As used in this chapter:
(a) “Cash price” means the retail selling price for which goods subject to a layaway agreement may be purchased for cash from the seller by the buyer at the time of the execution of the layaway agreement.
(b) “C.O.D. transaction” means an agreement by which the seller requires the buyer to pay the full cash price of the goods upon delivery or tender of delivery by the seller, less any down payment made by the buyer. A C.O.D. transaction does not include an agreement by which the seller requires the buyer to pay interim payments before such delivery or tender of delivery.
(c) “Consumer” and “buyer” shall have the meaning ascribed to the word “consumer” in Section 641.03.
(d) “Goods” shall have the meaning ascribed in Section 641.06, except for purposes of this chapter, goods shall not include motor vehicles.
(e) “Merchant” and “seller” shall have the meaning ascribed to the word “merchant” in Section 641.07.
(f) “Layaway agreement” means a written contract for the retail sale of goods negotiated or entered into in the City between a consumer and a merchant, under this or any other name, under which:
(1) Part or all of the layaway price is payable in one (1) or more payments subsequent to the making of the layaway agreement;
(2) The goods are specific existing goods identified from the seller’s stock or inventory at the time of the making of the layaway agreement;
(3) The seller retains possession of such goods until the layaway price is paid in full.
“Layaway agreement” includes a “special order transaction,” as defined in subsection (j) hereof. “Layaway agreement” does not include a bona fide C.O.D. transaction, as defined in subsection (b) hereof.
(g) “Layaway charge” means a charge assessed to the buyer for exercising the layaway option.
(h) “Layaway price” means the sum of the cash price, service charges and assessed taxes.
(i) “Service charge” means any fee charged to the buyer in addition to the cash price of the goods, excluding taxes.
(j) “Special order transaction” means a contract negotiated or entered into for the retail sale of goods under which such goods:
(1) Are ordered by the buyer to his or her unique specifications;
(2) Are not carried by the seller, either in the seller’s showroom or warehouse;
(3) Are ordered from a manufacturer or supplier; and
(4) Are not resalable by the seller at the sale price negotiated with the buyer; or
(5) Have been altered at the request of the buyer so that the goods are no longer salable to the general public.
(Ord. No. 2825-90. Passed 12-17-90, eff. 12-21-90)