§ 33.1. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Credit salesSales 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 creditincluding the use of a credit cardor a secured transaction such as a chattel mortgage, conditional sale or bailment lease.
Layaway salesA 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 priceThe 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).
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).
This section cited in 61 Pa. Code § 46.9 (relating to financial institution security equipment).
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