What is the Definition of an Agricultural Loan?
Full Question:
Answer:
Generally, an agricultural loan is one used for agricultural purposes, as defined according to the statutes below. However, in some cases, courts have interpreted a loan that is for personal use as one used for business purposes when it allows the person to keep their business in existence.
Please see the following CO statutes to determine applicablilty:
5-1-301. General definitions.
In addition to definitions appearing in subsequent articles, as used in
this code, unless the context otherwise requires:
(1) "Actuarial method" means the method, defined by rules promulgated by
the administrator in accordance with article 4 of title 24, C.R.S., of
allocating payments made on a debt between the amount financed and finance
charge pursuant to which a payment is applied first to the accumulated
finance charge and the balance subtracted from, or any deficiency is added
to, the unpaid balance of the amount financed.
(2) "Administrator" means the administrator designated in section
5-6-103.
(3) "Agreement" means the bargain of the parties in fact as found in
their language or by implication from other circumstances including
course of dealing or usage of trade or course of performance.
(4) "Agricultural purpose" means a purpose related to the production,
harvest, exhibition, marketing, transportation, processing, or manufacture
of agricultural products by a natural person who cultivates, plants,
propagates, or nurtures the agricultural products. "Agricultural products"
includes agricultural, horticultural, viticultural, and dairy products,
livestock, wildlife, poultry, bees, forest products, fish and shellfish,
and any products thereof, including processed and manufactured products,
and any and all products raised or produced on farms and any processed or
manufactured products thereof.
(5) "Amount financed" means the total of the following items to the
extent that payment is deferred:
(a) In the case of a sale:
(I) The cash price of the goods, services, or interest in land, less the
amount of any down payment whether made in cash or in property traded in;
and
(II) The amount actually paid or to be paid by the seller pursuant to an
agreement with the buyer to discharge a security interest in or a lien on
property traded in;
(b) In the case of a loan:
(I) The net amount paid to, receivable by, or paid or payable for the
account of the debtor; and
(II) The amount of any discount excluded from the finance charge
described in paragraph (c) of subsection (20) of this section; and
(c) In the case of a sale or loan, to the extent that payment is deferred
and the amount is not otherwise included in the cash price:
(I) Any applicable sales, use, excise, or documentary stamp taxes;
(II) Amounts actually paid or to be paid by the creditor for
registration, certificate of title, or license fees; and
(III) Additional charges permitted by this code described in section
5-2-202.
(6) "Business day" means any calendar day except Sunday, New Year's day,
the third Monday in January observed as the birthday of Dr. Martin Luther
King, Jr., Washington-Lincoln day, Memorial day, Independence day, Labor
day, Columbus day, Veterans' day, Thanksgiving day, and Christmas day.
(7)(a) "Cash price" means, except as the administrator may otherwise
prescribe by rule promulgated in accordance with article 4 of title 24,
C.R.S., the price at which goods, services, or an interest in land is
offered for sale by the seller to cash buyers in the ordinary course of
business and may include the cash price of accessories or related services
such as delivery, installation, servicing, repairs, alterations,
modifications, and improvements and, if individually itemized, may also
include:
(I) Applicable sales, use, and excise and documentary stamp taxes; and
(II) Amounts actually paid or to be paid by the seller for registration,
certificate of title, or license fees.
(b) The cash price stated by the seller to the buyer pursuant to the
provisions on disclosure contained in section 5-3-101 is presumed to be the
cash price.
(8) "Closing costs" with respect to a debt secured by an interest in land
includes:
(a) Fees or premiums for title examination, title insurance, or similar
purposes including surveys;
(b) Fees for preparation of a deed, settlement statement, or other
documents;
(c) Escrows for future payments of taxes and insurance;
(d) Fees for notarizing deeds and other documents;
(e) Appraisal fees; and
(f) Credit reports.
(9) "Conspicuous" means a term or clause that is so written that a
reasonable person against whom it is to operate ought to have noticed it.
