Sales financing definition
Sales financing means being primarily engaged in the business of taking by assignment or financing in behalf of sellers or lessors, rights against debtors arising from consumer credit sales or consumer leases and undertaking direct collection of payment from or enforcement of rights against debtors arising from these sales or leases which at the time of assignment the buyer or lessee is not in default.
Sales financing means being primarily engaged in the business of taking by assignment or providing financing on behalf of sellers or lessors. Assignment under this subsection shall only include non-servicing rights against debtors arising from consumer credit sales or consumer leases which at the time of assignment the buyer or lessee is not in default.