54-6A-2. Lease-purchase agreement defined.
76 words·~1 min read·
/sd/title-54/chapter-54-6/54-6a-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.