As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires:
1. “Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.
2. “Customer” means a natural person who leases personal property which is to be used primarily for personal, family or household purposes pursuant to a lease agreement with an option to purchase.
3. “Lease agreement with an option to purchase” means an agreement:
(a) For the possession and use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of not more than 4 months;
(b) That is automatically renewable with each payment made after the initial period;
(c) That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and
(d) That permits the customer to acquire the ownership of the property.
4. “Lessor” means a person who regularly provides the possession and use of property pursuant to a lease agreement with an option to purchase and to whom rental payments are initially payable as indicated on the face of the agreement.
(Added to NRS by 1991, 515)
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