§ 4-92-102 - Definitions. - Arkansas Statutes

4-92-102. Definitions.

As used in this chapter, unless the context otherwise requires:

(1) "Advertisement" means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for in-store merchandising aids;

(2) "Consumer" means a person who leases personal property under a rental-purchase agreement;

(3) "Merchandise" means the personal property that is the subject of a rental-purchase agreement;

(4) "Lessor" 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 and includes a person who is assigned an interest in a rental-purchase agreement;

(5) "Person" means an individual, corporation, partnership, organization, or any other entity;

(6) "Reinstatement period" means the period of time specified in 4-92-106 during which a consumer may either pay delinquent rent or return merchandise and thereby retain the right to have the rental-purchase agreement reinstated; and

(7) "Rental-purchase agreement" means an agreement for the use of merchandise by a consumer for personal, family, household, or business purposes for an initial period of four (4) 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 merchandise after the initial period, and that permits the consumer to become the owner of the merchandise, but does not obligate the consumer to purchase or become the owner of the merchandise.