47-15.1-01. Definitions

47-15.1-01. Definitions As used in this chapter, unless the context or subject matter otherwise requires: 1. "Advertisement" means a commercial message in any medium that aids, promotes, or assists a consumer rental purchase agreement. 2. "Cash price" means the price at which the lessor would have sold the property to the consumer for cash on the date of the consumer rental purchase agreement for the property. 3. "Consumer" means an individual who rents property under a consumer rental purchase agreement. 4. "Consumer rental purchase agreement" includes an agreement for the use of property by a consumer primarily for personal, family, or household purposes for an initial period of four months or less, regardless of whether there is any obligation beyond the initial period; which is automatically renewable with each payment after the initial period but does not obligate or require the consumer to continue renting or using the property beyond the initial period, and which permits the consumer to become the owner of the property under the terms of the consumer rental purchase agreement. The term does not include: a. A rental purchase agreement primarily for business, commercial, or agricultural purposes, or an agreement with a governmental agency or instrumentality or organizations. b. A lease or agreement that constitutes an installment sale or installment contract as defined in section 51-13-01. c. A lease of a safe deposit box. d. A lease or a bailment of personal property incidental to the lease of real property and which contains no provision for the consumer to have an option to purchase the leased property. e. A lease of a motor vehicle. f. A hiring defined under chapter 47-15. g. A security interest under chapter 41-09. 5. "Consummation" means the time at which a consumer becomes contractually obligated on a consumer rental purchase agreement. 6. "Lessor" includes a person who regularly provides the use of property through consumer rental purchase agreements and to whom rental payments are initially payable on the face of a consumer rental purchase agreement.