44-6801. Definitions
In this chapter, unless the context otherwise requires:
1. " Advertisement" means a commercial message in any medium that solicits a consumer to enter a rental-purchase agreement.
2. " Cash price" means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental-purchase agreement.
3. " Consumer" means an individual who rents personal property under a rental-purchase agreement to be used primarily for personal, family or household purposes.
4. " Consummation" means the date on which a consumer becomes contractually obligated under a rental-purchase agreement or on the date the first payment is made, whichever is earlier.
5. " Cost of rental" means the difference between the total of all periodic payments necessary to acquire ownership under the rental-purchase agreement and the cash price of the rental property that is subject to the rental-purchase agreement.
6. " Fee" means any charge, fee, cost or expense, however denominated, other than a rental payment.
7. " Lessor" means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of property under a rental-purchase agreement.
8. " Rental-purchase agreement" means an agreement that is for the use of personal property by an individual for personal, family or household purposes, that is for an initial period of four months or less, that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property but that does not obligate or require the consumer to continue leasing or using the property beyond the initial period.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.