(a) In this subtitle the following words have the meanings indicated.
(b)(1) “Advertisement” means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement.
(2) “Advertisement” does not include in-store merchandising ads.
(c) “Cash price” means the price at which the lessor would have sold rental property covered by a rental-purchase agreement to the consumer unconditionally for cash on the date of consummation.
(d) “Consumer” means an individual who rents personal property under a rental-purchase agreement primarily for personal, family, or household purposes.
(e) “Consummation” means the time at which a consumer enters into a rental-purchase agreement.
(f) “Cost of lease services” means the difference between the final purchase price of rental property and the cash price of rental property.
(g) “Lessor” means a person who regularly provides the use of personal property through rental-purchase agreements to consumers and to whom rental payments are initially payable on the face of a rental-purchase agreement.
(h) “Rental property” means personal property that is the subject of a rental-purchase agreement.
(i) “Rental-purchase agreement” means an agreement that:
(1) Is for the use of personal property by an individual primarily for personal, family, or household purposes;
(2) Is for an initial period of 4 months or less;
(3) Is automatically renewable for a weekly or monthly period with each rental payment after the initial period; and
(4) Allows but does not obligate the consumer to become the owner of the property.
Credits
Added by Acts 1989, c. 620, § 1, eff. Sept. 1, 1989. Amended by Acts 2013, c. 43, § 5; Acts 2013, c. 294, § 1, eff. Oct. 1, 2013; Acts 2013, c. 295, § 1, eff. Oct. 1, 2013.
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
