Maine Revised Statutes Title 9-A Sec. 11-105 – Definitions
[PL 1991, c. 787 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 11-105
- Administrator: means the administrator designated in Article VI, section 6?103. See Maine Revised Statutes Title 9-A Sec. 11-105
- Cash price: means the price for which the merchant would sell the property to the consumer for cash on the date of the rental-purchase agreement. See Maine Revised Statutes Title 9-A Sec. 11-105
- Consumer: means an individual who rents personal property under a rental-purchase agreement used primarily for personal, family or household purposes. See Maine Revised Statutes Title 9-A Sec. 11-105
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Merchant: means a person who regularly provides the use of property through rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement. See Maine Revised Statutes Title 9-A Sec. 11-105
- merchant cost: means the bona fide actual cost, including freight charges, of the rental property paid by the merchant to a wholesaler, distributor, manufacturer or other provider, net of volume rebates, discounts or other incentives received by the merchant at the time the merchant purchased the item. See Maine Revised Statutes Title 9-A Sec. 11-105
- Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Rental payment: means a payment to be made by a consumer for the right of possession and use of rental property for a specific rental period, but does not include taxes imposed on such payment. See Maine Revised Statutes Title 9-A Sec. 11-105
- Rental period: means a week, month or other specific period of time during which the consumer has a right to possess and use the property after making the rental payment and applicable tax payment for such period. See Maine Revised Statutes Title 9-A Sec. 11-105
- Rental-purchase agreement: means an agreement for the use of personal property by an individual primarily for personal, family or household purposes for an initial period of 4 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 does not obligate or require the consumer to continue renting or using the property beyond the initial period. See Maine Revised Statutes Title 9-A Sec. 11-105
[PL 2001, c. 287, §2 (AMD).]
[PL 2001, c. 287, §2 (AMD).]
[PL 1991, c. 787 (NEW).]
[PL 1991, c. 787 (NEW).]
[PL 2001, c. 287, §3 (NEW).]
[PL 2001, c. 287, §3 (NEW).]
[PL 1991, c. 787 (NEW).]
[PL 2001, c. 287, §3 (NEW).]
[PL 2001, c. 287, §3 (NEW).]
[PL 2001, c. 287, §3 (NEW).]
[PL 1991, c. 787 (NEW).]
[PL 2001, c. 287, §3 (NEW).]
[PL 2001, c. 287, §3 (NEW).]