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.