(a) As used in this act: (i) "Commissioner" means the state banking commissioner; (ii) "Advertisement" means a commercial message in any medium that solicits a consumer to enter a rental-purchase agreement; (iii) "Business day" means any day other than Sunday or a legal holiday; (iv) "Cash sale price" means the price stated in a rental-purchase agreement for which the merchant would have sold and the consumer would have bought the property which is the subject matter of a rental-purchase agreement if the transaction had been a sale for cash. The cash sale price may include any applicable taxes to the extent imposed on the cash sale; (v) "Consumer" means an individual who rents property under a rental-purchase agreement to be used primarily for personal, family or household purposes; (vi) "Consummation" means the date on which a consumer enters a rental-purchase agreement; (vii) "Fee" means any payment, charge, fee, cost or expense whether mandatory or optional that a consumer pays in addition to periodic payments in connection with a rental-purchase agreement; (viii) "Merchant" means a person who regularly provides the use of property under rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement; (ix) "Periodic payment" means the rent a consumer pays weekly, monthly or otherwise for the use of property pursuant to a rental-purchase agreement; (x) "Property" means personal property of which a consumer acquires use under a rental-purchase agreement; (xi) "Rental-purchase agreement" means an agreement, which may be in digital form, between a consumer and merchant for the use of property by the consumer primarily for personal, family or household purposes: (A) For an initial period of four (4) months or less; (B) That is automatically renewable with each payment after the initial period; (C) That does not obligate or require the consumer to continue renting or using the property beyond the initial period; and (D) That permits the consumer to become the owner of the property. (xii) "Independent third-party retailer location" means a physical retail location open to consumers in Wyoming, or an online presence, that is operated by a person who is not a merchant but where a merchant regularly offers or displays property for use under rental-purchase agreements; (xiii) "Online presence" includes a website or mobile application; (xiv) "Place of business" means a merchant's physical retail location open to consumers in Wyoming, or a merchant's online presence, in each case where the merchant regularly offers or displays the merchant's rental-purchase property for use under rental-purchase agreements. "Place of business" does not include an independent third-party retailer location; (xv) "Rental-purchase property" means property displayed or offered primarily for rental-purchase pursuant to a rental-purchase agreement; (xvi) "This act" means W.S. 40-19-101 through 40-19- 120.
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