Section 358-P:2 - Definitions In this chapter:
I. "Advertisement" means a commercial message in any medium that solicits a consumer to enter a rent-to-own agreement.II. "Cash price" means the price at which the lessor would have sold the property to the consumer for cash on the date of the rent-to-own agreement.III. "Consumer" means a natural person who rents personal property under a rent-to-own agreement to be used primarily for personal, family or household purposes.IV. "Consummation" means the date on which a consumer enters into a rent-to-own agreement.V. "Rent-to-own agreement" means an agreement for the use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of 4 months or less that 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 that permits the consumer to become the owner of the property.VI. "Rent-to-own dealer" means a person who regularly provides the use of property through rent-to-own agreements and to whom rent payments are initially payable on the face of the rent-to-own agreement.1994, 406:1, eff. Jan. 1, 1995.