45-335 Terms, defined. - Nebraska Statutes

45-335. Terms, defined.For purposes of the Nebraska Installment Sales Act, unlessthe context otherwise requires:(1) Goods means all personal property, except money or thingsin action, and includes goods which, at the time of sale or subsequently,are so affixed to realty as to become part thereof whether or not severabletherefrom;(2) Services means work, labor, and services of any kind performedin conjunction with an installment sale but does not include services forwhich the prices charged are required by law to be established and regulatedby the government of the United States or any state;(3) Buyer means a person who buys goods or obtains servicesfrom a seller in an installment sale;(4) Seller means a person who sells goods or furnishes servicesto a buyer under an installment sale;(5) Installment sale means any transaction, whether or notinvolving the creation or retention of a security interest, in which a buyeracquires goods or services from a seller pursuant to an agreement which providesfor a time-price differential and under which the buyer agrees to pay allor part of the time-sale price in one or more installments and within onehundred forty-five months, except that installment contracts for the purchaseof mobile homes may exceed such one-hundred-forty-five-month limitation. Installmentsale does not include a consumer rental purchase agreement defined in andregulated by the Consumer Rental Purchase Agreement Act;(6) Installment contract means an agreement entered into inthis state evidencing an installment sale except those otherwise providedfor in separate acts;(7) Cash price or cash sale price means the price stated inan installment contract for which the seller would have sold or furnishedto the buyer and the buyer would have bought or acquired from the seller goodsor services which are the subject matter of the contract if such sale hadbeen a sale for cash instead of an installment sale. It may include the cashprice of accessories or services related to the sale such as delivery, installation,alterations, modifications, and improvements and may include taxes to theextent imposed on the cash sale;(8) Basic time price means the cash sale price of the goodsor services which are the subject matter of an installment contract plus theamount included therein, if a separate identified charge is made thereforand stated in the contract, for insurance, registration, certificate of title, guaranteed asset protection waiver, andlicense fees, filing fees, an origination fee, and fees and charges prescribedby law which actually are or will be paid to public officials for determiningthe existence of or for perfecting, releasing, or satisfying any securityrelated to the credit transaction or any charge for nonfiling insurance ifsuch charge does not exceed the amount of fees and charges prescribed by lawwhich would have been paid to public officials for filing, perfecting, releasing,and satisfying any security related to the credit transaction and less theamount of the buyer's downpayment in money or goods or both;(9) Time-price differential, however denominated or expressed,means the amount, as limited in the Nebraska Installment Sales Act, to beadded to the basic time price;(10) Time-sale price means the total of the basic time priceof the goods or services, the amount of the buyer's downpayment in money orgoods or both, and the time-price differential;(11) Sales finance company means a person purchasing one ormore installment contracts from one or more sellers. Sales finance companyincludes, but is not limited to, a financial institution or installment loanlicensee, if so engaged;(12) Director means the Director of Banking and Finance;(13) Financial institution has the same meaning as in section 8-101;(14) Debt cancellation contract means a loan term or contractualarrangement modifying loan terms under which a financial institution agreesto cancel all or part of a buyer's obligation to repay an extension of creditfrom the financial institution upon the occurrence of a specified event. Thedebt cancellation contract may be separate from or a part of other loan documents.The term debt cancellation contract does not include loan payment deferralarrangements in which the triggering event is the buyer's unilateral electionto defer repayment or the financial institution's unilateral decision to allowa deferral of repayment;(15) Debt suspension contract means a loan term or contractualarrangement modifying loan terms under which a financial institution agreesto suspend all or part of a buyer's obligation to repay an extension of creditfrom the financial institution upon the occurrence of a specified event. Thedebt suspension contract may be separate from or a part of other loan documents.The term debt suspension contract does not include loan payment deferral arrangementsin which the triggering event is the buyer's unilateral election to deferrepayment or the financial institution's unilateral decision to allow a deferralof repayment; and(16) Guaranteed assetprotection waiver means a waiver that is offered, sold, or provided in accordancewith the Guaranteed Asset Protection Waiver Act. SourceLaws 1965, c. 266, § 1, p. 751; Laws 1965, c. 268, § 2, p. 757; Laws 1969, c. 379, § 1, p. 1340; Laws 1969, c. 380, § 1, p. 1343; Laws 1969, c. 381, § 1, p. 1345; Laws 1973, LB 455, § 1; Laws 1978, LB 373, § 1; Laws 1989, LB 94, § 1; Laws 1989, LB 681, § 16; Laws 1992, LB 269, § 1; Laws 2003, LB 217, § 34; Laws 2006, LB 876, § 25; Laws 2010, LB571, § 8. Cross ReferencesConsumer Rental Purchase Agreement Act, see section 69-2101.Guaranteed Asset Protection Waiver Act, see section 45-1101. AnnotationsClassification made by this section is very comprehensive and covers almost all installment sales. Engelmeyer v. Murphy, 180 Neb. 295, 142 N.W.2d 342 (1966).