As used in the Oklahoma Rental-Purchase Act:
1. "Administrator" means the Administrator of the Department of Consumer Credit as designated in Section 6-501 of Title 14A of the Oklahoma Statutes;
2. "Advertisement" means any commercial message in any medium that promotes, directly or indirectly, a consumer rental-purchase agreement;
3. "Consummation" means the time a lessee becomes contractually obligated on a consumer rental-purchase agreement;
4. "Displayed or offered primarily for rental-purchase" means personal property displayed or offered at a physical location which derives fifty percent (50%) or more of its revenue from rental-purchase agreements;
5. "Initial fee" means any fee charged to initiate a contract however designated;
6. "Initial period" means from the date of inception to the first scheduled renewal payment;
7. "Lessee" means a natural person who rents personal property under a consumer rental-purchase agreement;
8. "Lessor" means a person who regularly provides the use of property through consumer rental-purchase agreement; and
9. "Rental-purchase agreement" means an agreement for the use of personal property by a consumer for personal, family, or household purposes, for an initial period of four (4) months or less, that is renewable with each payment after the initial period, and that permits the consumer to become the owner of the property. An agreement that complies with this definition is not a consumer credit sale as defined in Section 2-104 of Title 14A of the Oklahoma Statutes, or a consumer loan as defined in Section 3-104 of Title 14A of the Oklahoma Statutes, or a refinancing or consolidation thereof, or a consumer lease as defined in Section 2-106 of Title 14A of the Oklahoma Statutes, or a lease or agreement which constitutes a security interest as defined in paragraph (35) of subsection (b) of Section 1-201 of Title 12A of the Oklahoma Statutes or a lease or agreement which constitutes a sale of goods as defined in subsection (4) of Section 2-105 of Title 14A of the Oklahoma Statutes.
Added by Laws 1988, c. 106, § 2, eff. Nov. 1, 1988. Amended by Laws 1989, c. 106, § 1, emerg. eff. April 26, 1989; Laws 2000, c. 371, § 177, eff. July 1, 2001; Laws 2016, c. 278, § 1, eff. Nov. 1, 2016.