54-6A-3. Agreements exempt from other laws.

Lease-purchase agreements which comply with this chapter are not subject to the laws relating to:

(1)    A consumer transaction in chapter 54-3A;

(2)    A security interest defined in § 57A-1-201; or

(3)    A lease in chapter 57A-2A.

This chapter does not apply to the following:

(1)    Lease-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;

(2)    A lease of a safe deposit box;

(3)    A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or

(4)    A lease of a motor vehicle.

Source: SL 1991, ch 393, § 3.