367.976 Definitions for KRS 367.976 to 367.985.
As used in KRS 367.976 to 367.985, unless the context otherwise requires: <br>(1) "Advertisement" means a commercial message in any medium that aids, promotes,
or assists directly or indirectly a rental-purchase agreement, excluding in-store <br>merchandising aids.
(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 a natural person who rents personal property under a rental-
purchase agreement.
(4) "Consummation" means the time a consumer becomes contractually obligated on a
rental-purchase agreement.
(5) "Division" means the Division of Consumer Protection in the Office of the Attorney
General.
(6) "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 <br>agreement.
(7) "Rental-purchase agreement" means an agreement for the use of personal property
by a natural person primarily for personal, family, or household purposes, for an <br>initial period of four (4) months or less, whether or not there is any obligation <br>beyond the initial period, that is automatically renewable with each payment and <br>that permits the consumer to become the owner of the property. The term rental-<br>purchase agreement shall not be construed to be, nor be governed by, any of the <br>following: <br>(a) A lease or agreement which constitutes a credit sale as defined in 12 C.F.R.
part 226.2(a)(16) and Section 1602(g) of the Truth in Lending Act, 15 U.S.C. <br>secs. 1601 et seq.;
(b) A lease which constitutes a consumer lease as defined in 12 C.F.R. part
213.2(a)(6);
(c) Any lease for agricultural, business, or commercial purposes; <br>(d) Any lease made to an organization; <br>(e) A lease or agreement which constitutes a retail installment transaction or retail
installment contract as defined in KRS 371.210;
(f) A security interest as defined in KRS 355.1-201(37); or <br>(g) A home solicitation sale as that term is defined in KRS 367.410.
Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 196, sec. 1, effective July 13, 1990; and ch. 304,
sec. 1, effective July 13, 1990.
Legislative Research Commission Note (7/13/90). This section was created by two
separate 1990 Acts which are identical and have therefore been compiled together.
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