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Current through October 23, 2012
As used in this chapter --
(1) "revolving credit account" means a revolving credit account as defined in section 28-3701 of this subtitle;
(2) "consumer credit sale" means a sale of goods or services in which --
(A) a credit is granted by a person who regularly engages as a seller in credit transactions of the same kind;
(B) the buyer is a natural person;
(C) the goods or services are purchased primarily for a personal, family, household, or agricultural purpose;
(D) either the debt is payable in installments or a finance charge is made; and
(E) the amount financed does not exceed $25,000.
The term includes any contract in the form of a bailment or lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the property and services involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the property upon full compliance with his obligations under the contract.
(3) "direct installment loan" means a direct installment loan as that term is used in section 28-3308 and does not include a loan secured on real estate or a direct motor vehicle installment loan covered by Chapter 36 of this subtitle.
(4) "cross collateral" means an arrangement wherein a seller in a "consumer credit sale" secures a debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as a security for the previous debt.
(Dec. 17, 1971, 85 Stat. 669, Pub. L. 92-200, § 4; Apr. 9, 1997, D.C. Law 11-255, § 27(l), 44 DCR 1271; Apr. 20, 1999, D.C. Law 12-264, § 27(a), 46 DCR 2118.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 28-3802.
1973 Ed., § 28-3802.
Legislative History of Laws
Law 11-255, the "Second Technical Amendments Act of 1996," was introduced in Council and assigned Bill No. 11-905, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. Signed by the Mayor on December 24, 1996, it was assigned Act No. 11-519 and transmitted to both Houses of Congress for its review. D.C. Law 11-255 became effective on April 9, 1997.
Law 12-264, the "Technical Amendments Act of 1998," was introduced in Council and assigned Bill No. 12-804, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 10, 1998, and December 1, 1998, respectively. Signed by the Mayor on January 7, 1999, it was assigned Act No. 12-626 and transmitted to both Houses of Congress for its review. D.C. Law 12-264 became effective on April 20, 1999.
