[Code of Federal Regulations]
[Title 16, Volume 1]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 16CFR444.1]

[Page 447]
 
                     TITLE 16--COMMERCIAL PRACTICES
 
                   CHAPTER I--FEDERAL TRADE COMMISSION
 
PART 444_CREDIT PRACTICES--Table of Contents
 
Sec. 444.1  Definitions.




Sec.
444.1 Definitions.
444.2 Unfair credit practices.
444.3 Unfair or deceptive cosigner practices.
444.4 Late charges.
444.5 State exemptions.

    Authority: Sec. 18(a), 88 Stat. 2193, as amended 93 Stat. 95 (15 
U.S.C. 57a); 80 Stat. 383, as amended, 81 Stat. 54 (5 U.S.C. 552).

    Source: 49 FR 7789, Mar. 1, 1984, unless otherwise noted.


    (a) Lender. A person who engages in the business of lending money to 
consumers within the jurisdiction of the Federal Trade Commission.
    (b) Retail installment seller. A person who sells goods or services 
to consumers on a deferred payment basis or pursuant to a lease-purchase 
arrangement within the jurisdiction of the Federal Trade Commission.
    (c) Person. An individual, corporation, or other business 
organization.
    (d) Consumer. A natural person who seeks or acquires goods, 
services, or money for personal, family, or household use.
    (e) Obligation. An agreement between a consumer and a lender or 
retail installment seller.
    (f) Creditor. A lender or a retail installment seller.
    (g) Debt. Money that is due or alleged to be due from one to 
another.
    (h) Earnings. Compensation paid or payable to an individual or for 
his or her account for personal services rendered or to be rendered by 
him or her, whether denominated as wages, salary, commission, bonus, or 
otherwise, including periodic payments pursuant to a pension, 
retirement, or disability program.
    (i) Household goods. Clothing, furniture, appliances, one radio and 
one television, linens, china, crockery, kitchenware, and personal 
effects (including wedding rings) of the consumer and his or her 
dependents, provided that the following are not included within the 
scope of the term household goods:
    (1) Works of art;
    (2) Electronic entertainment equipment (except one television and 
one radio);
    (3) Items acquired as antiques; and
    (4) Jewelry (except wedding rings).
    (j) Antique. Any item over one hundred years of age, including such 
items that have been repaired or renovated without changing their 
original form or character.
    (k) Cosigner. A natural person who renders himself or herself liable 
for the obligation of another person without compensation. The term 
shall include any person whose signature is requested as a condition to 
granting credit to another person, or as a condition for forbearance on 
collection of another person's obligation that is in default. The term 
shall not include a spouse whose signature is required on a credit 
obligation to perfect a security interest pursuant to State law. A 
person who does not receive goods, services, or money in return for a 
credit obligation does not receive compensation within the meaning of 
this definition. A person is a cosigner within the meaning of this 
definition whether or not he or she is designated as such on a credit 
obligation.