Terms Used In Ohio Code > Chapter 1317 - Retail Installment Sales
- 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
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Bond: includes an undertaking. See Ohio Code 1.02
- Buyer: means a person that buys or agrees to buy goods or any legal successor in interest of such person. See Ohio Code 1317.01
- Cash price: means the price measured in dollars, agreed upon in good faith by the parties as the price at which the specific goods which are the subject matter of any retail installment sale would be sold if such sale were a sale for cash to be paid upon delivery instead of a retail installment sale. See Ohio Code 1317.01
- Consumer transaction: means a sale, lease, assignment, or other transfer of an item of goods, or a service, except those transactions between persons, defined in sections 4905. See Ohio Code 1317.01
- 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.
- 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.
- 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 that the retail buyer pays or contracts to pay the retail seller for the privilege of paying the principal balance in installments over a period of time. See Ohio Code 1317.01
- Goods: means all things, including specially manufactured goods but not including the money in which the price is to be paid or things in action, that satisfy both of the following:
(a) They are movable at the time of identification for sale or identification to the contract for sale;
(b) They are purchased primarily for personal, family, or household purposes. See Ohio Code 1317.01
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Holder of the retail installment contract: means any person to which the money owed by the retail buyer on the retail installment contract has been paid. See Ohio Code 1317.01
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- 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
- 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.
- Layaway arrangement: means a contract for sale at retail, other than one involving the sale of a motor vehicle by a dealer, in which the buyer agrees to buy and the seller agrees to sell specific goods at a future time and both of the following apply:
(a) Until such future time, the seller agrees to retain possession of but remove the specific goods from its retail inventory and not offer the specific goods for sale to other persons or promises the availability thereof at the agreed time of delivery;
(b) The buyer agrees to pay the seller the layaway price, in whole or in part, by deposit, down payment, part payment, periodically or in installments or otherwise prior to delivery of the specific goods. See Ohio Code 1317.01
- Layaway price: means the price at which the specific goods that are the subject of a layaway arrangement are offered for sale at retail by the seller if such sale were a sale for cash to be paid in full upon delivery on the date the layaway arrangement was entered into instead of pursuant to a layaway arrangement. See Ohio Code 1317.01
- 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
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, corporation, trust, partnership of two or more persons having a joint or common interest, and any other association. See Ohio Code 1317.01
- Property: means real and personal property. See Ohio Code 1.59
- Purchase money loan: means a cash advance that is received by a consumer from a creditor in return for a finance charge within the meaning of the "Truth in Lending Act" 82 Stat. See Ohio Code 1317.01
- Retail: means to dispose of specific goods to, or to acquire specific goods by, a person for use other than for purposes of resale. See Ohio Code 1317.01
- Retail buyer: means a buyer that is a party to a retail installment sale, or any legal successor in interest of such person. See Ohio Code 1317.01
- Retail installment contract: means any written instrument that is executed in connection with any retail installment sale and is required by section 1317. See Ohio Code 1317.01
- Retail installment sale: includes every retail installment contract to sell specific goods, every consumer transaction in which the cash price may be paid in installments over a period of time, and every retail sale of specific goods to any person in which the cash price may be paid in installments over a period of time. See Ohio Code 1317.01
- Retail seller: means a seller that is a party to a retail installment sale. See Ohio Code 1317.01
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- Seller: means a person who sells or agrees to sell goods. See Ohio Code 1317.01
- Service charge: means the amount that the retail buyer pays or contracts to pay the retail seller for the privilege of paying the principal balance in installments over a period of time in addition to the finance charge for the same privilege. See Ohio Code 1317.01
- Specific goods: means goods, including related services, identified and agreed upon at the time a contract to sell or a sale is made. See Ohio Code 1317.01
- state: means the state of Ohio. See Ohio Code 1.59
- Whoever: includes all persons, natural and artificial; partners; principals, agents, and employees; and all officials, public or private. See Ohio Code 1.02