Consumer rental purchase agreement means an agreement for the use of personal property in which all of the following are applicable:
Consumer 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 consumer to become the owner of the property. The term does not include a consumer credit sale as defined in Section 37‑2‑104, or a consumer loan as defined in Section 37‑3‑104, or a refinancing or consolidation thereof, or a consumer lease as defined in Section 37‑2‑106.
Consumer rental purchase agreement means an agreement for the use of personal property in which all of the following are applicable:
a. The lessor is regularly engaged in the rental purchase business.
b. The agreement is 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.
c. The lessee is a person other than an organization.
d. The lessee takes under the consumer rental purchase agreement primarily for a personal, family, or household purpose.
e. The amount payable under the consumer rental purchase agreement does not exceed twenty-five thousand dollars.
Examples of Consumer rental purchase agreement in a sentence
Consumer rental purchase agreement rent to own agreement lease agreement with an option to.
More Definitions of Consumer rental purchase agreement
Consumer rental purchase agreement means an agreement