Whether a term or clause is conspicuous or not is for decision by the
court. A printed heading in capitals (as: WARRANTY) is conspicuous, and
language in the body of the form is conspicuous if it is in larger or other
contrasting type or color. In a telegram, any stated term is conspicuous.
(10) "Consumer" means a person other than an organization who is the
buyer, lessee, or debtor to whom credit is granted in a consumer credit
transaction.
(11)(a) "Consumer credit sale" means, except as provided in paragraph (b)
of this subsection (11), a sale of goods, services, a mobile home, or an
interest in land in which:
(I) Credit is granted or arranged by a person who regularly engages as a
seller in credit transactions of the same kind or pursuant to a seller
credit card;
(II) The buyer is a person other than an organization;
(III) The goods, services, mobile home, or interest in land are purchased
primarily for a personal, family, or household purpose;
(IV) Either the debt is by written agreement payable in installments or a
finance charge is made; and
(V) With respect to a sale of goods or services, the amount financed does
not exceed seventy-five thousand dollars.
(b) Unless the sale is made subject to this code by section 5-2-501,
"consumer credit sale" does not include:
(I) A sale in which the seller allows the buyer to purchase goods or
services pursuant to a lender credit card or similar arrangement;
(II) (A) Except as required by the federal "Truth in Lending Act" or the
federal "Consumer Leasing Act" with respect to disclosure contained in
section 5-3-101 and consumers' remedies for transactions secured by
interests in land as contained in section 5-5-204, a sale of a mobile home
or a sale of an interest in land if the finance charge does not exceed
twelve percent per year calculated according to the actuarial method on the
unpaid balances of the amount financed on the assumption that the debt will
be paid according to the agreed terms and will not be paid before the end
of the agreed term or, notwithstanding the rate of the finance charge with
respect to the sale of an interest in land, the sale is secured by a first
mortgage or deed of trust lien against a dwelling to finance the
acquisition of that dwelling.
(B) For the purposes of this subparagraph (II), "dwelling" means any
improved real property or portion thereof that is used or intended to be
used as a residence and contains not more than four dwelling units, and
"first mortgage or deed of trust" means a mortgage or deed of trust having
priority as a lien over the lien of any other mortgage or deed of trust on
the same dwelling and subject to the lien of taxes levied on that dwelling.
(III) A sale for a business, investment, or commercial purpose; or
(IV) A sale primarily for an agricultural purpose.
(12) "Consumer credit transaction" means a consumer credit sale or
consumer loan, or a refinancing or consolidation thereof, or a consumer
lease.
(13) "Consumer insurance premium loan" means a consumer loan that:
(a) Is made for the sole purpose of financing the payment by or on behalf
of an insured of the premium on one or more policies or contracts issued by
or on behalf of an insurer;
(b) Is secured by an assignment by the insured to the lender of the
unearned premium on the policy or contract; and
(c) Contains an authorization to cancel the policy or contract so
financed.
(14)(a) "Consumer lease" means a lease of goods and includes any
insurance incidental to the lease and any other services merely incidental
to upkeep or repair of the goods:
(I) That a lessor regularly engaged in the business of leasing makes to a
person, other than an organization, who takes under the lease primarily for
a personal, family, or household purpose;
(II) In which the amount payable under the lease does not exceed
seventy-five thousand dollars; and
(III) That is for a term exceeding four months.
(b) "Consumer lease" does not include a lease made pursuant to a lender
credit card or similar arrangement.
(15)(a) Except as provided in paragraph (b) of this subsection (15) and
except with respect to a "loan primarily secured by an interest in land" as
defined in subsection (26) of this section, "consumer loan" means a loan
made or arranged by a person regularly engaged in the business of making
loans in which:
(I) The consumer is a person other than an organization;
(II) The debt is incurred primarily for a personal, family, or household
purpose;
(III) Either the debt is by written agreement payable in installments
or a finance charge is made; and
(IV) Either the principal does not exceed seventy-five thousand dollars
or the debt is secured by an interest in land.
