalments, the time sale price or prices of goods and/or services,\nor any part thereof. The term includes such an agreement wherever\nentered into if executed by the buyer in this state and if solicited in\nperson by a salesman or other person acting on his own behalf or that of\nthe seller. The term does not include (a) a retail instalment contract,\n(b) a retail instalment credit agreement, or (c) an obligation which is\nintended to be and is ultimately insured or guaranteed until title three\nof the act of Congress entitled "Servicemen's Readjustment Act of 1944".\n 8. "Retail instalment credit agreement" or "credit agreement" means an\nagreement entered into in this state, pursuant to which the buyer\npromises to pay, in instalments, his outstanding indebtedness from time\nto time to a retail seller, not evidenced by a retail instalment\ncontract or obligation, for one or more items of goods or services, or\nmerchandise certificates to be used solely in exchange for goods and\nservices with a cash sale price in the face amount of such certificates\nand not redeemable in cash, whenever purchased or obtained, which\nprovides for a service charge and under which instalment payments apply\nto his outstanding indebtedness from time to time. The term includes\nsuch an agreement wherever entered into if executed by the buyer in this\nstate and if solicited in person by a salesman or other person acting on\nhis own behalf or that of the seller. The term also includes a retail\ninstalment credit agreement entered into by a financing agency with a\nretail buyer as provided in subdivision eleven of section four hundred\nthirteen of this article.\n 8-a. "Retail instalment note" or "note" means a promissory note\nrequired by the provision of a retail instalment obligation and\nconforming to the requirements of subdivision two of section four\nhundred three of this article.\n 9. "Cash sale price" means the cash sale price stated in a retail\ninstalment contract or obligation for which the seller would sell or\nfurnish to the buyer and the buyer would buy or obtain from the seller\nthe goods or services which are the subject matter of a retail\ninstalment contract or obligation if the sale were a sale for cash\ninstead of a retail instalment sale. The cash sale price may include any\ntaxes and cash sale prices for accessories and services, if any,\nincluded in a retail instalment sale.\n 10. "Time sale price" means the total of the cash sale price of the\ngoods or services and the amounts, if any, included for insurance,\nofficial fees and credit service charge.\n 11. "Credit service charge" means that part of the entire amount\nagreed to be paid for the goods or services which exceeds the aggregate\nof the cash sale price thereof and the amounts, if any, included in a\nretail instalment sale for insurance and official fees.\n 12. "Service charge" means all charges incident to investigating and\nmaking a retail instalment credit agreement and for the extension of\ncredit thereunder.\n 13. "Principal balance" means the cash sale price of the goods or\nservices which are the subject matter of the retail instalment sale,\nplus the amounts, if any, included in a retail instalment sale for\ninsurance and official fees, minus the amount of the buyer's\ndown-payment in money or goods.\n 14. "Time balance" means the total of the principal balance and the\namount of the credit service charge, if any.\n 15. "Holder" means the retail seller who acquires a retail instalment\ncontract, obligation or credit agreement, or note, executed, incurred or\nentered into by a retail buyer, or if the contract, obligation, credit\nagreement or note is purchased by a financing agency or other assignee\nor endorsee, the financing agency or other assignee or endorsee.\n 16. "Official fees" means the fees or taxes required by law and\nactually to be paid to the appropriate public officer to perfect the\nlien or other security interest, on or in goods, retained or taken by a\nseller under a retail instalment contract or to record a mortgage on\nreal property taken by a seller or holder to secure a retail instalment\ncontract or obligation or note.\n 17. "Person" means an individual, partnership, corporation,\nassociation or other group, however organized.\n 18. "Financing agency" means a person engaged in this state, in whole\nor in part, in the business of purchasing retail instalment contracts,\nobligations or credit agreements or indebtedness of buyers under credit\nagreements from one or more retail sellers or entering into credit\nagreements with retail buyers as provided in subdivision eleven of\nsection four hundred thirteen of this article but shall not include a\nretail seller. The term includes but is not limited to a bank, trust\ncompany, savings bank, savings and loan association, private banker or\ninvestment company, if so engaged, but shall not include a retail\nseller.\n 19. Words in the singular include the plural and vice versa.\n 20. "Boat" shall mean any vessel or craft designed to transport\npersons or cargo on the water surface.\n 21. "New York city water board" means the public benefit corporation\nestablished pursuant to section one thousand forty-six of the public\nauthorities law.\n 22. "Municipal corporation" means a local government, as that term is\ndefined in section ten of the general municipal law.\n 23. "White Plains parking authority" means the corporation created by\nsection one thousand four hundred twenty-seven of the public authorities\nlaw.\n