As used in ORS 646A.120 to 646A.134:
(1) “Advertisement” means a commercial message in any medium that aids, promotes or assists, directly or indirectly, a lease-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 lease-purchase agreement.
(3) “Consumer” means an individual who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes.
(4) “Consummation” means the time a consumer becomes contractually obligated on a lease-purchase agreement.
(5) “Lease-purchase agreement” means an agreement for the use of personal property by an individual for personal, family or household purposes, for an initial period of four months or less, that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.
(6) “Lessor” means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. [Formerly 646.245]Section: Previous 646A.100 646A.102 646A.104 646A.106 646A.108 646A.110 646A.112 646A.120 646A.122 646A.124 646A.126 646A.128 646A.130 646A.132 646A.134 Next
Last modified: August 7, 2008