§ 6-44-2 - Definitions.
SECTION 6-44-2
§ 6-44-2 Definitions. – For the purposes of this chapter:
(1) "Lessee" means an individual who leases personal propertyunder a rental purchase agreement.
(2) "Lessor" means a person who, in the ordinary course ofbusiness, regularly leases, offers to lease, or acts as an agent for theleasing of property under a rental purchase agreement.
(3) "Property" means the personal property that is thesubject of a rental purchase agreement.
(4) "Rental purchase agreement" means an agreement for theuse of property by a lessee for personal, family, or household purposes, for aninitial period of four (4) months or less, that is automatically renewable witheach payment after the initial period and that permits, but does not obligate,the lessee to become the owner of the property.
(5) An agreement that complies with this chapter shall not beconstrued as, nor be governed by, the laws relating to:
(i) "Credit" as defined in § 6-27-3(1);
(ii) A "home solicitation sale" as defined in § 6-28-2;or
(iii) A "security interest" as defined in § 6A-1-201(37).