Sec. 42-392. Time of consummation. Expiration. Termination.
Sec. 42-392. Time of consummation. Expiration. Termination. (a) Consummation of a consumer lease occurs when the lessee signs a record evidencing the lessee's
contractual obligation under the lease. A lessee may consummate a consumer lease even
if it is subject to subsequent credit or other approval by the lessor or an assignee of the
lessor.
(b) Expiration of a consumer lease occurs at the scheduled end of the period covered
by the lease.
(c) Termination of a consumer lease occurs when the lessee's right to continued
possession and use of the goods ends by virtue of:
(1) Expiration of the lease;
(2) Election by one of the parties to terminate before expiration, as provided in the
lease; or
(3) Agreement of the parties.
(P.A. 02-81, S. 3.)
History: P.A. 02-81 effective July 1, 2003.