28-36-102. DEFINITIONS. As used in this chapter:
(1) "Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a lease-purchase agreement.
(2) "Consumer" means a natural person who rents personal property under a lease-purchase agreement to be used by the consumer primarily for personal, family or household purposes.
(3) "Consummation" means the time a consumer enters a lease-purchase agreement.
(4) "Lessor" means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement.
(5) "Lease-purchase agreement" means an agreement by a lessor and a consumer for the use of personal property by a consumer 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 leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.
(6) "Renewal date" means the date specified in the lease-purchase agreement upon which the consumer must either return the personal property to the lessor or renew the lease-purchase agreement.
History:
[28-36-102, added 1993, ch. 232, sec. 1, p. 807.]