Terms Used In Arizona Laws > Title 44 > Chapter 17 - Retail Installment Sales Transactions

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• buyer: means a person who buys goods or services from a retail seller. See Arizona Laws 44-6001
• Cash sale price: means the price stated in a retail installment contract or other memorandum furnished by a retail seller to a retail buyer in connection with a retail charge account agreement, for which the seller would have sold and the buyer would have bought the goods or services which are the subject matter of a retail installment transaction, if the sale had been a sale for cash. See Arizona Laws 44-6001
• Contract: A legal written agreement that becomes binding when signed.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Finance charge: means the amount payable by the buyer for the privilege of purchasing goods or services under a retail installment transaction. See Arizona Laws 44-6001
• Goods: means all tangible chattels, except motor vehicles, money, things in action or intangible personal property other than merchandise certificates or coupons as described in this chapter. See Arizona Laws 44-6001
• Holder: means :

  (a) The retail seller of goods or services under a retail installment contract or retail charge account agreement. See Arizona Laws 44-6001

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. ^{Source: Federal Reserve}
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Official fees: means :

  (a) The amount of the fees prescribed by law for filing, recording or otherwise perfecting and releasing or satisfying a retained title, lien or other security interest created by a retail installment transaction. See Arizona Laws 44-6001

• Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
• Principal balance: means the cash sale price of the goods or services which are the subject matter of a retail installment contract plus any amounts included, if a separate identified charge is made and stated in the contract, for insurance and official fees, less the amount of the buyer's down payment in money or goods, or both. See Arizona Laws 44-6001
• Property: includes both real and personal property. See Arizona Laws 1-215
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retail charge account agreement: means an arrangement prescribing the terms of retail installment transactions which may be made from time to time in which a retail buyer purchases goods or services and in which a finance charge or delinquency charge may be computed in relation to the buyer's balance in the account. See Arizona Laws 44-6001
• Retail installment contract: means an arrangement for a retail installment transaction except a retail charge account agreement or memorandum reflecting a sale made pursuant to such agreement. See Arizona Laws 44-6001
• Retail installment transaction: means any transaction in which a retail buyer purchases goods or services, excluding services purchased in connection with a lease, from a retail seller pursuant to a retail installment contract or a retail charge account agreement and under which the buyer agrees to pay for the goods and services in more than four installments or for which the payment of a finance charge may be required. See Arizona Laws 44-6001
• seller: means a person regularly and principally engaged in the business of selling goods or services to retail buyers. See Arizona Laws 44-6001
• Services: means work, labor, or services of any kind. See Arizona Laws 44-6001
• Writing: includes printing. See Arizona Laws 1-215