§ 12-1101
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/md/commercial-law/12-1101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–1101.
(a)In this subtitle the following words have the meanings indicated.
(1)“Advertisement” means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental–purchase agreement.
(2)“Advertisement” does not include in–store merchandising ads.
(c)“Cash price” means the price at which the lessor would have sold rental property covered by a rental–purchase agreement to the consumer unconditionally for cash on the date of consummation.
(d)“Consumer” means an individual who rents personal property under a rental–purchase agreement primarily for personal, family, or household purposes.
(e)“Consummation” means the time at which a consumer enters into a rental–purchase agreement.
(f)“Cost of lease services” means the difference between the final purchase price of rental property and the cash price of rental property.
(g)“Lessor” means a person who regularly provides the use of personal property through rental–purchase agreements to consumers and to whom rental payments are initially payable on the face of a rental–purchase agreement.
(h)“Rental property” means personal property that is the subject of a rental–purchase agreement.
(i)“Rental–purchase agreement” means an agreement that:
(1)Is for the use of personal property by an individual primarily for personal, family, or household purposes;
(2)Is for an initial period of 4 months or less;
(3)Is automatically renewable for a weekly or monthly period with each rental payment after the initial period; and
(4)Allows but does not obligate the consumer to become the owner of the property.