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The DC Code: § 28-3802 Definitions.

Index28 Commercial Instruments and Transactions. (Refs & Annos)

As used in this chapter --

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.

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.
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.

Historical and Statutory

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. DC CODE § 28-3802 Current through December 11, 2012

Credits

(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.)