Connecticut General Statutes 42-220 – Definitions
As used in sections 42-220 to 42-226, inclusive:
Terms Used In Connecticut General Statutes 42-220
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- 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
(1) “Dealer” means any person, firm or corporation licensed pursuant to section 14-52, as a new car dealer or a used car dealer, as defined in section 14-51, or any person, firm or corporation licensed pursuant to section 14-15 which engages in the business of selling a used motor vehicle to a consumer;
(2) “Motor vehicle” means a motor vehicle, as defined in section 14-1;
(3) “Used motor vehicle” means a used or secondhand motor vehicle, as defined in section 14-1;
(4) “Cash purchase price” means all amounts charged for the purchase of a motor vehicle, including the value of a trade-in vehicle, except a finance charge; and
(5) “Consumer” means the purchaser, other than for purposes of resale, of a used motor vehicle normally used for personal, family or household purposes, and the spouse or child of the purchaser if such motor vehicle is transferred to the spouse or child during the duration of any warranty applicable to such motor vehicle, and any other person entitled by the terms of such warranty to enforce the obligations of the warranty. “Consumer” does not mean the lessee of a motor vehicle or the spouse, child or other family member of the lessee who, pursuant to a lease contract option, purchases such vehicle at the end of the lease term.