Page:United States Statutes at Large Volume 74.djvu/109

 74 S T A T. ]

PUBLIC LAW

8 6 - 4 3 1 - A P R. 22,

1960

69

Public Law 86-431 ^^ ^ ^ ' ^ To provide for the regulation of finance charges for retail installment sales of motor vehicles in the District of Columbia, and for other purposes.

April 22, 1960 [H. R. IO683]

Be it enacted by the Senate and House of Beyresentatives of the United States of America in Congress assembled, That for purposes charges ^f o""veof this Act, unless the context requires a different meaning— hides. (1) "Commissioners" means the Commissioners of the District of ^^ Columbia, or their designated agent. (2) "District'' means the District of Columbia. (3) "Finance charge" means the total amount to be added to the principal balance to determine the balance of the buyer's indebtedness to be paid under a retail installment contract. (4) "Governmental charges" means the excise tax, personal property tax, inspection fee, registration fee, recording fee, and such other fees charged by any government, or otherwise authorized by law, incident to the transfer of title to a motor vehicle as the Commissioners may by regulation include within such term. (5) "Instrument of security" means any promissory note, retail installment contract, or other written promise to pay the unpaid balance of the total amount to be paid by a retail buyer of a motor vehicle. (6) "Motor vehicle" means any automobile, mobile home, motorcycle, truck, truck tractor, trailer, semitrailer, or bus, but shall not include any boat trailer or any vehicle propelled or drawn exclusively by muscular power or designed to run only on rails or tracks. (7) "Person" means an individual, firm, partnership, joint stock company, corporation, association, incorporated society, statutory or common law trust, estate, executor, administrator, receiver, trustee, conservator, liquidator, committee, assignee, officer, employee, principal, or agent. (8) "Principal balance" means the cash sale price of a motor vehicle, including accessories and equipment, plus the amounts^ if any, included in the retail installment contract, if separate identified charges are stated therein, for insurance and governmental charges, less the amount of the purchaser's downpayment, if any, in money or goods or both. (9) "Retail installment contract" means a contract entered into in the District or entered into by a seller licensed or required to be licensed by the District evidencing a retail installment transaction pursuant to which the title to or a lien on or security in the motor vehicle, which is the subject matter of such transaction, is retained or taken to secure the retail buyer's obligations. The term includes a chattel mortgage, 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 use a sum substantially equivalent to or in excess of the value of the motor vehicle sold and it is agreed that the bailee or lessee is bound to become, or, for no further or a merely nominal consideration, has the option of becoming, the owner of the motor vehicle upon full compliance with the provisions of the bailment or lease. (10) "Retail installment transaction" means any transaction in which a retail buyer purchases a motor vehicle for a price in excess of the cash sale price and agrees to pay part or all of such price in one or more deferred installments. SEC. 2. (a) Notwithstanding the provisions of any instrument of fiJa^ce^ch^r^'iT"'" security, refinancing contract, or other instrument to the contrary, made or entered into on or after the effective date of this Act, no

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