Section 401. Definitions

In  this article, unless the context or subject
  matter otherwise requires:
    1. "Goods" means all chattels personal, other than things in action or
  money, sold for other than a commercial or business use or  for  purpose
  of  resale.  The  term  includes goods which, at the time of the sale or
  subsequently, are to be so affixed to realty as to become a part thereof
  whether or not severable therefrom, but does not include a motor vehicle
  as defined in article nine or nine-A of this chapter, nor any goods sold
  or leased with such a vehicle if they are sold under a retail instalment
  contract governed by article nine of this  chapter  or  leased  under  a
  retail lease agreement governed by article nine-A of this chapter.
    In  the  case  of  a retail instalment credit agreement, the term also
  includes all chattels personal, other than things in  action  or  money,
  sold for a commercial or business use.
    2.  "Services" means: (a) In the case of a retail instalment contract,
  work, labor and services furnished, or agreed to be furnished, for other
  than a commercial  or  business  use,  in  the  delivery,  installation,
  servicing,  repair  or  improvement  of goods or repairs, alterations or
  improvements upon or in connection with real property, except that  such
  services  shall not mean or include any services sold in connection with
  the sale or lease of a motor vehicle which  is  evidenced  by  a  retail
  instalment contract governed by article nine of this chapter or a retail
  lease agreement governed by article nine-A of this chapter;
    (b)  In  the  case  of a retail instalment obligation, services of any
  kind furnished or rendered or agreed to be furnished  or  rendered,  for
  other than a commercial or business use, except that such services shall
  not  mean  nor  include (1) services for which the tariffs or the rates,
  charges, cost or expense  is  required  by  law  to  be  filed  with  or
  determined  or  approved  by  the  state  or  federal  government or any
  official department, division, commission or agency of the state of  New
  York  or  of the United States, or (2) services by an institution of the
  university of the state of New York, an elementary school which provides
  the education required by the state of New York, a nursery school  or  a
  kindergarten; and
    (c)  In  the case of a retail instalment credit agreement, services of
  any kind rendered or furnished or agreed to be rendered or furnished  by
  a  retail  seller;  and,  in  the  case  of  a  retail instalment credit
  agreement entered into under paragraph  (b)  of  subdivision  eleven  of
  section  four  hundred thirteen of this chapter, a contract or contracts
  of insurance issued to a retail buyer.
    3. "Retail seller" or "seller" means  a  person  who  sells  goods  or
  furnishes or renders or agrees to furnish or render services to a retail
  buyer.  The  term includes the lessor under a lease of a department in a
  shop, store or other establishment if the lessor is liable to  customers
  in respect to goods sold or services furnished or rendered by the leased
  department and the other operations thereof.
    4.  "Retail buyer" or "buyer" means a person who buys goods or obtains
  services from a retail  seller.  When  used  in  subdivision  eleven  of
  section  four  hundred thirteen of this chapter, the term also means any
  person who is liable for the payment of  a  fine,  tax,  civil  penalty,
  rent,  rate, fee, charge, revenue, financial obligation or other amount,
  including a penalty, special assessment  or  interest,  to  a  municipal
  corporation  or  the  New  York  city water board, and any person who is
  liable for the payment of any fee, rate, rent or  other  charge  of  the
  White Plains parking authority.
    5.  "Retail  instalment  sale" or "sale" means a sale of goods, or the
  furnishing or rendering of services,  or  an  agreement  to  furnish  or

