Retail Installment Contracts
Definitions for ORS 83.010 to 83.190
(1)“Cash sale price” means the price for which the seller would have sold or furnished to the buyer, and the buyer would have bought or obtained from the seller, the goods or services which are the subject matter of a retail installment transaction, if the sale had been a sale for cash. The cash sale price may include any taxes, registration and license fees and charges for transferring vehicle titles, delivery, installation, servicing, repairs, alterations or improvements.
(2)“Goods” means all chattels personal, other than motor vehicles as defined in ORS 83.510 (Definitions for ORS 83.510 to 83.680), when purchased primarily for personal, family or household use and not for commercial or business use, but not including money or, except as provided in the next sentence, things in action. “Goods” includes but is not limited to merchandise certificates or coupons, issued by a retail seller, to be used in their face amount in lieu of cash in exchange for goods or services sold by such a seller and goods which, at the time of sale or subsequently, are to be so affixed to real property as to become a part thereof, whether or not severable therefrom.
(3)“Official fees” means 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.
(4)“Principal balance” means the cash sale price of the goods or services which are the subject matter of a retail installment contract less the amount of the buyer’s down payment in money or goods or both, plus the amounts, if any, included therein, if a separate identified charge is made therefor and stated in the contract, for insurance and official fees.
(5)“Rate” means the percentage which, when multiplied times the outstanding balance for each month or other installment period, yields the amount of the service charge for such month or period.
(6)“Retail buyer” or “buyer” means a person who buys or agrees to buy goods or obtains services or agrees to have services rendered or furnished, from a retail seller.
(7)“Retail charge agreement,” “revolving charge agreement” or “charge agreement” means an agreement entered into or performed in this state prescribing the terms of retail installment transactions which may be made thereunder from time to time and under the terms of which a service charge is to be computed in relation to the buyer’s unpaid balance from time to time.
(8)“Retail installment contract” or “contract” means a contract, other than a retail charge agreement or an instrument reflecting a sale made pursuant thereto, entered into or performed in this state for a retail installment transaction. “Retail installment contract” includes a chattel mortgage, a conditional sale contract and a contract in the form of a bailment or a lease if the bailee or lessee contracts to pay as compensation for their use a sum substantially equivalent to or in excess of the value of the goods sold and if it is agreed that the bailee or lessee is bound to become, or for no other or a merely nominal consideration, has the option of becoming the owner of the goods upon full compliance with the provisions of the bailment or lease.
(9)“Retail installment transaction” means any transaction in which a retail buyer purchases goods or services from a retail seller pursuant to a retail installment contract or a retail charge agreement which provides for a service charge and under which the buyer agrees to pay the unpaid balance in one or more installments.
(10)“Retail seller” or “seller” means a person engaged in the business of selling goods or services to retail buyers.
(11)“Service charge” however denominated or expressed, means the amount which is paid or payable for the privilege of purchasing goods or services to be paid for by the buyer in installments over a period of time. “Service charge” does not include the amount, if any, charged for insurance premiums, delinquency charges, attorney fees, court costs or official fees.
(12)“Services” means work, labor or services of any kind when purchased primarily for personal, family or household use and not for commercial or business use whether or not furnished in connection with the delivery, installation, servicing, repair or improvement of goods and includes repairs, alterations or improvements upon or in connection with real property, but does not include services for which the price charged is required by law to be determined or approved by or to be filed, subject to approval or disapproval, with the United States or any state, or any department, division, agency, officer or official of either as in the case of transportation services.
(13)“Time balance” means the principal balance plus the service charge. [1963 c.489 §1]
Law Review Citations
52 OLR 467 (1973)
§§ 83.010 to 83.190
Law Review Citations
51 OLR 333 (1972)