50-681. Definitions.
50-681
50-681. Definitions.As used in this act:
(1) "Advertisement" means a commercial message in any medium that aids,promotes or assists, directly or indirectly, a lease-purchase agreement;
(2) "cash price" means the price at which the lessor would have sold theproperty to the consumer for cash on the date of the lease-purchase agreement;
(3) "consumer" means a natural person who rents personal property under alease-purchase agreement to be used primarily for personal, family or householdpurposes;
(4) "consummation" means the time a consumer becomes contractually obligatedon a lease-purchase agreement;
(5) "lessor" means a person who regularly provides the use of propertythrough lease-purchase agreements and to whom lease payments are initiallypayable on the face of the lease-purchase agreement; and
(6) "lease-purchase agreement" means an agreement for the use of personalproperty by a natural person primarily for personal, family or householdpurposes, for an initial period of four months or less that is automaticallyrenewable with each payment after the initial period, but does not obligate orrequire the consumer to continue leasing or using the property beyond theinitial period, andthat permits the consumer to become the owner of the property.
History: L. 1991, ch. 71, § 2; July 1.