Section 40-14-206 - Definition of "Consumer Lease"

40-14-206. Definition of 'consumer lease'. (a) 'Consumer lease' means a lease of goods: (i) Which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family or household purpose; (ii) In which the amount payable under the lease does not exceed seventy-five thousand dollars ($75,000.00); and (iii) Which is for a term exceeding four (4) months. (b) 'Consumer lease' does not include a lease made pursuant to a lender credit card or similar arrangement.