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| Home > Statutes > Usa Missouri |
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USA Statutes : missouri
Title : BUSINESS AND FINANCIAL INSTITUTIONS
Chapter : Chapter 365 Motor Vehicle Time Sales
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Sections 365.010 to 365.160 shall be known and may be cited as
the "Missouri Motor Vehicle Time Sales Law". (L. 1963 p. 466 § 1, A.L.
1999 S.B. 386)
Unless otherwise clearly indicated by the context, the following
words and phrases have the meanings indicated:
(1) "Cash sale price", the price stated in a retail installment contract
for which the seller would have sold to the buyer, and the buyer would
have bought from the seller, the motor vehicle which is the subject
matter of the retail installment contract, if the sale had been a sale
for cash or at a cash price instead of a retail installment transaction
at a time sale price. The cash sale price may include any taxes,
registration, certificate of title, license and other fees and charges
for accessories and their installment and for delivery, servicing,
repairing or improving the motor vehicle;
(2) "Director", the office of the director of the division of finance;
(3) "Holder" of a retail installment contract, the retail seller of the
motor vehicle under the contract or, if the contract is purchased by a
sales finance company or other assignee, the sales finance company or
other assignee;
(4) "Insurance company", any form of lawfully authorized insurer in this
state;
(5) "Motor vehicle", any new or used automobile, mobile home, motorcycle,
all-terrain vehicle, motorized bicycle, moped, motortricycle, truck,
trailer, semitrailer, truck tractor, or bus primarily designed or used to
transport persons or property on a public highway, road or street;
(6) "Official fees", the fees prescribed by law for filing, recording or
otherwise perfecting and releasing or satisfying any title or lien
retained or taken by a seller in connection with a retail installment
transaction;
(7) "Person", an individual, partnership, corporation, association, and
any other group however organized;
(8) "Principal balance", the cash sale price of the motor vehicle which
is the subject matter of the retail installment transaction plus the
amounts, if any, included in the sale, if a separate identified charge is
made therefor and stated in the contract, for insurance and other
benefits, including any amounts paid or to be paid by the seller pursuant
to an agreement with the buyer to discharge a security interest, lien, or
lease interest on property traded in and official fees, minus the amount
of the buyer's down payment in money or goods. Notwithstanding any law to
the contrary, any amount actually paid by the seller pursuant to an
agreement with the buyer to discharge a security interest, lien or lease
on property traded in which was included in a contract prior to August
28, 1999, is valid and legal;
(9) "Retail buyer" or "buyer", a person who buys a motor vehicle from a
retail seller in a retail installment transaction under a retail
installment contract;
(10) "Retail installment contract" or "contract", an agreement evidencing
a retail installment transaction entered into in this state pursuant to
which the title to or a lien upon the motor vehicle, which is the subject
matter of the retail installment transaction is retained or taken by the
seller from the buyer as security for the buyer's obligation. The term
includes a chattel mortgage or a conditional sales contract;
(11) "Retail installment transaction", a sale of a motor vehicle by a
retail seller to a retail buyer on time under a retail installment
contract for a time sale price payable in one or more deferred
installments;
(12) "Retail seller" or "seller", a person who sells a motor vehicle, not
principally for resale, to a retail buyer under a retail installment
contract;
(13) "Sales finance company", a person engaged, in whole or in part, in
the business of purchasing retail installment contracts from one or more
sellers. The term includes but is not limited to a bank, trust company,
loan and investment company, savings and loan association, financing
institution, or registrant pursuant to sections 367.100 to 367.200, RSMo,
if so engaged. The term shall not include a person who makes only
isolated purchases of retail installment contracts, which purchases are
not being made in the course of repeated or successive purchases of
retail installment contracts from the same seller;
(14) "Time price differential", the amount, however denominated or
expressed, as limited by section 365.120, in addition to the principal
balance to be paid by the buyer for the privilege of purchasing the motor
vehicle on time to be paid for by the buyer in one or more deferred
installments;
(15) "Time sale price", the total of the cash sale price of the motor
vehicle and the amount, if any, included for insurance and other benefits
if a separate identified charge is made therefor and the amounts of the
official fees and time price differential. (L. 1963 p. 466 § 2, A.L. 1999
S.B. 386, A.L. 2000 S.B. 896, A.L. 2004 S.B. 1233, et al.)
