69 P.S. § 1201 Definitions

• Library: Pennsylvania Statutes
• Edition: 2023
• Currency: Current through P.A. Acts 2023-27
• Year: 2023
• Citation: 69 P.S. § 1201

Unless the context or subject matter otherwise requires, the definitions given in this article govern the construction of this act.

(1) "Goods" means tangible chattels bought for use primarily for personal, family, or household purposes, including certificates or coupons exchangeable for such goods, but does not include goods which come within the provisions of the act of August 14, 1963 (P.L. 1082), known as the "Home Improvement Finance Act," and does not include any vehicle covered by the act of June 28, 1947 (P.L. 1110), known as the "Motor Vehicle Sales Finance Act."

(2) "Services" means work, labor and services for other than a commercial or business use, including services furnished in connection with the sale or repair of goods as defined in section 201(1) or furnished in connection with the repair of motor vehicles, but does not include the services which come within the provisions of the act of August 14, 1963 (P.L. 1082), known as the "Home Improvement Finance Act," and does not include any vehicle covered by the act of June 28, 1947 (P.L. 1110), known as the "Motor Vehicle Sales Finance Act," or services for which the tariffs, rates, charges, costs, or expenses, including in each instance the time sale price, is required by law to be filed with or approved by the Commonwealth or Federal Government or any official department, commission, or agency of the Commonwealth of Pennsylvania or the United States.

(3) "Retail seller" or "seller" means a person engaged in the business of selling goods or furnishing services to retail buyers.

(4) "Retail buyer" or "buyer" means a person who buys goods or obtains services from a retail seller in a retail installment sale and not principally for the purpose of resale.

(5) "Retail installment sale" or "sale" means the sale of goods or the furnishing of services by a retail seller to a retail buyer for a time sale price payable in installments.

(6) "Retail installment contract" or "contract" means any contract for a retail installment sale between a buyer and a seller which provides for repayment in installments, whether or not such contract contains a title retention provision, and in which a time price differential is computed upon and added to the unpaid balance at the time of sale or where no time price differential is added but the goods or services are available at a lesser price if paid by cash or where the buyer, if he had paid cash, would have received any additional goods or services or any higher quality goods or services at no added cost over the total amount he pays in installments. When taken or given in connection with a retail installment sale, the term includes but is not limited to a security agreement and a contract for the bailment or leasing of goods by which the bailee or lessee contracts to pay as compensation for their use a sum substantially equivalent to or in excess of their value and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming, the owner of the goods upon full compliance with the terms of the contract. The term also includes any contract, obligation or agreement in the form of bailment or lease if the bailee or lessee has the option to renew the contract by making the payments specified in the contract, the contract obligates the bailor or lessor to transfer ownership of the property to the bailee or lessee upon full compliance by the bailee or lessee with his obligations under the contract, including any obligation incurred with respect to the exercise of an option by the bailee or lessee to renew the contract, and the payments contracted for by bailee or lessee, including those payments pursuant to the exercise of an option by the bailee or lessee to renew the contract, are substantially equivalent to or in excess of the aggregate value of the property and services involved. With respect to a sale described in the previous sentence, the disclosures required under this title shall be calculated on the assumption that the bailee or lessee will exercise all of his options to renew the contract, make all paym...