(1) “Excess wear and use waiver” means a provision of or addendum to a lease agreement under which the lessor agrees
to not hold a lessee liable for all or part of the excess wear and use to a motor
(2) “Lease agreement” means an agreement, including any addendum to the agreement, entered into in this
state under which a lessee pays a fee or other consideration to a lessor for the right
to possession and use of a motor vehicle for a term of more than 180 days, regardless
of whether the agreement provides the lessee an option to purchase or otherwise become
the owner of the motor vehicle upon the expiration of the term of the agreement.
(3) “Lessee” means an individual who acquires the right to possession and use of a motor vehicle
under a lease agreement primarily for personal, family, or household purposes.
(4) “Lessor” means a person who, in the ordinary course of business, regularly leases, offers
to lease, or arranges for the lease of a motor vehicle under a lease agreement. Unless the context clearly indicates otherwise, the term includes an assignee of
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