2018 Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-2-106. Definition: "Consumer lease".
(1) "Consumer lease" means a lease of goods
(a)which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family or household purpose;
(b)in which the amount payable under the lease does not exceed Fifty Thousand Dollars ($50,000.00). The dollar amount in this paragraph shall be adjusted annually as indicated by the Consumer Financial Protection Bureau by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of One Hundred Dollars ($100.00) or One Thousand Dollars ($1,000.00) as applicable; and
(c)which is for a term exceeding four (4) months.
(2) "Consumer lease" does not include a lease made pursuant to a lender credit card or similar arrangement.
Added by Laws 1969, c. 352, § 2-106, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 8, operative June 1, 1982; Laws 2012, c. 172, § 2, eff. July 1, 2012.