54-6A-1. Definitions. Terms used in this chapter mean:
(1) "Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement;
(2) "Cash price," the price at which the lessor would have sold the property to the consumer for cash on the date of the lease-purchase agreement;
(3) "Consumer," a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes;
(4) "Consummation," the time a consumer becomes contractually obligated on a lease-purchase agreement;
(5) "Lessor," a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement.Source:
SL 1991, ch 393, § 1.
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