191. Meaning of "credit transaction"

(1) A "credit transaction" is a transaction under which one party ("the creditor")—
(a) supplies any goods or sells any land under a hire-purchase agreement or a conditional sale agreement,
(b) leases or hires any land or goods in return for periodical payments, or
(c) otherwise disposes of land or supplies goods or services on the understanding that payment (whether in a lump sum or instalments or by way of periodical payments or otherwise) is to be deferred.
(2) Any reference to the person for whose benefit a credit transaction is entered into is to the person to whom goods, land or services are supplied, sold, leased, hired or otherwise disposed of under the transaction.
(3) In this section-

"conditional sale agreement" means an agreement for the sale of goods or land under which the purchase price or part of it is payable by instalments, and the property in the goods or land is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods or land) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled, and

"services" means anything other than goods or land.