Effective 8-28-05
(1973) By regulating motor vehicle time sales of vehicles having a cash
sale price of $7,500 or less the G.A. did not prohibit such sales having
a cash sales price in excess of such amount. DePoortere v. Commercial
Credit Corp. (A.), 500 S.W.2d 724.
1. No person shall engage in the business of a sales finance
company in this state without a license as provided in this chapter;
except, that no bank, trust company, savings and loan association, loan
and investment company or registrant under the provisions of sections
367.100 to 367.200, RSMo, authorized to do business in this state is
required to obtain a license under this chapter but shall comply with all
of the other provisions of this chapter.
2. The application for the license shall be in writing, under oath and in
the form prescribed by the director. The application shall contain the
name of the applicant; date of incorporation, if incorporated; the
address where the business is or is to be conducted and similar
information as to any branch office of the applicant; the name and
resident address of the owner or partners or, if a corporation or
association, of the directors, trustees and principal officers, and such
other pertinent information as the director may require.
3. The license fee for each calendar year or part thereof shall be the
sum of three hundred dollars for each place of business of the licensee
in this state. The director may establish a biennial licensing
arrangement but in no case shall the fees be payable for more than one
year at a time.
4. Each license shall specify the location of the office or branch and
must be conspicuously displayed there. In case the location is changed,
the director shall either endorse the change of location on the license
or mail the licensee a certificate to that effect, without charge.
5. Upon the filing of the application, and the payment of the fee, the
director shall issue a license to the applicant to engage in the business
of a sales finance company under and in accordance with the provisions of
this chapter for a period which shall expire the last day of December
next following the date of its issuance. The license shall not be
transferable or assignable. No licensee shall transact any business
provided for by this chapter under any other name. (L. 1963 p. 466 § 3,
A.L. 1986 H.B. 1195, A.L. 2003 S.B. 346)
1. Renewal of a license originally granted under this chapter
may be denied, or a license may be suspended or revoked by the director
on the following grounds:
(1) Material misstatement in the application for license;
(2) Willful failure to comply with any provision of this chapter relating
to retail installment contracts;
(3) Defrauding any retail buyer to the buyer's damage;
(4) Fraudulent misrepresentation, circumvention or concealment by the
licensee through whatever subterfuge or device of any of the material
particulars or the nature thereof required to be stated or furnished to
the retail buyer under this chapter.
2. If a licensee is a partnership, association or corporation, it shall
be sufficient cause for the suspension or revocation of a license that
any officer, director or trustee of a licensed association or
corporation, or any member of a licensed partnership, has so acted or
failed to act as would be cause for suspending or revoking a license to
the party as an individual. Each licensee shall be responsible for the
acts of any or all of his employees while acting as his agent, if the
licensee after actual knowledge of the acts retained the benefits,
proceeds, profits or advantages accruing from the acts or otherwise
ratified the acts.
3. No license shall be denied, suspended or revoked except after hearing
thereon. The hearing and review thereof shall be conducted according to
chapter 536, RSMo. (L. 1963 p. 466 § 4)
1. The director, or his duly authorized representative, may make
such investigation as he shall deem necessary and, to the extent
necessary for this purpose, he may examine the licensee or any other
person having personal knowledge of the matters under investigation, and
shall have the power to compel the production of all relevant books,
records, accounts and documents of licensees and other persons with
respect to their retail installment transactions.
2. Any retail buyer having reason to believe that this chapter relating
to his retail installment contract has been violated may file with the
director a written complaint setting forth the details of the alleged
violation and the director, upon receipt of the complaint, may inspect
the pertinent books, records, letters and contracts of the licensee and
other persons and of the retail seller involved, relating to the specific
written complaint. (L. 1963 p. 466 § 5)
1. The director may adopt and promulgate such reasonable rules
and regulations as shall be necessary to carry out the intent and
purposes of this chapter. A copy of every rule or regulation shall be
mailed to each licensee and to each bank, trust company, loan and
investment company, financing institution, and registrant under sections
367.100 to 367.200, RSMo, postage prepaid, at least fifteen days in
advance of its effective date, but the failure of a licensee or other
person to receive a copy of the rules or regulations does not exempt him
from the duty of compliance with rules and regulations lawfully
promulgated hereunder. No rule or portion of a rule promulgated under the
authority of this chapter shall become effective unless it has been
promulgated pursuant to the provisions of section 536.024, RSMo.
