407.661. Definitions. - Missouri Statutes

Definitions.

407.661. As used in sections 407.660 to 407.665 the following termsshall mean:

(1) "Advertisement", the attempt by publication, dissemination,solicitation, circulation, or any other means to induce, directly orindirectly, any person to enter into any obligation or acquire any title orinterest in any merchandise, or any commercial message in any medium thatdirectly or indirectly promotes or assists a rental-purchase agreement;

(2) "Cash price", the price for which the merchant would have sold themerchandise to the consumer for cash on the date of the rental-purchaseagreement;

(3) "Consumer", an individual who leases personal property under arental-purchase agreement;

(4) "Merchandise", the personal property that is the subject of arental-purchase agreement;

(5) "Merchant", a person who, in the ordinary course of business,regularly leases, offers to lease, or arranges for the leasing of merchandiseunder a rental-purchase agreement;

(6) "Rental-purchase agreement", an agreement between a merchant and aconsumer for the use of merchandise by the consumer for personal, family, orhousehold purposes, for an initial period of four months or less that isautomatically renewable with each payment after the initial period, and thatpermits the consumer to become the owner of the merchandise. Arental-purchase agreement shall not be construed to be nor be governed by anyof the following:

(a) A lease or agreement which constitutes a credit sale as defined in12 CFR 226.2(a)(16) and section 1602(g) of the Truth-in-Lending Act, 15 U.S.C.1601 et seq.;

(b) A lease which constitutes a consumer lease as defined in 12 CFR213.2(a)(6);

(c) Any lease for agricultural, business, or commercial purposes;

(d) Any lease made to an organization;

(e) A lease or agreement which constitutes a retail time contract orretail time transaction as defined in subdivisions (14) and (15) of section408.250, RSMo;

(f) A security interest as defined in subdivision (37) of section400.1-201, RSMo; or

(g) A home solicitation sale as that term is defined in section 407.700;

(7) "Period", a day, week, month, or other subdivision of a year.

(L. 1988 H.B. 988)