North Dakota Century Code Title 47. Property § 47-15.1-01. Definitions

1. “Advertisement” means a commercial message in any medium that aids, promotes, or assists a consumer rental purchase agreement.

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 consumer rental purchase agreement for the property.

3. “Consumer” means an individual who rents property under a consumer rental purchase agreement.

4. “Consumer rental purchase agreement” includes an agreement for the use of property by a consumer primarily for personal, family, or household purposes for an initial period of four months or less, regardless of whether there is any obligation beyond the initial period; which is automatically renewable with each payment after the initial period but does not obligate or require the consumer to continue renting or using the property beyond the initial period, and which permits the consumer to become the owner of the property under the terms of the consumer rental purchase agreement. The term does not include:

5. “Consummation” means the time at which a consumer becomes contractually obligated on a consumer rental purchase agreement.

6. “Lessor” includes a person who regularly provides the use of property through consumer rental purchase agreements and to whom rental payments are initially payable on the face of a consumer rental purchase agreement.