Section 57-26-2 - Definitions.
57-26-2. Definitions.
As used in the Rental-Purchase Agreement Act [57-26-1 to 57-26-12 NMSA 1978]:
A. "advertisement" means a commercial message in any medium that solicits a consumer to enter a rental-purchase agreement;
B. "cash sale price" means the price stated in a rental-purchase agreement for which the lessor would have sold and the consumer would have bought the goods that are the subject matter of a rental-purchase agreement if the transaction had been a sale for cash and may include any taxes and charges for delivery, installation, servicing, repairs, alterations or improvements;
C. "consumer" means an individual who rents goods under a rental-purchase agreement to be used primarily for personal, family or household purposes;
D. "consummation" means the date on which a consumer enters a rental-purchase agreement;
E. "goods" means personal property of which a consumer acquires use under a rental-purchase agreement;
F. "lessor" means a person who regularly provides the use of goods under rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement; and
G. "rental-purchase agreement" means an agreement for the use of goods by an individual for personal, family or household purposes, for an initial period of four months or less, that is automatically renewable with each payment after the initial period, that does not obligate or require the consumer to continue renting or using the goods beyond the initial period and that permits the consumer to become the owner of the goods.