State Codes and Statutes

Statutes > New-york > Pep > Article-11 > 500

§ 500. Definitions. For the purposes of this article:    1.  "Advertisement"  means  a  commercial  message  in any medium that  directly or indirectly promotes or assists a rental-purchase agreement.    * 2. "Cash price" means the price at which a merchant, in the ordinary  course of business, would offer to sell the merchandise to the  consumer  for cash on the date of the rental-purchase agreement.    * NB Effective until January 26, 2011    * 2.  "Cash price" means the price of the merchandise described in the  rental-purchase agreement that the consumer  may  pay  in  cash  to  the  merchant  at  the  inception of the rental-purchase agreement to acquire  ownership of such merchandise.    * NB Effective January 26, 2011    3. "Consumer" means an individual who leases personal property under a  rental-purchase agreement.    4. "Merchandise" means the personal property that is the subject of  a  rental-purchase agreement.    5.  "Merchant" means a person who, in the ordinary course of business,  regularly leases, offers to lease, or acts as an agent for  the  leasing  of merchandise under a rental-purchase agreement.    * 6.  "Rental-purchase  agreement"  means  an agreement for the use of  merchandise by a consumer for personal, family, or  household  purposes,  for  an  initial  period  of four months or less, that is renewable with  each payment after the initial period and that  permits  the  lessee  to  become  the  owner of the property. An agreement that complies with this  article is  not  a  retail  installment  sales  contract,  agreement  or  obligation  as defined in this chapter or a security interest as defined  in subdivision thirty-seven of section 1-201 of the  uniform  commercial  code.    * NB Effective until January 26, 2011    * 6.  "Rental-purchase  agreement"  means  an agreement for the use of  merchandise by a consumer for primarily personal, family,  or  household  purposes,  for  an  initial  period  of  four  months  or  less, that is  renewable with each payment after the initial period  and  that  permits  the  consumer  to  become  the  owner of the property. An agreement that  complies with this article is not a retail installment  sales  contract,  agreement,  or  obligation  as  defined  in  this chapter nor a security  interest as defined in subdivision thirty-seven of section 1-201 of  the  uniform commercial code.    * NB Effective January 26, 2011    * 7.  "Cost  of  rental"  means  the  difference  between the total of  payments  necessary  to  acquire  ownership  under  the  rental-purchase  agreement  and  the cash price of the rental merchandise that is subject  to the rental-purchase agreement.    * NB Effective January 26, 2011    * 8. "Fee" means any payment, charge, fee, cost, or  expense,  however  denominated, other than a rental payment.    * NB Effective January 26, 2011    * 9.  "Appliance"  means and includes any refrigerator, freezer, range  including  any  cook  top  or  oven,  microwave  oven,  washer,   dryer,  dishwasher, or room air conditioner or air purifier or other machine for  routine household tasks.    * NB Effective January 26, 2011    * 10.  "Electronic  set"  means  and  includes  any television, radio,  camera, video game, computer system  or  any  type  of  device  for  the  recording,   storage,   copying,  printing,  transmission,  display,  or  playback of any sound or image.    * NB Effective January 26, 2011* 11.  "Merchant's cost" means the documented actual  cost,  including  actual freight charges, of the rental merchandise to the merchant from a  wholesaler,  distributor,  supplier,  or  manufacturer  and  net  of any  discounts, rebates, and incentives that are vested and calculable as  to  a specific item of merchandise at the time the merchant accepts delivery  of the merchandise.    * NB Effective January 26, 2011    * 12.  "Total of payments" means the total amount of periodic payments  necessary to acquire ownership of the merchandise that is the subject of  the rental-purchase  agreement  if  the  consumer  makes  all  regularly  scheduled payments.    * NB Effective January 26, 2011    * 13.  "Periodic payment" means a payment to be made by a consumer for  the right of the possession and use of merchandise for a specific rental  period, but does not include taxes imposed on such payment.    * NB Effective January 26, 2011