  render  services,  by  a retail seller to a retail buyer for a time sale
  price payable in instalments.
    6.  "Retail  instalment  contract"  or  "contract"  means an agreement
  entered into in this state, pursuant to which the title to, the property
  or a security interest in or a lien upon goods, which  are  the  subject
  matter  of  a  retail  instalment sale, is retained or taken by a retail
  seller from a retail buyer as security, in whole or  in  part,  for  the
  buyer's obligation. The term includes such an agreement wherever entered
  into  if  executed by the buyer in this state and if solicited in person
  by a salesman or other person acting on his own behalf or  that  of  the
  seller.    The term also includes a contract whereby a security interest
  in favor of the seller is created or retained 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
  does not include a contract which is intended to be  and  is  ultimately
  insured  or guaranteed under title three of the act of Congress entitled
  "Servicemen's Readjustment Act of 1944".
    7. "Retail instalment obligation" or "obligation" means an  agreement,
  entered into in this state, pursuant to which the buyer promises to pay,
  in  instalments, the time sale price or prices of goods and/or services,
  or any part thereof.  The  term  includes  such  an  agreement  wherever
  entered  into if executed by the buyer in this state and if solicited in
  person by a salesman or other person acting on his own behalf or that of
  the seller. The term does not include (a) a retail instalment  contract,
  (b)  a retail instalment credit agreement, or (c) an obligation which is
  intended to be and is ultimately insured or guaranteed until title three
  of the act of Congress entitled "Servicemen's Readjustment Act of 1944".
    8. "Retail instalment credit agreement" or "credit agreement" means an
  agreement entered into in  this  state,  pursuant  to  which  the  buyer
  promises  to pay, in instalments, his outstanding indebtedness from time
  to time to a  retail  seller,  not  evidenced  by  a  retail  instalment
  contract  or  obligation, for one or more items of goods or services, or
  merchandise certificates to be used solely in  exchange  for  goods  and
  services  with a cash sale price in the face amount of such certificates
  and not redeemable  in  cash,  whenever  purchased  or  obtained,  which
  provides  for a service charge and under which instalment payments apply
  to his outstanding indebtedness from time to  time.  The  term  includes
  such an agreement wherever entered into if executed by the buyer in this
  state and if solicited in person by a salesman or other person acting on
  his  own  behalf  or that of the seller. The term also includes a retail
  instalment credit agreement entered into by a financing  agency  with  a
  retail  buyer  as provided in subdivision eleven of section four hundred
  thirteen of this article.
    8-a. "Retail instalment  note"  or  "note"  means  a  promissory  note
  required  by  the  provision  of  a  retail  instalment  obligation  and
  conforming to the  requirements  of  subdivision  two  of  section  four
  hundred three of this article.
    9.  "Cash  sale  price"  means  the cash sale price stated in a retail
  instalment contract or obligation for which the  seller  would  sell  or
  furnish  to  the buyer and the buyer would buy or obtain from the seller
  the goods  or  services  which  are  the  subject  matter  of  a  retail
  instalment  contract  or  obligation  if  the  sale were a sale for cash
  instead of a retail instalment sale. The cash sale price may include any
  taxes and cash  sale  prices  for  accessories  and  services,  if  any,
  included in a retail instalment sale.

    10.  "Time  sale  price" means the total of the cash sale price of the
  goods or services and the  amounts,  if  any,  included  for  insurance,
  official fees and credit service charge.
    11.  "Credit  service  charge"  means  that  part of the entire amount
  agreed to be paid for the goods or services which exceeds the  aggregate
  of  the  cash  sale price thereof and the amounts, if any, included in a
  retail instalment sale for insurance and official fees.
    12. "Service charge" means all charges incident to  investigating  and
  making  a  retail  instalment  credit agreement and for the extension of
  credit thereunder.
    13. "Principal balance" means the cash sale  price  of  the  goods  or
  services  which  are  the  subject matter of the retail instalment sale,
  plus the amounts, if any, included  in  a  retail  instalment  sale  for
  insurance   and   official   fees,  minus  the  amount  of  the  buyer's
  down-payment in money or goods.
    14. "Time balance" means the total of the principal  balance  and  the
  amount of the credit service charge, if any.
    15.  "Holder" means the retail seller who acquires a retail instalment
  contract, obligation or credit agreement, or note, executed, incurred or
  entered into by a retail buyer, or if the contract,  obligation,  credit
  agreement  or  note is purchased by a financing agency or other assignee
  or endorsee, the financing agency or other assignee or endorsee.
    16. "Official fees" means the  fees  or  taxes  required  by  law  and
  actually  to  be  paid  to the appropriate public officer to perfect the
  lien or other security interest, on or in goods, retained or taken by  a
  seller  under  a  retail  instalment contract or to record a mortgage on
  real property taken by a seller or holder to secure a retail  instalment
  contract or obligation or note.
    17.   "Person"   means   an   individual,   partnership,  corporation,
  association or other group, however organized.
    18. "Financing agency" means a person engaged in this state, in  whole
  or  in  part, in the business of purchasing retail instalment contracts,
  obligations or credit agreements or indebtedness of buyers under  credit
  agreements  from  one  or  more  retail  sellers or entering into credit
  agreements with retail buyers  as  provided  in  subdivision  eleven  of
  section  four  hundred  thirteen of this article but shall not include a
  retail seller. The term includes but is not limited  to  a  bank,  trust
  company,  savings  bank, savings and loan association, private banker or
  investment company, if so  engaged,  but  shall  not  include  a  retail
  seller.
    19. Words in the singular include the plural and vice versa.
    20.  "Boat"  shall  mean  any  vessel  or  craft designed to transport
  persons or cargo on the water surface.
    21. "New York city water board" means the public  benefit  corporation
  established  pursuant  to  section  one thousand forty-six of the public
  authorities law.
    22. "Municipal corporation" means a local government, as that term  is
  defined in section ten of the general municipal law.
    23.  "White Plains parking authority" means the corporation created by
  section one thousand four hundred twenty-seven of the public authorities
  law.