Section 40-19-102 - Definitions

40-19-102. Definitions. (a) As used in this act: (i) 'Administrator' means the state banking commissioner; (ii) 'Advertisement' means a commercial message in any medium that solicits a consumer to enter a rental-purchase agreement; (iii) 'Business day' means any day other than Sunday or a legal holiday; (iv) 'Cash sale price' means the price stated in a rental-purchase agreement for which the merchant would have sold and the consumer would have bought the property which is the subject matter of a rental-purchase agreement if the transaction had been a sale for cash. The cash sale price may include any applicable taxes to the extent imposed on the cash sale; (v) 'Consumer' means an individual who rents property under a rental-purchase agreement to be used primarily for personal, family or household purposes; (vi) 'Consummation' means the date on which a consumer enters a rental-purchase agreement; (vii) 'Fee' means any payment, charge, fee, cost or expense whether mandatory or optional that a consumer pays in addition to periodic payments in connection with a rental-purchase agreement; (viii) 'Merchant' means a person who regularly provides the use of property under rental-purchase

that a consumer pays in addition to periodic payments in connection with a rental-purchase agreement; (viii) 'Merchant' means a person who regularly provides the use of property under rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement; (ix) 'Periodic payment' means the rent a consumer pays weekly, monthly or otherwise for the use of property pursuant to a rental-purchase agreement; (x) 'Property' means personal property of which a consumer acquires use under a rental-purchase agreement; (xi) 'Rental-purchase agreement' means an agreement between a consumer and merchant for the use of property by the consumer primarily for personal, family or household purposes: (A) For an initial period of four (4) months or less; (B) That is automatically renewable with each payment after the initial period; (C) That does not obligate or require the consumer to continue renting or using the property beyond the initial period; and (D) That permits the consumer to become the owner of the property. (xii) 'This act' means W.S. 40-19-101 through 40-19-120.