§ 910.1. Definitions
Oklahoma Statutes AnnotatedTitle 15. Contracts
15 Okl.St.Ann. § 910.1
§ 910.1. Definitions
As used in the Defective Assistive Device Act:1
7. “Early termination cost” means any expense or obligation that an assistive device lessor incurs as a result of both the termination of a written lease before the termination date set forth in that lease and the return of an assistive device to a manufacturer pursuant to the Defective Assistive Device Act. Early termination cost includes a penalty for prepayment under a finance arrangement;
8. “Early termination saving” means any expense or obligation that an assistive device lessor avoids as a result of both the termination of a written lease before that termination date set forth in that lease and the return of an assistive device to a manufacturer pursuant to the Defective Assistive Device Act. Early termination saving includes an interest charge that the assistive device lessor would have paid to finance the assistive device or, if the assistive device lessor does not finance the assistive device, the difference between the total amount for which the lease obligates the consumer during the period of the lease term remaining after the early termination and the present value of that amount at the date of the early termination;
10. “Nonconformity” means a condition or defect that substantially impairs the value or safety of an assistive device, and that is covered by an express warranty applicable to the assistive device or to a component of the assistive device, but does not include a condition or defect that is the result of abuse, neglect or unauthorized modification or alteration of the assistive device by a consumer; and
Credits
Laws 1996, c. 31, § 2, eff. Nov. 1, 1996.
Footnotes
Title 15, § 910 et seq.
15 Okl. St. Ann. § 910.1, OK ST T. 15 § 910.1
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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