§ 40-19-102 — Definitions

Wyoming § 40-19-102

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 19: CONSUMER RENTAL PURCHASE AGREEMENT ACT

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(a) As used in this act:
(i) "Commissioner" means the state banking
commissioner;
(ii) "Advertisement" means a commercial message in
any medium that solicits a consumer to enter a rental-purchase
agreement;
(iii) "Business day" means any day other than Sunday
or a legal holiday;
(iv) "Cash sale price" means the price stated in a
rental-purchase agreement for which the merchant would have sold
and the consumer would have bought the property which is the
subject matter of a rental-purchase agreement if the transaction
had been a sale for cash. The cash sale price may include any
applicable taxes to the extent imposed on the cash sale;
(v) "Consumer" means an individual who rents property
under a rental-purchase agreement to be used primarily for
personal, family or household purposes;
(vi) "Consummation" means the date on which a
consumer enters a rental-purchase agreement;
(vii) "Fee" means any payment, charge, fee, cost or
expense whether mandatory or optional that a consumer pays in
addition to periodic payments in connection with a
rental-purchase agreement;
(viii) "Merchant" means a person who regularly
provides the use of property under rental-purchase agreements
and to whom rental payments are initially payable on the face of
the rental-purchase agreement;
(ix) "Periodic payment" means the rent a consumer
pays weekly, monthly or otherwise for the use of property
pursuant to a rental-purchase agreement;
(x) "Property" means personal property of which a
consumer acquires use under a rental-purchase agreement;
(xi) "Rental-purchase agreement" means an agreement,
which may be in digital form, between a consumer and merchant
for the use of property by the consumer primarily for personal,
family or household purposes:
(A) For an initial period of four (4) months or
less;
(B) That is automatically renewable with each
payment after the initial period;
(C) That does not obligate or require the
consumer to continue renting or using the property beyond the
initial period; and
(D) That permits the consumer to become the
owner of the property.
(xii) "Independent third-party retailer location"
means a physical retail location open to consumers in Wyoming,
or an online presence, that is operated by a person who is not a
merchant but where a merchant regularly offers or displays
property for use under rental-purchase agreements;
(xiii) "Online presence" includes a website or mobile
application;
(xiv) "Place of business" means a merchant's physical
retail location open to consumers in Wyoming, or a merchant's
online presence, in each case where the merchant regularly
offers or displays the merchant's rental-purchase property for
use under rental-purchase agreements. "Place of business" does
not include an independent third-party retailer location;
(xv) "Rental-purchase property" means property
displayed or offered primarily for rental-purchase pursuant to a
rental-purchase agreement;
(xvi) "This act" means W.S. 40-19-101 through 40-19-
120.