As used in this part, the following definitions apply:
(1) “Advertisement” means a commercial message in any medium that aids, promotes,
or assists, directly or indirectly, a rental-purchase agreement but does not include
price tags, window signs, or other in-store merchandising aids.
(2) “Cash price” means the price at which the lessor would have sold the property
to the consumer for cash on the date of the rental-purchase agreement.
(3) “Consumer” means a person who rents personal property under a rental-purchase
agreement to be used primarily for personal, family, or household purposes.
(4) “Consummation” means the time that a consumer becomes contractually obligated
by signing a rental-purchase agreement.
(5) “Lessor” means a person who regularly provides the use of property through rental-purchase
agreements and to whom rent payments are initially payable on the face of the rental-purchase
(6) “Rental-purchase agreement” or “agreement” means an agreement between a lessor
and a consumer that has the following characteristics:
(a) the agreement governs the use of personal property by a person primarily for personal,
family, or household purposes;
(b) the agreement is entered into for an initial period of 4 months or less and is
automatically renewable with each payment after the initial period;
(c) the agreement does not obligate or require the consumer to continue renting or
using the property beyond the initial period; and
(d) the agreement permits the consumer to become the owner of the property.
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