Definitions

Definitions. Definitions. The words and phrases defined in ss. 194.01 and 340.01 , Stats., have the same meaning in this chapter unless a different definition is specifically provided. In this chapter: (1) “Lease agreement” means a contract by which one party gives to another the use and possession of a vehicle for a specified time period in exchange for compensation. (2) “Lessee” means a person who has the legal possession and control of a vehicle owned by another under terms of a lease agreement. (3) “Lessor” means a person who, under the terms of a lease agreement, grants the legal right of possession, control and responsibility for the operation of the vehicle to another person. (4) “Sole source lease” means the lease of both a vehicle and a driver for a specific purpose identified in the lease agreement.