Washington Code 63.14.125 – Lender credit card agreements — Security interests prohibited
Current as of: 2023 | Check for updates
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A lender credit card agreement may not contain any provision for a security interest in real or personal property or fixtures of the buyer to secure payment of performance of the buyer’s obligation under the lender credit card agreement.
[ 1984 c 280 § 4.]
Terms Used In Washington Code 63.14.125
- buyer: means a person who buys or agrees to buy goods or obtain services or agrees to have services rendered or furnished, from a retail seller;
Washington Code 63.14.010Lender credit card: means a card or device under a lender credit card agreement pursuant to which the issuer gives to a cardholder residing in this state the privilege of obtaining credit from the issuer or other persons in purchasing or leasing property or services, obtaining loans, or otherwise, and the issuer of which is not: (a) Principally engaged in the business of selling goods; or (b) a financial institution;
Washington Code 63.14.010Lender credit card agreement: means an agreement entered into or performed in this state prescribing the terms of retail installment transactions pursuant to which the issuer may, with the buyer's consent, purchase or acquire one or more retail sellers' indebtedness of the buyer under a sales slip or memorandum evidencing the purchase, lease, loan, or otherwise to be paid in accordance with the agreement. See Washington Code 63.14.010 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. Personal property: All property that is not real property.