§ 42.392

(a) Consummation of a consumer lease occurs when the lessee signs a record evidencing the lessee's contractual obligation under the lease. A lessee may consummate a consumer lease even if it is subject to subsequent credit or other approval by the lessor or an assignee of the lessor.(b) Expiration of a consumer lease occurs at the scheduled end of the period covered by the lease.(c) Termination of a consumer lease occurs when the lessee's right to continued possession and use of the goods ends by virtue of:(1) Expiration of the lease;(2) Election by one of the parties to terminate before expiration, as provided in the lease; or(3) Agreement of the parties.(P.A. 02-81, S. 3.)History: P.A. 02-81 effective July 1, 2003.