North Dakota § 47-15.1-01 Definitions

North Dakota Statutes

§ 47-15.1-01 — Definitions

North Dakota § 47-15.1-01

Title 47Property

Ch. 47-15.1Consumer Rental Purchase Agreement

This text of North Dakota § 47-15.1-01 (Definitions) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 47-15.1-01 (2026).

Text

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 ea

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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.