(a) In this subtitle the following words have the meanings indicated. (b) (1) 'Advertisement' means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental–purchase agreement. (2) 'Advertisement' does not include in–store merchandising ads. (c) 'Cash price' means the price at which the lessor would have sold rental property covered by a rental–purchase agreement to the consumer unconditionally for cash on the date of consummation. (d) 'Consumer' means an individual who rents personal property under a rental–purchase agreement primarily for personal, family, or household purposes. (e) 'Consummation' means the time at which a consumer enters into a rental–purchase agreement. (f) 'Cost of lease services' means the difference between the final purchase price of rental property and the cash price of rental property. (g) 'Lessor' means a person who regularly provides the use of personal property through rental–purchase agreements to consumers and to whom rental payments are initially payable on the face of a rental–purchase agreement. (h) 'Rental property' means personal property that is the subject of a rental–purchase agreement. nsumers and to whom rental payments are initially payable on the face of a rental–purchase agreement. (h) 'Rental property' means personal property that is the subject of a rental–purchase agreement. (i) 'Rental–purchase agreement' means an agreement that: (1) Is for the use of personal property by an individual primarily for personal, family, or household purposes; (2) Is for an initial period of 4 months or less; (3) Is automatically renewable for a weekly or monthly period with each rental payment after the initial period; and (4) Allows but does not obligate the consumer to become the owner of the property.
Maryland Legal Code