|Incorporates "Purchase Money Loan[s]"
|Page 1 of 1|
|Author:||admin [ Sat Sep 23, 2006 6:45 am ]|
|Post subject:||Incorporates "Purchase Money Loan[s]"|
The Holder Rule expressly incorporates "purchase money loan[s]" within the scope of the rule. 16 C.F.R. Â§ 433.2[b]. A "[p]urchase money loan" is defined as "[a] cash advance which is received by a consumer" which is applied "in whole or substantial part, to a purchase of goods or services from a seller who  refers consumers to the creditor or  is affiliated with the creditor by common control, contract or business arrangement." 16 C.F.R. Â§ 431.1[d]; Associates Home Equity Services, Inc. v. Troup, 343 N.J.Super. 254, 778 A.2d 529 [N.J. Super. A.D. 2001]. A "[b]usiness arrangement" is defined as "[a]ny understanding, procedure, course of dealing, or arrangement, formal or informal, between a creditor and a seller, in connection with the sale of goods or services to consumers or the financing thereof." 16 C.F.R. Â§ 433.1[g]; Associates Home Equity Services, Inc. v. Troup, 343 N.J.Super. 254, 778 A.2d 529 [N.J. Super. A.D. 2001].
|Page 1 of 1||All times are UTC|
|Powered by phpBB® Forum Software © phpBB Group