§ 500. Definitions. For the purposes of this article:\n 1. "Advertisement" means a commercial message in any medium that\ndirectly or indirectly promotes or assists a rental-purchase agreement.\n 2. "Cash price" means the price of the merchandise described in the\nrental-purchase agreement that the consumer may pay in cash to the\nmerchant at the inception of the rental-purchase agreement to acquire\nownership of such merchandise.\n 3. "Consumer" means an individual who leases personal property under a\nrental-purchase agreement.\n 4. "Merchandise" means the personal property that is the subject of a\nrental-purchase agreement.\n 5. "Merchant" means a person who, in the ordinary course of business,\nregularly leases, offers to lease, or acts as an agent for the leasing\nof merchandi
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§ 500. Definitions. For the purposes of this article:\n 1. "Advertisement" means a commercial message in any medium that\ndirectly or indirectly promotes or assists a rental-purchase agreement.\n 2. "Cash price" means the price of the merchandise described in the\nrental-purchase agreement that the consumer may pay in cash to the\nmerchant at the inception of the rental-purchase agreement to acquire\nownership of such merchandise.\n 3. "Consumer" means an individual who leases personal property under a\nrental-purchase agreement.\n 4. "Merchandise" means the personal property that is the subject of a\nrental-purchase agreement.\n 5. "Merchant" means a person who, in the ordinary course of business,\nregularly leases, offers to lease, or acts as an agent for the leasing\nof merchandise under a rental-purchase agreement.\n 6. "Rental-purchase agreement" means an agreement for the use of\nmerchandise by a consumer for primarily personal, family, or household\npurposes, for an initial period of four months or less, that is\nrenewable with each payment after the initial period and that permits\nthe consumer to become the owner of the property. An agreement that\ncomplies with this article is not a retail installment sales contract,\nagreement, or obligation as defined in this chapter nor a security\ninterest as defined in paragraph thirty-five of subsection (b) of\nsection 1--201 of the uniform commercial code.\n 7. "Cost of rental" means the difference between the total of payments\nnecessary to acquire ownership under the rental-purchase agreement and\nthe cash price of the rental merchandise that is subject to the\nrental-purchase agreement.\n 8. "Fee" means any payment, charge, fee, cost, or expense, however\ndenominated, other than a rental payment.\n 9. "Appliance" means and includes any refrigerator, freezer, range\nincluding any cook top or oven, microwave oven, washer, dryer,\ndishwasher, or room air conditioner or air purifier or other machine for\nroutine household tasks.\n 10. "Electronic set" means and includes any television, radio, camera,\nvideo game, computer system or any type of device for the recording,\nstorage, copying, printing, transmission, display, or playback of any\nsound or image.\n 11. "Merchant's cost" means the documented actual cost, including\nactual freight charges, of the rental merchandise to the merchant from a\nwholesaler, distributor, supplier, or manufacturer and net of any\ndiscounts, rebates, and incentives that are vested and calculable as to\na specific item of merchandise at the time the merchant accepts delivery\nof the merchandise.\n 12. "Total of payments" means the total amount of periodic payments\nnecessary to acquire ownership of the merchandise that is the subject of\nthe rental-purchase agreement if the consumer makes all regularly\nscheduled payments.\n 13. "Periodic payment" means a payment to be made by a consumer for\nthe right of the possession and use of merchandise for a specific rental\nperiod, but does not include taxes imposed on such payment.\n