2. The director shall issue subpoenas to compel the attendance of
witnesses and the production of documents, papers, books, records and
other evidence before him in any matter over which he has jurisdiction,
control or supervision pertaining to this chapter. The director may
administer oaths and affirmations to any person whose testimony is
required.
3. If any person refuses to obey any subpoena, or to give testimony, or
to produce evidence as required thereby, any judge of the circuit court
of the county in which the licensed premises are located may, upon
application and proof of the refusal, make an order awarding process of
subpoena or subpoena duces tecum for the witness to appear before the
director and to give testimony, and to produce evidence as required
thereby. Upon filing the order, in the office of the clerk of the court,
the clerk shall issue process of subpoena, as directed, under the seal of
the court, requiring the person to whom it is directed, to appear at the
time and place therein designated.
4. If any person served with any subpoena refuses to obey the same, and
to give testimony, and to produce evidence as required thereby, the
director may apply to the judge of the court issuing the subpoena for an
attachment against the person, as for a contempt. The judge, upon
satisfactory proof of the refusal, shall issue an attachment, directed to
any sheriff, constable or police officer, for the arrest of the person,
and, upon his being brought before the judge, proceed to a hearing of the
case. The judge may enforce obedience to the subpoena, and the answering
of any question, and the production of any evidence that may be proper by
a fine, not exceeding one hundred dollars, or by imprisonment in the
county jail, or by both fine and imprisonment, and to compel the witness
to pay the costs of the proceeding to be taxed. (L. 1963 p. 466 § 6, A.L.
1993 S.B. 52, A.L. 1995 S.B. 3)
1. Each retail installment contract shall be in writing, shall
be signed by both the buyer and the seller, and shall be completed as to
all essential provisions prior to the signing of the contract by the
buyer. In addition to the retail installment contract, the seller may
require the buyer to execute and deliver a negotiable promissory note to
evidence the indebtedness created by the retail installment transaction
and the seller may require security for the payment of the indebtedness
or the performance of any other condition of the transaction. Every note
executed pursuant to a retail installment contract shall expressly state
that it is subject to prepayment privilege required by law and the refund
required by law in such cases. Any such note, if otherwise negotiable
under the provisions of sections 400.3-101 to 400.3-805, RSMo, shall be
negotiable. The retail installment contract may evidence the security.
2. The printed portion of the contract, other than instructions for
completion, shall be in at least eight-point type. The contract shall
contain the following notice in a size equal to at least ten-point bold
type: "Notice to the Buyer.
Do not sign this contract before you read it or if it contains any blank
spaces.
You are entitled to an exact copy of the contract you sign.
Under the law you have the right to pay off in advance the full amount
due and to obtain a partial refund of the time price differential."
3. The contract shall also contain, in a size equal to at least ten-
point bold type, a specific statement that liability insurance coverage
for bodily injury and property damage caused to others is not included if
that is the case.
4. The seller shall deliver to the buyer, or mail to him at his address
shown on the contract, a copy of the contract signed by the seller. Until
the seller does so, a buyer who has not received delivery of the motor
vehicle may rescind his agreement and receive a refund of all payments
made and return of all goods traded in to the seller on account of or in
contemplation of the contract, or if the goods cannot be returned, the
value thereof. Any acknowledgment by the buyer of delivery of a copy of
the contract shall be in a size equal to at least ten-point bold type
and, if contained in the contract, shall appear directly above the
buyer's signature.
5. The contract shall contain the names of the seller and the buyer, the
place of business of the seller, the residence of the buyer and a brief
description of the motor vehicle including its make, year model, model
and identification numbers or marks.
6. The contract shall contain the following items:
(1) The cash sale price of the motor vehicle;
(2) The amount of the buyer's down payment, and whether made in money or
goods, or partly in money and partly in goods, including a brief
description of the goods traded in;
(3) The difference between items one and two;
(4) The aggregate amount, if any, if a separate identified charge is made
therefor, included for all insurance on the motor vehicle against loss,
damage to or destruction of the motor vehicle, specifying the types of
coverage and period;
(5) The aggregate amount, if any, if a separate identified charge is made
therefor, included for all bodily injury and property damage liability
insurance for injuries to the person or property of others, specifying
the types of coverage and coverage period;
(6) The aggregate amount, if any, if a separate identified charge is made
therefor, included for all life, accident or health insurance, specifying
the types of coverage and coverage period;
(7) The amounts, if any, if a separate identified charge is made
therefor, included for other insurance and benefits, specifying the types
of coverage and benefits and the coverage periods and separately stating
each amount for each insurance premium or benefit;
(8) The amount of official fees;
(9) The principal balance which is the sum of items (3), (4), (5), (6),
(7) and (8);
(10) The amount of the time price differential expressed in the contract
as a percent per annum;
(11) The total amount of the time balance stated as one sum in dollars
and cents, which is the sum of items (9) and (10), payable in
installments by the buyer to the seller, the number of installments, the
amount of each installment and the due date or period thereof based on
the contract's original amortization schedule; and
(12) The time sale price.