(b) Unless the loan is made subject to this code by an agreement
described in section 5-2-501, "consumer loan" does not include:
(I) A loan for a business, investment, or commercial purpose;
(II) A loan primarily for an agricultural purpose; or
(III) A reverse mortgage as defined in section 11-38-102, C.R.S.
(c) Unless the loan is made subject to this code by an agreement
described in section 5-2-501 and except as provided with respect to the
disclosure described in section 5-3-101, consumers' remedies for
transactions secured by interests in land as described in section 5-5-204,
and powers and functions of the administrator under part 1 of article 6
of this title, "consumer loan" does not include a "loan primarily secured
by an interest in land" as defined in subsection (26) of this section.
(16) "Credit" means the right granted by a creditor to a consumer to
defer payment of debt or to incur debt and defer its payment.
(16.5) "Credit card" means a lender credit card or a seller credit card,
except as otherwise provided in this code.
(17) "Creditor" means the seller, lessor, lender, or person who makes or
arranges a consumer credit transaction and to whom the transaction is
initially payable, or the assignee of a creditor's right to payment, but
use of the term does not in itself impose on an assignee any obligation of
his or her assignor. In case of credit granted pursuant to a credit card,
"creditor" means the card issuer and not another person honoring the credit
card.
(18) "Dwelling" means a residential structure or mobile home that
contains one to four family housing units or individual units of
condominiums or cooperatives.
(19) "Earnings" means compensation paid or payable to an individual or
for the individual's account for personal services rendered or to be
rendered by the individual, whether denominated as wages, salary, fees,
commission, bonus, or otherwise, and includes periodic payments pursuant
to a pension, retirement, or disability program.
(20) "Finance charge" means:
(a) The sum of all charges payable directly or indirectly by the consumer
and imposed directly or indirectly by the creditor as an incident to or as
a condition of the extension of credit, whether paid or payable by the
consumer, the creditor, or any other person on behalf of the consumer to
the creditor or to a third party, including any of the following types of
charges that are applicable:
(I) Interest or any amount payable under a point, discount, or other
system of charges, however denominated;
(II) Time-price differential, credit service, service, carrying, or other
charge, however denominated;
(III) Premium, or other charge for any guarantee or insurance protecting
the creditor against the consumer's default or other credit loss; and
(IV) Charges incurred for investigating the collateral or
credit-worthiness of the consumer or for commissions or brokerage for
obtaining the credit.
(b) The term does not include charges as a result of default described in
section 5-3-302, additional charges described in section 5-2-202,
delinquency charges described in section 5-2-203, or deferral charges
described in section 5-2-204.
(c) If a creditor makes a loan to a consumer by purchasing or satisfying
obligations of the consumer pursuant to a credit card or similar
arrangement and the purchase or satisfaction is made at less than the face
amount of the obligation, the discount is not part of the finance charge.
(21) "Goods" includes goods not in existence at the time the transaction
is entered into and merchandise certificates but excludes money, chattel
paper, documents of title, and instruments.
(22) "Investment purpose" means that the primary purpose of the credit
sale or loan is for future financial gain rather than for a present
personal, family, or household use.
(23) "Lender" includes an assignee of the lender's right to payment,
unless otherwise provided in this code, but use of the term does not in
itself impose on an assignee any obligation of the lender with respect to
events occurring before the assignment.
(24) "Lender credit card or similar arrangement" means an arrangement or
loan agreement, other than a seller credit card, pursuant to which a lender
gives a consumer the privilege of using a credit card, letter of credit, or
other credit confirmation or identification in transactions out of which
debt arises:
(a) By the lender's honoring a draft or similar order for the payment of
money drawn or accepted by the consumer;
(b) By the lender's payment or agreement to pay the consumer's
obligations; or
(c) By the lender's purchase from the obligee of the consumer's
obligations.
