Definitions for KRS 304.19-200 to 304.19-215

As used in KRS 304.19-200 to 304.19-215: (1) "Collateral" means any personal property, including but not limited to a motor vehicle, pledged as security or in which a purchase money security interest is retained, for the satisfaction of a debt; (2) "Credit personal property insurance" means a policy, endorsement, rider, binder, certificate, or other instrument or evidence of insurance that: (a) Is offered in connection with a credit transaction; (b) Covers perils to the personal property purchased through, or used as collateral for, a credit transaction; and (c) Concerns a creditor's interest in the purchased personal property or pledged collateral, in whole or in part; (3) "Credit transaction": (a) Means any transaction in which the: 1. Repayment of money loaned, or a credit commitment, is made; or 2. Payment of goods, services, property, rights, or privileges sold or leased, is to be made at a future date or dates; and (b) Includes a retail installment transaction; (4) "Creditor" means: (a) A lender of money; (b) A vendor or lessor of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction; (c) Any successor to the right, title, or interest of a lender, vendor, or lessor; (d) Any director, officer, or employee of any person referenced under paragraph (a), (b), or (c) of this subsection; (e) Any affiliate, association, or subsidiary of any person referenced under paragraph (a), (b), or (c) of this subsection; or (f) Any person associated in any way with a person referenced under paragraph (a), (b), or (c) of this subsection; (5) "Debtor" means: (a) Any or all borrowers of money; or (b) A purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction; and (6) "Finance charge": (a) Means any charge payable, directly or indirectly, as an incident to, or a condition of, the extension of credit, including but not limited to: 1. Interest; 2. Time price differentials; 3. Amounts payable under a discount system of additional charges; 4. Service, transaction, or carrying charges;  5. Loan fees; 6. Points or similar charges; 7. Appraisal fees; or 8. Charges incurred for investigating the credit worthiness of the consumer; and (b) Does not include charges as a result of: 1. Default; 2. Taxes; 3. License fees; 4. Delinquency charges; or 5. Filing fees.