Section 90. For the purposes of sections ninety to ninety-three, inclusive, the following words shall, unless the context requires otherwise, have the following meanings:—
“Consumer lease”, a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time of four months or less, and for a total contractual obligation not exceeding twenty-five thousand dollars, primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any of the following:
(1) a lease or agreement which constitutes a credit sale as defined in section one of chapter one hundred and forty D;
(2) any lease for agricultural, business, or commercial purposes;
(3) any lease made to the commonwealth or any political subdivisions thereof, including, but not limited to, any agencies, boards, departments or other such instrumentalities of the commonwealth or any political subdivisions thereof;
(4) any lease made to an organization;
(5) a lease or agreement which constitutes a retail installment transaction as defined in section one of chapter two hundred and fifty-five D;
(6) any lease or rental of motor vehicles, as defined in section one of chapter ninety or tools or garden equipment; and
(7) any lease or rental of an item of personal property that is leased or rented for fewer than seven consecutive days, including all renewals and extensions of the lease or rental agreement.
“Lessee”, a natural person who leases or is offered a consumer lease.
“Lessor”, a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
“Security” and “security interest”, any interest in property which secures payment or performance of an obligation.
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