Oregon Statutes 646A.120 – Definitions for ORS 646A.120 to 646A.134
As used in ORS § 646A.120 to 646A.134:
Terms Used In Oregon Statutes 646A.120
- 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
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
(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]