Texas Business and Commerce Code 92.001 – Definitions
Terms Used In Texas Business and Commerce Code 92.001
- 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 corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
In this chapter:
(1) “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement.
(2) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 516, Sec. 2, eff. September 1, 2013.
(3) “Consumer” means an individual who leases personal property under a rental-purchase agreement.
(4) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 516, Sec. 2, eff. September 1, 2013.
(5) “Loss damage waiver” means a merchant’s agreement to not hold a consumer liable for loss from all or part of any damage to merchandise.
(6) “Merchandise” means the personal property that is the subject of a rental-purchase agreement.
(7) “Merchant” means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of merchandise under a rental-purchase agreement. The term includes a person who is assigned an interest in a rental-purchase agreement.
(8) “Rental-purchase agreement” means an agreement under which a consumer may use merchandise for personal, family, or household purposes for an initial period of four months or less, and that:
(A) is automatically renewable with each payment after the initial period; and
(B) permits the consumer to become the owner of the merchandise.