§ 14A-2-104 — Definition: "Consumer credit sale".

(1) Except as provided in subsection (2), "consumer credit sale" is a sale of goods, services or an interest in land in which (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 person other than an organization; (c) the goods, services or interest in land are purchased primarily for a personal, family or household purpose; (d) either the debt is payable in installments or a credit service charge is made; and (e) with respect to a sale of goods or services, the amount financed does not exceed Fifty Thousand Dollars ($50,000.00). The dollar amount in this paragraph shall be adjusted annually as indicated by the Consumer Financial Protection Bureau by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of One Hundred Dollars ($100.00) or One Thousand Dollars ($1,000.00) as applicable. (2) Unless the sale is made subject to the Uniform Consumer Credit Code by agreement (Section 2-601), "consumer credit sale" does not include (a) a sale in which the seller allows the buyer to purchase goods or services pursuant to a lender credit card or similar arrangement; or (b) except as provided with respect to disclosure (Section 2-301) and debtors' remedies (Section 5-201), a sale of an interest in land if the credit service charge does not exceed thirteen percent (13%) per year calculated according to the actuarial method on the unpaid balances of the amount financed on the assumption that the debt will be paid according to the agreed terms and will not be paid before the end of the agreed term.

Legislative History

Added by Laws 1969, c. 352, § 2-104, eff. July 1, 1969. Amended by Laws 1980, c. 346, § 1, eff. Oct. 1, 1980; Laws 1982, c. 335, § 7, operative June 1, 1982; Laws 2012, c. 172, § 1, eff. July 1, 2012.