(25) "Loan" includes:
(a) Except as otherwise provided in paragraph (b) of this subsection
(25):
(I) The creation of debt by the lender's payment of or agreement to pay
money to the consumer or to a third party for the account of the consumer;
(II) The creation of debt by a credit to an account with the lender upon
which the consumer is entitled to draw immediately;
(III) The creation of debt pursuant to a lender credit card in any
manner, including a cash advance or the card issuer's honoring a draft or
similar order for the payment of money drawn or accepted by the
consumer, paying or agreeing to pay the consumer's obligation, or
purchasing or otherwise acquiring the consumer's obligation from the
obligee or his or her assignees;
(IV) The forbearance of debt arising from a loan; and
(V) The creation of debt by a cash advance to a consumer pursuant to a
seller credit card.
(b) "Loan" does not include:
(I) A card issuer's payment or agreement to pay money to a third person
for the account of a consumer if the debt of the consumer arises from a
sale or lease and results from use of a seller credit card; or
(II) The forbearance of debt arising from a sale or lease.
(26)(a) "Loan primarily secured by an interest in land" means a consumer
loan secured by a mobile home or primarily secured by an interest in land
if, at the time the loan is made the value of the collateral is substantial
in relation to the amount of the loan, and:
(I) The rate of the finance charge does not exceed twelve percent per
year calculated according to the actuarial method on the unpaid balances
of the principal on the assumption that the debt will be paid according
to the agreed terms and will not be paid before the end of the agreed
term; or
(II) Notwithstanding the rate of the finance charge, and other than a
precomputed loan as defined in subsection (35) of this section, the loan is
secured by a first mortgage or deed of trust lien against a dwelling to:
(A) Finance the acquisition of that dwelling; or
(B) To refinance, by amendment, payoff, or otherwise, an existing loan
made to finance the acquisition of that dwelling, including a refinance
loan providing additional sums for any purpose whether or not related to
acquisition or construction.
(b) As to any refinance loan in the form of a revolving loan account that
is in whole or in part for purposes other than acquisition or construction,
section 5-3-103 shall apply.
(c) With respect to loans secured by a first mortgage or deed of trust
lien against a dwelling to refinance an existing loan to finance the
acquisition of the dwelling and providing additional sums for any other
purpose that are not subject to this code pursuant to paragraph (a) of this
subsection (26), the lender shall disclose to the consumer that the
refinance loan creates a lien against the dwelling or property and that the
limits set forth in section 5-5-112 on the amount of attorney fees that a
lender may charge the consumer are not applicable.
(d) For purposes of this subsection (26):
(I) A "loan secured by a first mortgage or deed of trust lien against a
dwelling to finance the acquisition of the dwelling" includes a loan
secured by a first mortgage or deed of trust lien against a dwelling to
finance the original construction of such dwelling or to refinance any such
construction loan;
(II) "Dwelling" means any improved real property, or portion thereof,
that is used or intended to be used as a residence and contains not more
than four dwelling units; and
(III) "First mortgage or deed of trust" means a mortgage or deed of trust
having priority as a lien over the lien of any other mortgage or deed of
trust on the same dwelling and subject to the lien of taxes levied on that
dwelling.
(27) "Material disclosures" means the disclosure, as required by this
code, of the annual percentage rate, the method of determining the finance
charge and the balance upon which a finance charge will be imposed, the
amount of the finance charge, the amount to be financed, the total of
payments, the number and amount of payments, and the due dates or periods
of payments scheduled to repay the indebtedness.
(28) "Merchandise certificate" means a writing not redeemable in cash and
usable in its face amount in lieu of cash in exchange for goods or
services.
(29) "Mobile home" means a dwelling that is built on a chassis designed
for long-term residential occupancy, that is capable of being installed in
a permanent or semi-permanent location, with or without a permanent
foundation, and with major appliances and plumbing, gas, and electrical
systems installed but needing the appropriate connections to make them
operable, and that may be occasionally drawn over the public highways, by
special permit, as a unit or in sections to its permanent or semi-permanent
location.
(30) "Official fees" means:
(a) Fees and charges prescribed by law that actually are or will be paid
to public officials for determining the existence of or for perfecting,
releasing, or satisfying a security interest related to a consumer credit
transaction; or
(b) Premiums payable for insurance in lieu of perfecting a security
interest otherwise required by the creditor in connection with the consumer
credit transaction if the premium does not exceed the fees and charges
described in paragraph (a) of this subsection (30) that would otherwise be
payable.
