Virginia Code 59.1-207.18: Definitions
As used in this chapter:
Terms Used In Virginia Code 59.1-207.18
- Consumer: means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes. See Virginia Code 59.1-207.18
- 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
- Lease-purchase agreement: means an agreement for the use of personal property by a natural person primarily 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. See Virginia Code 59.1-207.18
- 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. See Virginia Code 59.1-207.18
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Personal property: All property that is not real property.
“Advertisement” means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement.
“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.
“Consumer” means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes.
“Consummation” means the time a consumer becomes contractually obligated on a lease-purchase agreement.
“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.
“Lease-purchase agreement” means an agreement for the use of personal property by a natural person primarily 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.
1988, c. 24.