§14A-2-106. Definition: "Consumer lease".
179 words·~1 min read·
/ok/title-14a-consumer-credit-code/14a-2-106·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)"Consumer lease" means a lease of goods
(a)which a lessor regularly engaged in the business of
leasing makes to a person, other than an organization,
who takes under the lease primarily for a personal,
family or household purpose;
(b)in which the amount payable under the lease does not
exceed Fifty Thousand Dollars ($50,000.00). The
dollar amount in this paragraph shall be adjusted
annually as indicated by the Consumer Financial
Protection Bureau by the annual percentage increase in
the Consumer Price Index for Urban Wage Earners and
Clerical Workers, as published by the Bureau of Labor
Statistics, rounded to the nearest multiple of One
Hundred Dollars ($100.00) or One Thousand Dollars
($1,000.00) as applicable; and
(c)which is for a term exceeding four
(4)months.
(2)"Consumer lease" does not include a lease made pursuant to a lender credit card or similar arrangement. Added by Laws 1969, c. 352, § 2-106, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 8, operative June 1, 1982; Laws 2012, c. 172, § 2, eff. July 1, 2012.