(31) "Organization" means a corporation, limited liability company,
government or governmental subdivision or agency, trust, estate,
partnership, limited liability partnership, cooperative, or association.
(32) "Payable in installments" means that payment is required or
permitted by agreement to be made in more than four periodic payments,
excluding a down payment. If any periodic payment other than the down
payment under an agreement requiring or permitting two or more periodic
payments is more than twice the amount of any other periodic payment,
excluding the down payment, the consumer credit transaction is "payable
in installments".
(33) "Person" includes a natural person or an individual and an
organization.
(34)(a) "Person related to" means, with respect to an individual, the
spouse of the individual; a brother, brother-in-law, sister, or
sister-in-law of the individual; an ancestor or lineal descendant of the
individual or the individual's spouse; and any other relative, by blood
or marriage, of the individual or the individual's spouse who shares the
same home with the individual.
(b) "Person related to" means, with respect to an organization, a person
directly or indirectly controlling, controlled by, or under common control
with the organization; an officer or director of the organization or a
person performing similar functions with respect to the organization or to
a person related to the organization; the spouse of a person related to the
organization; and a relative by blood or marriage of a person related to
the organization who shares the same home with such person.
(35) "Precomputed" means a consumer credit sale or consumer loan in which
the debt is expressed as a sum comprising the amount financed and the
amount of the finance charge computed in advance or in which any portion of
the finance charge is prepaid and the amount of that portion of the finance
charge either computed in advance or prepaid constitutes more than one-half
of the total finance charge applicable to the consumer credit sale or
consumer loan.
(36) "Presumed" or "presumption" means that the trier of fact must find
the existence of the fact presumed unless and until evidence is introduced
that would support a finding of its nonexistence.
(37) "Regularly" has the same meaning as stated in the federal "Truth in
Lending Act" and the federal "Consumer Leasing Act".
(38) "Revolving credit" means an arrangement pursuant to which:
(a) A creditor may permit a consumer, from time to time, to purchase or
lease on credit from the creditor or to obtain loans from the creditor;
(b) The amounts financed and the finance and other appropriate charges
are debited to an account;
(c) The finance charge, if made, is computed on the account periodically;
and
(d) Either the consumer has the privilege of paying in full or in
installments or the creditor periodically imposes charges computed on the
account for delaying payment and permits the consumer to continue to
purchase or lease on credit.
(39) "Sale of goods" includes any agreement in the form of a bailment or
lease of goods if the bailee or lessee agrees to pay as compensation for
use a sum substantially equivalent to or in excess of the aggregate value
of the goods 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 goods upon full compliance with his or her
obligations under the agreement.
(40) "Sale of an interest in land" includes a lease in which the lessee
has an option to purchase the interest and all or a substantial part of the
rental or other payments previously made by him are applied to the purchase
price.
(41) "Sale of services" means furnishing or agreeing to furnish services
and includes making arrangements to have services furnished by another.
(42) "Seller", except as otherwise provided, includes an assignee of the
seller's right to payment, but use of the term does not in itself impose on
an assignee any obligation of the seller with respect to events occurring
before the assignment.
(43) "Seller credit card" means an arrangement pursuant to which a person
gives to a buyer or lessee the privilege of using a credit card, letter of
credit, or other credit confirmation or identification primarily for the
purpose of purchasing or leasing goods or services from that person or from
that person and any other person.
(44) "Services" includes:
(a) Work, labor, and other personal services;
(b) Privileges with respect to transportation, hotel and restaurant
accommodations, education, entertainment, recreation, physical culture,
hospital accommodations, funerals, cemetery accommodations, and the like;
and
(c) Insurance provided by a person other than the insurer.
(45) "Supervised financial organization" means a person, other than an
insurance company or other organization primarily engaged in an insurance
business:
(a) Organized, chartered, or holding an authorization certificate under
the laws of any state or of the United States that authorize the person
to make loans and to receive deposits, including a savings, share,
certificate, or deposit account; and
(b) Subject to supervision by an official or agency of any state or of
the United States.
