Skip to main content
Find a Lawyer

Nevada Revised Statutes Title 52. Trade Regulations and Practices § 597.010. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires:

1. “Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.

2. “Customer” means a natural person who leases personal property which is to be used primarily for personal, family or household purposes pursuant to a lease agreement with an option to purchase.

3. “Lease agreement with an option to purchase” means an agreement:

(a) For the possession and use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of not more than 4 months;

(b) That is automatically renewable with each payment made after the initial period;

(c) That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and

(d) That permits the customer to acquire the ownership of the property.

4. “Lessor” means a person who regularly provides the possession and use of property pursuant to a lease agreement with an option to purchase and to whom rental payments are initially payable as indicated on the face of the agreement.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 597.010. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-597-010/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard