[§481M-1]  Definitions.  As used in this
chapter, unless the context otherwise requires:



"Advertisement" means a commercial
message in any medium that aids, promotes, or assists, directly or indirectly,
a lease-purchase agreement.



"Cash price" means the price at which
retail sellers are selling and retail buyers are buying the same or similar
property for cash in the same trade area in which the lessor's place of
business is located.  Cash price may be evidenced by an amount no greater than
twice the documented actual cost, including freight charges and applicable
taxes, of the lease-purchase property from an unaffiliated wholesaler,
distributor, or manufacturer.  A lessor shall maintain records that establish
that the price disclosed as the cash price in a lease-purchase agreement is the
cash price as defined.



"Consummation" means the time a
lessee becomes contractually obligated on a lease-purchase agreement.



"Lessee" means a natural person who
rents personal property under a lease-purchase agreement.



"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. [L 1997, c 248, pt of §1]