Definitions

5-10-301. Definitions. (1) As used in this article, unless otherwise required by the context: (a) Administrator means the administrator designated in section 5-6-103. (b) Advertisement means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental purchase agreement. (c) Cash price means the price at which a lessor in the ordinary course of business would offer the property that is the subject of a rental purchase agreement to the lessee for cash on the date of the execution of the rental purchase agreement. (d) Consummate means the act of the lessee in entering into a rental purchase agreement. (e) Lessee means a natural person who rents personal property under a rental purchase agreement. (f) Lessor means a person, firm, or corporation who in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of property under a rental purchase agreement. (g) Liability damage waiver means a contract or contractual provision, whether separate from or a part of a rental purchase agreement, whereby the lessor agrees, for a charge, to waive any and all claims against the lessee for any damages to, or loss of, the property which is the subject of the rental purchase agreement during the term of the rental agreement. (h) Period means a day, week, month, or other subdivision of the year. (i) Personal property means any property which is made available for a rental purchase agreement and which is not considered real property under the laws of this state. (j) Rental purchase agreement means an agreement for the use of personal property by an individual primarily for personal, family, or household purposes, for an initial period of four months or less, whether or not there is any obligation beyond the initial period, that is automatically renewable with each payment and that permits the lessee to become the owner of the property. Source: L. 90: Entire article added, p. 368, � 1, effective January 1, 1991. PART 4 DISCLOSURES AND FORM OF WRITING