367.600 Definitions. 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 affiliat ed 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 o r lessor in connection with a sale or lease to a consumer. History: Created 1976 Ky. Acts ch. 152, sec. 1.
Kentucky Legal Code