[§481M-2] Lease-purchase agreement defined.
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/hi/481m-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§481M-2] Lease-purchase agreement defined. A lease-purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that:
(1)Is automatically renewable with each payment after the initial period;
(2)Does not obligate or require the lessee to continue leasing or using the property beyond the initial period; and
(3)Permits the lessee to become the owner of the property. [L 1997, c 248, pt of §1]