54-6A-3. Agreements exempt from other laws.
Lease-purchase agreements which comply with this chapter are not subject to the laws relating to:
(1)A consumer transaction in chapter 54-3A;
(2)A security interest defined in §57A-1-201; or
(3)A lease in chapter 57A-2A.
This chapter does not apply to the following:
(1)Lease-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;
(2)A lease of a safe deposit box;
(3)A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or
(4)A lease of a motor vehicle.
Source: SL 1991, ch 393, §3.