Kentucky Statutes 367.600 – Definitions
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As used in KRS § 367.610:
(1) “Person” means an individual, corporation, or any other business organization.
(2) “Consumer” means a natural person who seeks or acquires goods or services for personal, family, or household use.
(3) “Creditor” means a person who, in the ordinary course of business, lends purchase money or finances the sale of goods or services to consumers on a deferred payment basis, provided such person is not acting, for the purposes of a particular transaction, in the capacity of a credit card issuer.
(4) “Purchase money loan” means a cash advance which is received by a consumer in return for a finance charge, which is applied, in whole or substantial part, to a purchase of goods or services from a seller who:
(a) Refers consumers to the creditor; or
(b) Is affiliated with the creditor by common control, contract, or business arrangement.
(5) “Consumer credit contract” means any instrument which evidences or embodies a debt arising from a “purchase money loan” transaction or in which credit is extended by a seller or lessor in connection with a sale or lease to a consumer.
History: Created 1976 Ky. Acts ch. 152, sec. 1.
(1) “Person” means an individual, corporation, or any other business organization.
Terms Used In Kentucky Statutes 367.600
- Contract: A legal written agreement that becomes binding when signed.
- 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
(2) “Consumer” means a natural person who seeks or acquires goods or services for personal, family, or household use.
(3) “Creditor” means a person who, in the ordinary course of business, lends purchase money or finances the sale of goods or services to consumers on a deferred payment basis, provided such person is not acting, for the purposes of a particular transaction, in the capacity of a credit card issuer.
(4) “Purchase money loan” means a cash advance which is received by a consumer in return for a finance charge, which is applied, in whole or substantial part, to a purchase of goods or services from a seller who:
(a) Refers consumers to the creditor; or
(b) Is affiliated with the creditor by common control, contract, or business arrangement.
(5) “Consumer credit contract” means any instrument which evidences or embodies a debt arising from a “purchase money loan” transaction or in which credit is extended by a seller or lessor in connection with a sale or lease to a consumer.
History: Created 1976 Ky. Acts ch. 152, sec. 1.