P.R. Laws tit. 10, § 2451
For the purposes of this chapter, the following terms shall have the meaning set forth below:
(1) Lessor. — Means the person who regularly provides the use of property through lease contracts with purchase option, and who initially receives the lease payments according to the lease contract with a purchase option.
(2) Lessee. — Means a natural person who leases personal property through a lease contract with purchase option, to be used mainly for personal or family purposes or for the home.
(3) Announcement. — Includes a commercial message in any medium that directly or indirectly helps, promotes or aids a lease contract with purchase option.
(4) Lease contract with purchase option. — Means an agreement for the use of personal property by a natural person mainly for purposes of personal, family or home use, for an initial period of one year or less which may be automatically renewed with each payment after the initial period, but does not bind or require that the lessee to continue to lease or use the property after the initial period, and which allows the lessee to become the owner of the property.
(5) Perfection. — Means the moment in which the lessee becomes contractually bound in a lease contract with purchase option.
(6) Early purchase option. — Means the agreement though which the lessor grants the lessee the option of acquiring the leased property before the expiration of the contract.
(7) Cash sale price. — Means the price at which the lessor would have sold the property to the lessee on the date of the lease contract with purchase option, if the transaction had been a sale instead of a lease contract with purchase option.
(8) Secretary. — Means the Secretary of Consumer Affairs.
History —Apr. 13, 2000, No. 67, § 2, eff. 30 days after Apr. 13, 2000.