(46) "Supervised lender" means a person authorized to make or take
assignments of supervised loans under a license issued by the administrator
or as a supervised financial organization.
(47) "Supervised loan" means a consumer loan, including a loan made
pursuant to a revolving credit account, in which the rate of the finance
charge exceeds twelve percent per year as determined according to the
provisions on finance charges contained in section 5-2-201.
(48) "Written" or "in writing" means any record conveying information and
that is in a form the consumer may retain, or is capable of being displayed
in visual text in a form the consumer may retain, including paper,
electronic, digital, magnetic, optical, and electromagnetic.
Please see the following section of a federal Truth in Lending statute:
15 U.S.C. § 1602. Definitions and rules of construction
(a) In general — The definitions and rules of construction set forth in
this section are applicable for the purposes of this subchapter.
(b) Bureau — The term "Bureau" means the Bureau of Consumer Financial
Protection.
(c) Board — The term "Board" refers to the Board of Governors of the
Federal Reserve System.
(d) Organization — The term "organization" means a corporation,
government or governmental subdivision or agency, trust, estate,
partnership, cooperative, or association.
(e) Person — The term "person" means a natural person or an
organization.
(f) Credit — The term "credit" means the right granted by a creditor to
a debtor to defer payment of debt or to incur debt and defer its payment.
(g) Creditor — The term "creditor" refers only to a person who both (1)
regularly extends, whether in connection with loans, sales of property or
services, or otherwise, consumer credit which is payable by agreement in
more than four installments or for which the payment of a finance charge
is or may be required, and (2) is the person to whom the debt arising from
the consumer credit transaction is initially payable on the face of the
evidence of indebtedness or, if there is no such evidence of indebtedness,
by agreement. Notwithstanding the preceding sentence, in the case of an
open-end credit plan involving a credit card, the card issuer and any
person who honors the credit card and offers a discount which is a finance
charge are creditors. For the purpose of the requirements imposed under
part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7),
1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this
title, the term "creditor" shall also include card issuers whether or not
the amount due is payable by agreement in more than four installments or
the payment of a finance charge is or may be required, and the Bureau
shall, by regulation, apply these requirements to such card issuers, to
the extent appropriate, even though the requirements are by their terms
applicable only to creditors offering open-end credit plans. Any person
who originates 2 or more mortgages referred to in subsection (aa) of this
section in any 12-month period or any person who originates 1 or more such
mortgages through a mortgage broker shall be considered to be a creditor
for purposes of this subchapter. The term "creditor" includes a private
educational lender (as that term is defined in section 1650 of this title)
for purposes of this subchapter.
(h) Credit sale — The term "credit sale" refers to any sale in which
the seller is a creditor. 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.
(i) Consumer — The adjective "consumer", used with reference to a
credit transaction, characterizes the transaction as one in which the
party to whom credit is offered or extended is a natural person, and the
money, property, or services which are the subject of the transaction are
primarily for personal, family, or household purposes.
(j) Open end credit plan — The terms "open end credit plan" and "open
end consumer credit plan" mean a plan under which the creditor reasonably
contemplates repeated transactions, which prescribes the terms of such
transactions, and which provides for a finance charge which may be
computed from time to time on the outstanding unpaid balance. A credit
plan or open end consumer credit plan which is an open end credit plan
within the meaning of the preceding sentence is an open end credit plan or
open end consumer credit plan even if credit information is verified from
time to time.
(k) Adequate notice — The term "adequate notice," as used in section
1643 of this title, means a printed notice to a cardholder which sets
forth the pertinent facts clearly and conspicuously so that a person
against whom it is to operate could reasonably be expected to have noticed
it and understood its meaning. Such notice may be given to a cardholder by
printing the notice on any credit card, or on each periodic statement of
account, issued to the cardholder, or by any other means reasonably
assuring the receipt thereof by the cardholder.
