Sec. 42-394. Characterization of lease. Applicability by agreement.
Sec. 42-394. Characterization of lease. Applicability by agreement. (a) A consumer lease may not be deemed a credit sale, loan or security interest to make the
transaction subject to coverage by other law in lieu of sections 42-270 to 42-271a,
inclusive, and 42-390 to 42-434, inclusive.
(b) The parties to a lease that is not subject to sections 42-270 to 42-271a, inclusive,
and 42-390 to 42-434, inclusive, may agree in the lease, or in a contemporaneous record,
that sections 42-270 to 42-271a, inclusive, and 42-390 to 42-434, inclusive, apply to
the lease.
(c) The parties to a consumer lease may not agree that the transaction is governed
by other law in lieu of sections 42-270 to 42-271a, inclusive, and 42-390 to 42-434,
inclusive.
(P.A. 02-81, S. 5.)
History: P.A. 02-81 effective July 1, 2003.