(5) “Loss damage waiver” means a merchant's agreement to not hold a consumer liable for loss from all or
part of any damage to merchandise.
(6) “Merchandise” means the personal property that is the subject of a rental-purchase agreement.
(7) “Merchant” means a person who, in the ordinary course of business, regularly leases, offers
to lease, or arranges for the leasing of merchandise under a rental-purchase agreement. The term includes a person who is assigned an interest in a rental-purchase agreement.
(8) “Rental-purchase agreement” means an agreement under which a consumer may use merchandise for personal, family,
or household purposes for an initial period of four months or less, and that:
(A) is automatically renewable with each payment after the initial period; and
(B) permits the consumer to become the owner of the merchandise.
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 or via Westlaw before relying on it for your legal needs.
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