The above items need not be stated in the sequence or order set forth.
(L. 1963 p. 466 § 7, A.L. 1969 H.B. 670 merged with H.B. 684, A.L. 2002
H.B. 2008)
1. The amount, if any, included in any retail installment
transaction for insurance, if a separate identified charge is made for
the insurance, which insurance may be purchased by the holder of the
contract, shall not exceed the applicable premiums chargeable in
accordance with the rates approved by the department of insurance of this
state where the rates are required by law to be approved by the
department. All insurance shall be written by an insurance company
authorized to do business in this state and all policies written in this
state shall be countersigned by a duly licensed resident agent authorized
to engage in the insurance business in this state, unless otherwise
provided by law. A buyer may be required to provide insurance on the
motor vehicle at his own cost for the protection of the seller or holder,
as well as the buyer, but the insurance shall be limited to insurance
against substantial risk of loss, damage or destruction of the motor
vehicle. Any other insurance, including insurance providing involuntary
unemployment coverage, may be included in a retail installment
transaction at the buyer's expense only if contracted for voluntarily by
the buyer. If the insurance for which the identified charge is made
insures the safety or health of the buyer or his interest in the motor
vehicle and is purchased by the holder, it shall be subject to the
limitations provided for in the regulations promulgated and issued by the
director pursuant to the provision of subsection 1 of section 365.060.
The holder shall within thirty days after the execution of the retail
installment contract send or cause to be sent to the buyer a policy or
certificate of insurance, clearly setting forth the amount of the cost of
the policy or certificate of insurance, the kinds of insurance, and, if a
policy, all the terms, exceptions, limitations, restrictions and
conditions of the contract of insurance, or, if a certificate, a summary
of the certificate. The seller shall not decline existing insurance
written by an insurance company authorized to do business in this state
and the buyer shall have the privilege of purchasing insurance from an
agent or broker of his own selection and of selecting his insurance
company; except, that the insurance company shall be acceptable to the
holder, and further, that the inclusion of the cost of the insurance in
the retail installment contract when the buyer selects his agent, broker
or company, shall be optional with the seller.
2. If any insurance is canceled, or the premium adjusted, any refund of
the insurance premium received by the holder shall be credited to the
final maturing installments of the contract except to the extent applied
toward payment for similar insurance protecting the interests of the
buyer and the holder or either of them.
3. The amount of any life insurance shall not exceed the amount of the
total unpaid balance from time to time; except, that where the buyer's
obligation is repayable in payments which are not substantially equal in
amount, the insurance may be level term insurance in an amount which
shall not exceed by more than five dollars the time balance as determined
under subsection 6 of section 365.070.
4. Nothing in this chapter shall be construed to prohibit the sale of a
deficiency waiver addendum, guaranteed asset protection, extended service
contract, or other similar products purchased at the time of sale, as
part of a retail sale transaction involving any motor vehicle, or
including the cost therefor within a retail installment transaction,
provided the requirements of section 365.070 are met. (L. 1963 p. 466 §
8, A.L. 1989 H.B. 615 & 563, A.L. 2004 S.B. 1233, et al.)
Effective 8-28-05
A buyer may transfer his equity in the motor vehicle in which
the holder has a property interest at any time to another person upon
agreement by the holder, but in that event and if the original buyer is
released from further liability the holder of the contract shall be
entitled to a transfer of equity fee which shall not exceed fifteen
dollars. (L. 1963 p. 466 § 9)
For contracts entered into on or after August 28, 2005, if the
contract so provides, the holder thereof may charge, finance, and collect:
(1) A charge for late payment on each installment or minimum payment in
default for a period of not less than fifteen days in an amount not to
exceed five percent of each installment due or the minimum payment due or
twenty-five dollars, whichever is less; except that, a minimum charge of
ten dollars may be made, or when the installment is for twenty-five
dollars or less, a charge for late payment for a period of not less than
fifteen days shall not exceed five dollars, provided, however, that a
minimum charge of one dollar may be made;
(2) Interest on each delinquent payment at a rate which shall not exceed
the highest lawful contract rate. In addition to such charge, the
contract may provide for the payment of attorney fees not exceeding
fifteen percent of the amount due and payable under the contract where
the contract is referred for collection to any attorney not a salaried
employee of the holder, plus court costs;
(3) A dishonored or insufficient funds check fee equal to such fee as
provided in section 408.653*, RSMo, in addition to fees charged by a bank
for each check, draft, order or like instrument which is returned unpaid;
and
(4) All other reasonable expenses incurred in the origination, servicing,
and collection of the amount due under the contract. (L. 1963 p. 466 §
10, A.L. 1994 S.B. 718, A.L. 2002 S.B. 895, A.L. 2004 S.B. 1233, et al.)
Effective 8-28-05
*Section 408.653 was repealed by H.B. 221 and also S.B. 346 in 2003.
No retail installment contract shall be signed by any party
thereto when it contains blank spaces to be filled in after it has been
signed except that, if delivery of the motor vehicle is not made at the
time of the execution of the contract, the identifying number or marks or
similar information and the due dates of the installments may be inserted
in the contract after its execution, and except that the contract may be
so signed provided the buyer is given at the time of the execution a bill
of sale, invoice or similar memorandum clearly indicating the cash sale
price, the gross down payment and the types of insurance coverage. The
buyer's written acknowledgment, conforming to the requirements of
subsection 4 of section 365.070, of delivery of a copy of a contract
shall be conclusive proof of the delivery, that the contract when signed
did not contain any blank spaces except as herein provided, and of
compliance with section 365.070 in any action or proceeding by or against
a holder of the contract without knowledge to the contrary when he
purchased the contract. (L. 1963 p. 466 § 11)
1. Notwithstanding the provisions of any other law, the time
price differential included in a retail installment transaction on any
motor vehicle without regard to the year model designated by the
manufacturer, the retail seller may charge, contract and receive any time
price differential agreed to by the retail buyer, expressed in the
contract as a percent per annum that shall apply to the contract
regardless of its repayment schedule.
2. The time price differential shall be computed on the principal balance
as a percent per annum. A minimum time price differential of twenty-five
dollars may be charged on any retail installment transaction. (L. 1963 p.
466 § 12, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision, A.L. 2002 H.B.
2008)
As an alternative to the time price differential authorized by
section 365.120, the parties may agree to any rate or amount of time
price differential not exceeding a rate or amount authorized by section
408.450, RSMo, but any such agreement shall be subject to the
restrictions and conditions of sections 408.450 to 408.467, RSMo. (L.
1984 H.B. 1170)
1. Any person may purchase or acquire or agree to purchase or
acquire from any seller any contract on such terms and conditions and at
such price as may be agreed upon between them. Filing of the assignment
notice to the buyer of the assignment, and any requirement that the
holder maintain dominion over the payments or the motor vehicle if
repossessed shall not be necessary to the validity of a written
assignment of a contract as against creditors, subsequent purchasers,
pledges, mortgages and lien claimants of the seller. Unless the buyer has
notice of the assignment of his contract, payment thereunder made by the
buyer to the last known holder of the contract shall be binding upon all
subsequent holders.
2. The holder of a retail installment contract upon request by the buyer
may agree to an amendment thereto to extend or defer the scheduled due
date of all or any part of any installment or installments to renew,
restate or reschedule the unpaid balance of such contract, and may
collect for same a refinance charge not to exceed an amount computed as
follows: If all or any part of any installment or installments is
deferred for not more than two months the holder may at his election
charge and collect on the amount deferred for the period deferred a
refinance charge computed at a rate which will not exceed the same yield
as is permitted on monthly payment contracts under subsection 1 of
section 365.120; provided that the minimum deferment charge shall be one
dollar. Such amendment may also include payment by the buyer of the
additional cost to the holder of premiums for continuing in force any
insurance coverages provided for in the contract and any additional
necessary official fees. In any other extension, renewal, restatement or
rescheduling of the unpaid balance, the refinance charge may be computed
as follows: the sum of the unpaid balance as of the refinancing date and
the cost for any insurance and other benefits incidental to the
refinancing, any additional necessary official fees, and any accrued
delinquency and collection charges, after deducting a refund credit as
for prepayment pursuant to section 365.140, shall constitute a principal
balance, the refinance charge may be computed for the term of the
refinanced contract at the applicable rate for finance charges provided
in subsection 1 of section 365.120 obtained by reclassifying the motor
vehicle by its year model at the time of the refinancing. The provisions
of this chapter relating to minimum finance charges under subsection 2 of
section 365.120 and acquisition costs under the refund schedule in
section 365.140 shall not apply in calculating refinance charges. The
amendment to the contract must be confirmed in a writing which shall set
forth the terms of the amendment and the new due dates and amounts of the
installments, and shall either be delivered to the buyer or mailed to him
at his address as shown on the contract. Said writing together with the
original contract and any previous amendments thereto shall constitute
the retail installment contract.
