15-8-3 - Definitions. - Utah Statutes

15-8-3. Definitions.
As used in this title:
(1) "Cash price" means the price at which the lessor would have sold the property to theconsumer for cash on the date of the rental purchase agreement.
(2) "Consumer" means a natural person who rents personal property under a rentalpurchase agreement to be used primarily for personal, family, or household purposes.
(3) "Consummation" means the time at which a consumer becomes contractuallyobligated on a rental purchase agreement.
(4) "Lessor" means a person who regularly provides the use of property through rentalpurchase agreements and to whom rental payments are initially payable on the face of a rentalpurchase agreement.
(5) "Rental purchase agreement" means an agreement for the use of personal property bya natural person primarily for personal, family, or household purposes for an initial period of fourmonths or less that is automatically renewable with each payment after the initial period, butwhich does not obligate or require the consumer to continue renting or using the property beyondthe initial period, and that permits the consumer to become the owner of the property.

Enacted by Chapter 251, 1993 General Session