Arizona Laws 44-6801. Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 44-6801
- Cash price: means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental-purchase agreement. See Arizona Laws 44-6801
- Consumer: means an individual who rents personal property under a rental-purchase agreement to be used primarily for personal, family or household purposes. See Arizona Laws 44-6801
- Fee: means any charge, fee, cost or expense, however denominated, other than a rental payment. See Arizona Laws 44-6801
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lessor: means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of property under a rental-purchase agreement. See Arizona Laws 44-6801
- Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Rental-purchase agreement: means an agreement that is for the use of personal property by an individual for personal, family or household purposes, that is for an initial period of four months or less, that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property but that does not obligate or require the consumer to continue leasing or using the property beyond the initial period. See Arizona Laws 44-6801
1. "Advertisement" means a commercial message in any medium that solicits a consumer to enter a rental-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 rental-purchase agreement.
3. "Consumer" means an individual who rents personal property under a rental-purchase agreement to be used primarily for personal, family or household purposes.
4. "Consummation" means the date on which a consumer becomes contractually obligated under a rental-purchase agreement or on the date the first payment is made, whichever is earlier.
5. "Cost of rental" means the difference between the total of all periodic payments necessary to acquire ownership under the rental-purchase agreement and the cash price of the rental property that is subject to the rental-purchase agreement.
6. "Fee" means any charge, fee, cost or expense, however denominated, other than a rental payment.
7. "Lessor" means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of property under a rental-purchase agreement.
8. "Rental-purchase agreement" means an agreement that is for the use of personal property by an individual for personal, family or household purposes, that is for an initial period of four months or less, that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property but that does not obligate or require the consumer to continue leasing or using the property beyond the initial period.