Terms Used In Louisiana Revised Statutes > Title 32 > Chapter 4-C > Part II - Used Motor Vehicle Dealers

• Amortization: Paying off a loan by regular installments.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the Traumatic Head and Spinal Cord Injury Trust Fund Advisory Board. See Louisiana Revised Statutes 46:2632
• Commission: means the Louisiana Used Motor Vehicle Commission or its designee. See Louisiana Revised Statutes 32:781
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Children and Family Services or the Louisiana Department of Health. See Louisiana Revised Statutes 46:1
• Department: means the Louisiana Department of Health. See Louisiana Revised Statutes 46:2632
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fund: means the Traumatic Head and Spinal Cord Injury Trust Fund. See Louisiana Revised Statutes 46:2632
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Major repairs: means those repairs payable with funds appropriated in the general appropriations act, except those funds transferred from the operating budget of one governmental body to supplement and complete a project under contract by the division of administration facility planning and control section. See Louisiana Revised Statutes 39:1556
• Motor vehicle: means any motor-driven vehicle required to be registered that was used, is used, or is designed to be used for the transporting of passengers or goods for public, private, commercial, or for-hire purposes. See Louisiana Revised Statutes 32:781
• 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.
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Place of business: means the place owned or leased and regularly occupied by a person, partnership, corporation, limited liability company, or other entity licensed under the provisions of this Chapter for the principal purpose of auctioning, renting, or selling used motor vehicles, crushing or compacting used motor vehicles and selling the crushed or compacted vehicle for scrap, or engaging in the business of a dismantler and parts recycler, where the products for sale are displayed and offered for sale, and where the books and records required for the conduct of the business are maintained and kept. See Louisiana Revised Statutes 32:781
• 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.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Secretary: means the secretary of the Department of Children and Family Services or the Louisiana Department of Health. See Louisiana Revised Statutes 46:1
• Services: means the furnishing of labor, time, or effort by a contractor whose primary purpose is to perform an identifiable task rather than to furnish an end item of supply. See Louisiana Revised Statutes 39:1556
• Spinal cord injury: means an insult to the spinal cord, not of a degenerative or congenital nature, but caused by an external physical force resulting in paraplegia or quadriplegia. See Louisiana Revised Statutes 46:2632
• Supplies: means all property, including but not limited to equipment, materials, insurance, and leases on immovable property excluding land or a permanent interest in land. See Louisiana Revised Statutes 39:1556
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Traumatic head injury: means an insult to the head, affecting the brain, not of a degenerative or congenital nature, but caused by an external physical force that may produce a diminished or altered state of consciousness which results in an impairment of cognitive abilities or physical functioning. See Louisiana Revised Statutes 46:2632
• Used motor vehicle: means a motor vehicle, which has been previously titled to an ultimate purchaser as defined in La. See Louisiana Revised Statutes 32:781
• Used motor vehicle dealer: means any person, partnership, corporation, limited liability company, or other entity who, for a commission or with intent to make a profit or gain of money or other thing of value, buys, sells, brokers, exchanges, rents with option to purchase, auctions at retail or public, offers, or attempts to negotiate a sale or exchange of an interest in used motor vehicles and who is engaged wholly or in part in the business of buying and selling used motor vehicles, whether such motor vehicles are owned by such person and whether the motor vehicles are sold from a dealership location or via any form of advertising, including but not limited to the Internet. See Louisiana Revised Statutes 32:781
• Used motor vehicle salesperson: shall include anyone who is actively engaged in the sale, offering for sale, or negotiations to sell a used motor vehicle, including those engaged in management or finance and insurance, and who for compensation of any kind operates as a broker or is compensated for any referral of a prospective buyer to a used motor vehicle dealer. See Louisiana Revised Statutes 32:781