§ 6-51-2 — § 6-51-2. Definitions.

Rhode Island § 6-51-2

• Jurisdiction: Rhode Island
• Title 6: Commercial Law – General Regulatory Provisions
• Ch. 6-51: The Rhode Island Automobile Repossession Act

Text

§ 6-51-2. Definitions.

For purposes of this chapter:

(a) "Automobile� means any self-propelled, motored device in, upon, or by which any person is, or may be, transported or drawn upon a highway and is used or brought for use primarily for personal, family, or household purposes and shall include:

(1) An automobile as defined by § 31-1-3(d);

(2) A motorcycle as defined by § 31-1-3;

(3) A suburban vehicle as defined by § 31-1-3.

(b) "Automobile lease agreement� means the bargain, with respect to the lease, of the lessor and the consumer in fact as found in their language. The term includes a sublease agreement.

(c) "Automobile loan agreement� means a transaction that creates or provides for a security interest in an automobile in which: (1) An individual incurs an obligation primarily for personal, family, or household purposes; (2) A security interest secures the obligation; and (3) The automobile is held or acquired primarily for personal, family, or household purposes.

(d) "Consumer� means any natural person: (1) In an automobile lease agreement who acquires, applies for, or is offered the right to possession and use of goods under an automobile lease and includes a legal representative of, fiduciary for, or successor in interest to, an individual who is a lessee, but does not include a guarantor on a consumer lease; or (2) In an automobile loan agreement with respect to an obligation secured by a security interest in the automobile: (i) Owes payment or other performance of the obligation; (ii) Has provided property other than the collateral to secure payment or other performance of the obligation; or (iii) Is otherwise accountable in whole or part for payment or other performance of the obligation and the term does not include issuers or nominated persons under a letter of credit.

(e) "Lessor� means a person or business who transfers the right to possession and use of an automobile under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.

(f) "Secured party� means a person or business that holds a security interest arising under an automobile loan agreement.

Legislative History

P.L. 2007, ch. 296, § 1; P.L. 2014, ch. 528, § 38.