Unless the context or subject matter otherwise clearly requires, the following definitions shall govern construction of this chapter: (1) "Advertisement" means a commercial message in any medium that aids, promotes or assists, directly or indirectly, a lease- purchase agreement. (2) "Cash price" means that price at which the lessor would have sold the property to the lessee for cash on the date of the lease- purchase agreement if the transaction were a sale instead of a lease-purchase agreement. (3) "Consummation" means the time a lessee becomes contractually obligated on a lease-purchase agreement. (4) "Lease-purchase agreement" means an agreement for the use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of 4 months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the lessee to continue leasing or using the property beyond the initial period, and that permits the lessee to become the owner of the property. (5) "Lease-purchase property" means personal property that is owned by the lessor at the time it is physically displayed and offered for lease-purchase to the consumer, and prior to execution of any lease-purchase agreement. (6) "Lessee" means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes. (7) "Lessor" means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement.
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