(l) Credit card — The term "credit card" means any card, plate, coupon
book or other credit device existing for the purpose of obtaining money,
property, labor, or services on credit.
(m) Accepted credit card — The term "accepted credit card" means any
credit card which the cardholder has requested and received or has signed
or has used, or authorized another to use, for the purpose of obtaining
money, property, labor, or services on credit.
(n) Cardholder — The term "cardholder" means any person to whom a
credit card is issued or any person who has agreed with the card issuer to
pay obligations arising from the issuance of a credit card to another
person.
(o) Card issuer — The term "card issuer" means any person who issues a
credit card, or the agent of such person with respect to such card.
(p) Unauthorized use — The term "unauthorized use," as used in section
1643 of this title, means a use of a credit card by a person other than
the cardholder who does not have actual, implied, or apparent authority
for such use and from which the cardholder receives no benefit.
(q) Discount — The term "discount" as used in section 1666f of this
title means a reduction made from the regular price. The term "discount"
as used in section 1666f of this title shall not mean a surcharge.
(r) Surcharge — The term "surcharge" as used in this section and
section 1666f of this title means any means of increasing the regular
price to a cardholder which is not imposed upon customers paying by cash,
check, or similar means."
(s) State — The term "State" refers to any State, the Commonwealth of
Puerto Rico, the District of Columbia, and any territory or possession of
the United States.
(t) Agricultural purposes — The term "agricultural purposes" includes
the production, harvest, exhibition, marketing, transportation,
processing, or manufacture of agricultural products by a natural person
who cultivates, plants, propagates, or nurtures those agricultural
products, including but not limited to the acquisition of farmland, real
property with a farm residence, and personal property and services used
primarily in farming.
(u) Agricultural products — The term "agricultural products" includes
agricultural, horticultural, viticultural, and dairy products, livestock,
wildlife, poultry, bees, forest products, fish and shellfish, and any
products thereof, including processed and manufactured products, and any
and all products raised or produced on farms and any processed or
manufactured products thereof.
...
The following is a federal Truth in Lending statute:
15 U.S.C. § 1603. Exempted transactions
This subchapter does not apply to the following:
(1) Credit transactions involving extensions of credit primarily for
business, commercial, or agricultural purposes, or to government or
governmental agencies or instrumentalities, or to organizations.
(2) Transactions in securities or commodities accounts by a
broker-dealer registered with the Securities and Exchange Commission.
(3) Credit transactions, other than those in which a security interest
is or will be acquired in real property, or in personal property used or
expected to be used as the principal dwelling of the consumer and other
than private education loans (as that term is defined in section 1650(a)
of this title), in which the total amount financed exceeds $50,000.
(4) Transactions under public utility tariffs, if the Bureau determines
that a State regulatory body regulates the charges for the public utility
services involved, the charges for delayed payment, and any discount
allowed for early payment.
(5) Transactions for which the Bureau, by rule, determines that
coverage under this subchapter is not necessary to carry out the purposes
of this subchapter.
The following is a federal Consumer Leasing Act statute:
15 U.S.C. § 1667. Definitions
For purposes of this part —
(1) The term "consumer lease" means a contract in the form of a lease
or bailment for the use of personal property by a natural person for a
period of time exceeding four months, and for a total contractual
obligation not exceeding $50,000, primarily for personal, family, or
household purposes, whether or not the lessee has the option to purchase
or otherwise become the owner of the property at the expiration of the
lease, except that such term shall not include any credit sale as defined
in section 1602(g) of this title. Such term does not include a lease for
agricultural, business, or commercial purposes, or to a government or
governmental agency or instrumentality, or to an organization.
(2) The term "lessee" means a natural person who leases or is offered a
consumer lease.
(3) The term "lessor" means a person who is regularly engaged in
leasing, offering to lease, or arranging to lease under a consumer lease.
(4) The term "personal property" means any property which is not real
property under the laws of the State where situated at the time offered or
otherwise made available for lease.
(5) The terms "security" and "security interest" mean any interest in
property which secures payment or performance of an obligation.