3. Notwithstanding any other provision of this chapter and upon request
by the buyer, the holder of a retail installment contract may agree to an
amendment thereto to extend or defer the scheduled due dates on such
contract with an original amount of six hundred dollars or more, and
provided the debtor agrees in writing, the holder may collect a fee in
advance for allowing the debtor to defer monthly payments on the credit
so long as the fee on each deferred period is no more than the lesser of
fifty dollars or ten percent of the loan payments deferred; however, a
minimum fee of twenty-five dollars is permitted. In addition, under this
subsection no extensions shall be made until the first recurring monthly
payment is collected on any one extension of credit, the original time
price differential paid to the holder on the retail installment contract
remains the same and this subsection applies only to nonprecomputed
extensions of credit. (L. 1963 p. 466 § 12, A.L. 2005 H.B. 248)
Notwithstanding the provisions of any retail installment
contract to the contrary any buyer may prepay in full, whether by payment
in cash, extension or renewal, at any time before maturity the debt of
any retail installment contract and on so paying the debt shall receive a
refund credit thereon for the anticipation of payment. The amount of the
refund shall be calculated by the actuarial method. The lender shall
retain no more interest than is actually earned whenever a retail
installment contract is prepaid. Any insurance rendered unnecessary by
reason of prepayment shall be canceled by the holder and any refund of
premiums received by the holder shall be treated in accordance with the
provisions of subsection 2 of section 365.080. (L. 1963 p. 466 § 13, A.L.
1986 H.B. 1207, A.L. 2002 S.B. 895)
Effective 7-1-03
Sections 408.551 to 408.562, RSMo, shall apply to any retail
installment transaction made pursuant to sections 365.010 to 365.160. (L.
1984 H.B. 1170)
1. Any person who knowingly violates any provision of this
chapter or engages in the business of a sales finance company in this
state without a license therefor as provided in this chapter is guilty of
a class B misdemeanor.
2. Any person violating section 365.070, 365.080, 365.090, 365.100,
365.110, 365.120, 365.130, 365.140, or 365.145 shall be barred from
recovery of any time price differential, delinquency or collection charge
on the contract.
3. Notwithstanding the other provisions of this section, the failure to
comply with any provision of this chapter with respect to any retail
installment transaction may be corrected by the seller or holder within
thirty days after the date of the sale, and, if so corrected, neither the
seller nor the holder shall be subject to any criminal penalty or civil
forfeiture under this chapter for the failure. (L. 1963 p. 466 § 14, A.L.
1984 H.B. 1170)
Any waiver of the provisions of this chapter is unenforceable
and void. (L. 1963 p. 466 § 15)
1. For any motor vehicle which is not subject to the Missouri
motor vehicle time sales law as provided in sections 365.010 to 365.160,
a seller is permitted to include in the contractual time sale of a motor
vehicle the outstanding balance of a prior loan or lease of a motor
vehicle used as a trade-in. For the purposes of this section, a "time
sale contract" is a contract evidencing an installment transaction
entered into in this state pursuant to which the title to or a lien upon
the motor vehicle which is the subject of the installment transaction is
retained or taken by the seller from the buyer as security for the
buyer's obligation. The term includes a security agreement or a contract
for the bailment or leasing of the motor vehicle by which the bailee or
lessee contracts to pay as compensation for its use a sum substantially
equivalent to or in excess of its value and by which it is agreed that
the bailee or lessee is bound to become, or has the option of becoming,
the owner of a motor vehicle upon satisfying the contract. "Motor
vehicle" is any new or used automobile, mobile home, motorcycle, truck,
trailer, semitrailer, truck tractor or bus.
2. Any seller as provided in this section shall first qualify as a retail
seller pursuant to sections 365.010 to 365.160. (L. 1999 S.B. 386)
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