Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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61 Pa. Code § 33.1. Definitions.

§ 33.1. Definitions.

 The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

   Credit sales—Sales in which the purchaser pays part of the total purchase price subsequent to the time of purchase. A sale shall be deemed to be on credit whether by open credit—including the use of a credit card—or a secured transaction such as a chattel mortgage, conditional sale or bailment lease.

   Layaway sales—A transaction in which a seller agrees to transfer title and possession of tangible personal property to a purchaser for an agreed price, with the transfer of the title and possession conditioned upon payment by the purchaser of the agreed price in a series of deposits to be made within a specified period.

   Purchase price—The total value of anything paid or delivered or promised to be paid or delivered, whether it be money or otherwise, in consideration of a sale at retail or purchase at retail not including a rental or license to use. See §  31.4 (relating to rentals or leases of tangible personal property).

Source

   The provisions of this §  33.1 amended January 14, 1994, effective January 15, 1994, 24 Pa.B. 354. Immediately preceding text appears at serial page (105781).

Cross References

   This section cited in 61 Pa. Code §  46.9 (relating to financial institution security equipment).



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