30-19-103. Definitions.
30-19-103. Definitions. As used in this part, the following definitions apply:
(1) "Advertisement" means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement but does not include price tags, window signs, or other in-store merchandising aids.
(2) "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.
(3) "Consumer" means a person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes.
(4) "Consummation" means the time that a consumer becomes contractually obligated by signing a rental-purchase agreement.
(5) "Lessor" means a person who regularly provides the use of property through rental-purchase agreements and to whom rent payments are initially payable on the face of the rental-purchase agreement.
(6) "Rental-purchase agreement" or "agreement" means an agreement between a lessor and a consumer that has the following characteristics:
(a) the agreement governs the use of personal property by a person primarily for personal, family, or household purposes;
(b) the agreement is entered into for an initial period of 4 months or less and is automatically renewable with each payment after the initial period;
(c) the agreement does not obligate or require the consumer to continue renting or using the property beyond the initial period; and
(d) the agreement permits the consumer to become the owner of the property.
History: En. Sec. 3, Ch. 263, L. 2001.