190.090 Definitions for KRS 190.090 to 190.140. - Kentucky Statutes

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190.090 Definitions for KRS 190.090 to 190.140. As used in KRS 190.090 to 190.140 unless the context or subject matter otherwise
requires:
(1) "Person" means an individual, partnership, corporation, association, and any other group however organized. (2) "Retail installment sale" means any sale for other than business or commercial use evidenced by a retail installment contract wherein retail buyer agrees to buy and
retail seller agrees to sell a motor vehicle at a time sale price payable in two (2) or
more installments. The cash sale price of the motor vehicle, the amount, if any,
included for insurance and other benefits, official fees and the finance charge, shall
together constitute the time sale price. (3) "Retail installment contract" means any agreement, entered into in this state, evidencing a retail installment sale of a motor vehicle, other than for the purpose of
resale, pursuant to which title to, or a lien upon the motor vehicle is retained by the
retail seller as security for the retail buyer's obligation. This term includes a
mortgage, conditional sale contract or any contract for the bailment or leasing of a
motor vehicle by which the bailee or lessee contracts to pay as compensation for its
use a sum substantially equivalent to the time sale price of the motor vehicle and by
which it is agreed that the bailee or lessee is bound to become, or has the option of
becoming, the owner of such motor vehicle. (4) "Motor vehicle" means any device in, upon, or by which any person or property is, or may be transported or drawn upon a highway. The term does not include self-
propelled wheelchairs and invalid tricycles, tractors, power shovels, road
machinery, implements of husbandry and other agricultural machinery, or other
machinery not designed primarily for highway transportation but which may
incidentally transport persons or property on a highway, or devices which move
upon or are guided by a track or travel through the air. A moped as defined in KRS
190.010 shall be subject to the same requirements as a motor vehicle under this
section. (5) "Retail seller" or "seller" means a person who sells or agrees to sell a motor vehicle under a retail installment contract to a retail buyer. (6) "Retail buyer" or "buyer" means a person who buys or agrees to buy a motor vehicle from a retail seller not for the purpose of resale and who executes a retail
installment contract in connection therewith. (7) "Sales finance company" means a person engaged in the business of creating and holding or purchasing or acquiring retail installment contracts from a retail seller.
The term includes a bank, trust company, private banker, industrial bank,
investment company or national bank, if so engaged. (8) "Cash sale price" means the price at which the seller would in good faith sell to the buyer, and the buyer would in good faith buy from the seller, the motor vehicle
which is the subject matter of the retail installment contract, if such sale were a sale
for cash, instead of a retail installment sale. The cash sale price may include any
taxes, registration fees, certificate of title fees, if any, license fees, charges for delivery, servicing, repairing, or improving the motor vehicle, including accessories
and their installation. (9) "Official fees" means the fees prescribed by law for filing, recording or otherwise perfecting and releasing or satisfying a retained title or a lien created by a retail
installment contract. (10) "Finance charge" means that part of the time sale price by which it exceeds the aggregate of the cash sale price, the amount, if any, included for insurance and other
benefits and official fees included in the retail installment sale. (11) Words in the singular include the plural and vice versa. Effective: July 13, 1984
History: Amended 1984 Ky. Acts ch. 391, sec. 1, effective July 13, 1984. -- Amended 1978 Ky. Acts ch. 349, sec. 11, effective June 17, 1978. -- Created 1956 Ky. Acts
ch. 105, sec. 1, effective July 1, 1956.