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. larly 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)
Nevada Legal Code