§ 6-51-2 - Definitions.
SECTION 6-51-2
§ 6-51-2 Definitions. – For purposes of this chapter:
(a) "Automobile" means any self-propelled, motored device in,upon or by which any person is, or may be, transported or drawn upon a highwayand is used or brought for use primarily for personal, family or householdpurposes and shall include:
(1) An automobile as defined by subsection 31-1-3(d);
(2) A motorcycle as defined by subsection 31-1-3(j);
(3) A suburban vehicle as defined by subsection 31-1-3(u).
(b) "Automobile lease agreement" means the bargain, withrespect to the lease, of the lessor and the consumer in fact as found in theirlanguage and the term includes a sublease agreement.
(c) "Automobile loan agreement" means a transaction thatcreates or provides for a security interest in an automobile in which: (i) anindividual incurs an obligation primarily for personal, family, or householdpurposes; (ii) a security interest secures the obligation; and (iii) theautomobile is held or acquired primarily for personal, family, or householdpurposes.
(d) "Consumer" means any natural person: (1) in an automobilelease agreement who acquires, applies for, or is offered the right topossession and use of goods under an automobile lease and includes a legalrepresentative of, fiduciary for, or successor in interest to, an individualwho is a lessee, but does not include a guarantor on a consumer lease; or (2)in an automobile loan agreement with respect to an obligation secured by asecurity interest in the automobile: (i) owes payment or other performance ofthe obligation; (ii) has provided property other than the collateral to securepayment or other performance of the obligation; or (iii) is otherwiseaccountable in whole or part for payment or other performance of the obligationand the term does not include issuers or nominated persons under a letter ofcredit.
(e) "Lessor" means a person or business who transfers theright to possession and use of an automobile under a lease. Unless the contextclearly indicates otherwise, the term includes a sublessor.
(f) "Secured party" means a person or business that holds asecurity interest arising under an automobile loan agreement.