Pub. L. 88-243, subtit. I, sec. 9

Sec. 9. (a) Paragraph (9) of section 1 of the Act approved April 22, 1960 (Pub. L. 86—431, 74 Stat. 69; D.C. Code, 1961 ed., sec. 40–901 (9)), is amended to read as follows: “(9) ‘Retail installment contract’ means a contract entered into in the District or entered into by a seller licensed or required to be licensed by the District evidencing a retail installment transaction pursuant to which the title to or a lien on, or security or a security interest in, the motor vehicle, which is the subject matter of the transaction, is retained or taken to secure, in whole or in part, the retail 77 Stat. 772buyer’s obligations. The term includes a security agreement, chattel mortgage, conditional sale contract and a contract in the form of a bailment or a lease, if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the value of the motor vehicle sold and it is agreed that the bailee or lessee is bound to become, or, for no further or a merely nominal consideration, has the option of becoming, the owner of the motor vehicle upon full compliance with the terms of the bailment or lease.” (b) Section 1 of the Act approved April 22, 1960 (Pub. L. 86–431, 74 Stat. 69; D.C. Code, 1961 ed., sec. 40–901), is further amended by adding at the end thereof the following paragraph: “(11) ‘Security interest’ and ‘secured party’ have the same meanings as those given to the terms in sections 28:1–201 and 28:9–105(i) of the District of Columbia Code,”.