Terms Used In Vermont Statutes > Title 9 > Chapter 59 - Motor Vehicle Retail Installment Sales Financing

• Administrator: means the Commissioner of Financial Regulation. See
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• buyer: means a person who agrees to buy or buys a motor vehicle other than principally for the purpose of resale, or other than principally for a commercial purpose, from a retail seller in a retail installment transaction. See
• Cash price: means the minimum price for which the motor vehicle, including accessories, subject to the retail installment contract or another motor vehicle of like kind and quality, including similar accessories, may be purchased for cash from the seller by the buyer. See
• Commercial purpose: means a purpose related to the production, exhibition, marketing, transportation, processing, or manufacture of goods or services by any person, where the cash price of the motor vehicle, exclusive of any finance charges, exceeds the sum of $20,000. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• contract: means a contract entered into in this State evidencing a retail installment transaction under which the title to or a lien or security in the motor vehicle, which is the subject matter of the transaction, is retained or taken to secure the retail buyer's obligations. See
• Conviction: A judgement of guilt against a criminal defendant.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• gender identity: means an individual's actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual's gender or gender-identity, regardless of the individual's assigned sex at birth. See
• Holder: means the retail seller of the motor vehicle or the sales finance company or other assignee if the retail installment contract is purchased or otherwise acquired by a sales finance company or other assignee. See
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motor vehicle: means and is limited to the following:

• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Official fees: means the amount of the fees prescribed by law for filing, recording, or otherwise perfecting a retained title, lien, or other security interests created in a retail installment transaction. See
• Person: means an individual, partnership, joint venture, corporation, banking organization, association, or any other group however organized. See
• Principal balance: means the cash sale price of the motor vehicle plus the amounts, if any, included in the retail installment contract, if a separate identified charge is stated therein, for insurance and other benefits and official fees, less the amount of the buyer's down payment, if any, in money or goods, or both. See
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Sales finance company: means a person engaged in the business of purchasing or otherwise acquiring from one or more sellers retail installment contracts. See
• seller: means a person engaged in the business of selling motor vehicles to retail buyers in retail installment transactions and includes an owner of a mobile home park who sells mobile homes to residents of the park, whether or not the sales are the principal business of the park owner. See
• sexual orientation: means female or male homosexuality, heterosexuality, or bisexuality. See
• Statute: A law passed by a legislature.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• transaction: means any transaction in which a retail buyer purchases a motor vehicle from a retail seller under a retail installment contract for a time sale price consisting of a cash sale price and other amounts as limited by this chapter and agrees to pay part or all of the price in one or more deferred installments. See
• Trustee: A person or institution holding and administering property in trust.