30-19-103. Definitions.
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/mt/title-30/chapter-19/part-1/30-19-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30-19-103 . Definitions. As used in this part, the following definitions apply:
(1)"Advertisement" means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement but does not include price tags, window signs, or other in-store merchandising aids.
(2)"Cash price" means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental-purchase agreement.
(3)"Consumer" means a person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes.
(4)"Consummation" means the time that a consumer becomes contractually obligated by signing a rental-purchase agreement.
(5)"Lessor" means a person who regularly provides the use of property through rental-purchase agreements and to whom rent payments are initially payable on the face of the rental-purchase agreement.
(6)"Rental-purchase agreement" or "agreement" means an agreement between a lessor and a consumer that has the following characteristics:
(a)the agreement governs the use of personal property by a person primarily for personal, family, or household purposes;
(b)the agreement is entered into for an initial period of 4 months or less and is automatically renewable with each payment after the initial period;
(c)the agreement does not obligate or require the consumer to continue renting or using the property beyond the initial period; and
(d)the agreement permits the consumer to become the owner of the property.