(a) Whenever tangible personal property is sold, including that sold in conjunction with a sale of business under a conditional sales contract whereby the seller retains title as security for all or part of the purchase price, the total sales tax based on the total purchase price, including finance and insurance charges which are not separately stated at the time of sale, shall become immediately due and payable. The finance director may authorize a retailer doing business wholly or partly on a credit basis to make returns on the basis of cash actually received or to collect the entire tax due at the time of the sale without regard to any deferred payment or whether or not the title passes to the purchaser; provided, however, that in any event, the entire tax due on a purchase or lease made on a revolving charge account shall be due and payable immediately. No refund or credit shall be allowed to either party to the transaction in case of repossession, or if there is a secured interest in the property.

(b) On any lease purchase contract, in addition to the imposition of the retail sales and use tax on those installments made for the leasing of the tangible personal property, exercise of an option to purchase tangible personal property under lease shall be deemed a sale, and the tax shall be computed on the amount of consideration paid for the exercise of the option. (Code 1979, § 36-85; Ord. No. 2021-64, § 4, 11-22-2021; Ord. No. 2017-13, § 26, 4-3-2017; Ord. No. 2015-41, § 2, 10-12-2015)