§ 30-19-103

30-19-103. Definitions. As used in this part, the following definitions apply: (1) 'Advertisement' means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement but does not include price tags, window signs, or other in-store merchandising aids. (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 a person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes. (4) 'Consummation' means the time that a consumer becomes contractually obligated by signing a rental-purchase agreement. (5) 'Lessor' means a person who regularly provides the use of property through rental-purchase agreements and to whom rent payments are initially payable on the face of the rental-purchase agreement. (6) 'Rental-purchase agreement' or 'agreement' means an agreement between a lessor and a consumer that has the following characteristics: (a) the agreement governs the use of personal property by a person primarily for personal, family, or household

ns an agreement between a lessor and a consumer that has the following characteristics: (a) the agreement governs the use of personal property by a person primarily for personal, family, or household purposes; (b) the agreement is entered into for an initial period of 4 months or less and is automatically renewable with each payment after the initial period; (c) the agreement does not obligate or require the consumer to continue renting or using the property beyond the initial period; and (d) the agreement permits the consumer to become the owner of the property. History: En. Sec. 3, Ch. 263, L. 2001.