54-6A-1. Definitions.
128 words·~1 min read·
/sd/title-54/chapter-54-6/54-6a-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Terms used in this chapter mean:
(1)"Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease - purchase agreement;
(2)"Cash price," the price at which the lessor would have sold the property to the consumer for cash on the date of the lease - purchase agreement;
(3)"Consumer," a natural person who rents personal property under a lease - purchase agreement to be used primarily for personal, family or household purposes;
(4)"Consummation," the time a consumer becomes contractually obligated on a lease - purchase agreement;
(5)"Lessor," a person who regularly provides the use of property through lease - purchase agreements and to whom lease payments are initially payable on the face of the lease - purchase agreement.