Finance Receivables

Finance Receivables. Shall mean: (1) receivables secured by automobiles or trucks; (2) personal loans incurred under "small loan" laws or "industrial banking" laws, or otherwise incurred, not exceeding in amount the legal limit permitted by applicable law, if any, in the jurisdiction where the loan was made; (3) installment receivables arising from the financing of sales of durable goods other than those described in clause (5) below at retail or deferred payment plans; (4) amounts receivable under... leases of automobiles, trucks, and other durable personal property; (5) notes and receivables of dealers in durable personal property; and (6) other notes and receivables arising in the conduct, in accordance with sound trade practice, of the Finance Business. No note or receivable shall qualify as a Finance Receivable if taken in payment of delinquent interest. No note or receivable of the type described in clauses (1), (2), (3) and (5) shall qualify as a Finance Receivable if it has a stated maturity greater than thirty-seven (37) months from the date of origin thereof. No note or receivable of the type described in clause (6) shall qualify as a Finance Receivable if it has a stated maturity greater than eighty-five (85) months from the date of origin thereof. No note or receivable shall qualify as a Finance Receivable if arising from the financing or sale of mobile homes or manufactured homes. View More