75-24-153 - Definitions.
§ 75-24-153. Definitions.
The following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise:
(a) "Advertisement" means a commercial message in any medium that aids, promotes or assists, directly or indirectly, a rental-purchase agreement.
(b) "Cash price" means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental-purchase agreement.
(c) "Consumer" means a natural person who rents personal property under a rental-purchase agreement to be used primarily for personal, family or household purposes.
(d) "Consummation" means the time a consumer becomes contractually obligated on a rental-purchase agreement.
(e) "Lessor" means a person who regularly provides the use of property through rental-purchase agreements and to whom periodic rental payments are initially payable on the face of the rental-purchase agreement.
(f) "Rental-Purchase Agreement" means an agreement for the use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of four (4) months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property.
Sources: Laws, 1995, ch. 485, § 2, eff from and after July 1, 1995.