Section 12-1102 - Effect and applicability of subtitle.
§ 12-1102. Effect and applicability of subtitle.
(a) Effect of subtitle.- A rental-purchase agreement that complies with this subtitle may not be deemed to be:
(1) A "retail sale", as defined in § 12-601 (s) of this title;
(2) An "installment sale agreement", as defined in § 12-601 (m) of this title; or
(3) A "security interest", as defined in § 1-201 (37) of this article.
(b) Applicability of subtitle.- This subtitle does not apply to:
(1) A rental-purchase agreement made primarily for business, commercial, or agricultural purposes, or made with governmental agencies, instrumentalities, or organizations;
(2) A rental of a safe deposit box;
(3) A lease or bailment of personal property that:
(i) Is incidental to the rental of real property; and
(ii) Provides that the consumer has no option to purchase the rented real property; or
(4) A lease of an automobile.
[1989, ch. 620; 1995, ch. 3, § 22.]