2013 Nevada Revised Statutes
Chapter 597 - Miscellaneous Trade Regulations and Prohibited Acts
NRS 597.010 - Definitions.

As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires:

1. Consummation means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.

2. Customer means a natural person who leases personal property which is to be used primarily for personal, family or household purposes pursuant to a lease agreement with an option to purchase.

3. Lease agreement with an option to purchase means an agreement:

(a) For the possession and use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of not more than 4 months;

(b) That is automatically renewable with each payment made after the initial period;

(c) That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and

(d) That permits the customer to acquire the ownership of the property.

4. Lessor means a person who regularly provides the possession and use of property pursuant to a lease agreement with an option to purchase and to whom rental payments are initially payable as indicated on the face of the agreement.

(Added to NRS by 1991, 515)