State Codes and Statutes

Statutes > New-york > Pep > Article-11 > 500

§ 500. Definitions. For the purposes of this article:    1.  "Advertisement"  means  a  commercial  message  in any medium that  directly or indirectly promotes or assists a rental-purchase agreement.    * 2. "Cash price" means the price at which a merchant, in the ordinary  course of business, would offer to sell the merchandise to the  consumer  for cash on the date of the rental-purchase agreement.    * NB Effective until January 26, 2011    * 2.  "Cash price" means the price of the merchandise described in the  rental-purchase agreement that the consumer  may  pay  in  cash  to  the  merchant  at  the  inception of the rental-purchase agreement to acquire  ownership of such merchandise.    * NB Effective January 26, 2011    3. "Consumer" means an individual who leases personal property under a  rental-purchase agreement.    4. "Merchandise" means the personal property that is the subject of  a  rental-purchase agreement.    5.  "Merchant" means a person who, in the ordinary course of business,  regularly leases, offers to lease, or acts as an agent for  the  leasing  of merchandise under a rental-purchase agreement.    * 6.  "Rental-purchase  agreement"  means  an agreement for the use of  merchandise by a consumer for personal, family, or  household  purposes,  for  an  initial  period  of four months or less, that is renewable with  each payment after the initial period and that  permits  the  lessee  to  become  the  owner of the property. An agreement that complies with this  article is  not  a  retail  installment  sales  contract,  agreement  or  obligation  as defined in this chapter or a security interest as defined  in subdivision thirty-seven of section 1-201 of the  uniform  commercial  code.    * NB Effective until January 26, 2011    * 6.  "Rental-purchase  agreement"  means  an agreement for the use of  merchandise by a consumer for primarily personal, family,  or  household  purposes,  for  an  initial  period  of  four  months  or  less, that is  renewable with each payment after the initial period  and  that  permits  the  consumer  to  become  the  owner of the property. An agreement that  complies with this article is not a retail installment  sales  contract,  agreement,  or  obligation  as  defined  in  this chapter nor a security  interest as defined in subdivision thirty-seven of section 1-201 of  the  uniform commercial code.    * NB Effective January 26, 2011    * 7.  "Cost  of  rental"  means  the  difference  between the total of  payments  necessary  to  acquire  ownership  under  the  rental-purchase  agreement  and  the cash price of the rental merchandise that is subject  to the rental-purchase agreement.    * NB Effective January 26, 2011    * 8. "Fee" means any payment, charge, fee, cost, or  expense,  however  denominated, other than a rental payment.    * NB Effective January 26, 2011    * 9.  "Appliance"  means and includes any refrigerator, freezer, range  including  any  cook  top  or  oven,  microwave  oven,  washer,   dryer,  dishwasher, or room air conditioner or air purifier or other machine for  routine household tasks.    * NB Effective January 26, 2011    * 10.  "Electronic  set"  means  and  includes  any television, radio,  camera, video game, computer system  or  any  type  of  device  for  the  recording,   storage,   copying,  printing,  transmission,  display,  or  playback of any sound or image.    * NB Effective January 26, 2011* 11.  "Merchant's cost" means the documented actual  cost,  including  actual freight charges, of the rental merchandise to the merchant from a  wholesaler,  distributor,  supplier,  or  manufacturer  and  net  of any  discounts, rebates, and incentives that are vested and calculable as  to  a specific item of merchandise at the time the merchant accepts delivery  of the merchandise.    * NB Effective January 26, 2011    * 12.  "Total of payments" means the total amount of periodic payments  necessary to acquire ownership of the merchandise that is the subject of  the rental-purchase  agreement  if  the  consumer  makes  all  regularly  scheduled payments.    * NB Effective January 26, 2011    * 13.  "Periodic payment" means a payment to be made by a consumer for  the right of the possession and use of merchandise for a specific rental  period, but does not include taxes imposed on such payment.    * NB Effective January 26, 2011

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pep > Article-11 > 500

§ 500. Definitions. For the purposes of this article:    1.  "Advertisement"  means  a  commercial  message  in any medium that  directly or indirectly promotes or assists a rental-purchase agreement.    * 2. "Cash price" means the price at which a merchant, in the ordinary  course of business, would offer to sell the merchandise to the  consumer  for cash on the date of the rental-purchase agreement.    * NB Effective until January 26, 2011    * 2.  "Cash price" means the price of the merchandise described in the  rental-purchase agreement that the consumer  may  pay  in  cash  to  the  merchant  at  the  inception of the rental-purchase agreement to acquire  ownership of such merchandise.    * NB Effective January 26, 2011    3. "Consumer" means an individual who leases personal property under a  rental-purchase agreement.    4. "Merchandise" means the personal property that is the subject of  a  rental-purchase agreement.    5.  "Merchant" means a person who, in the ordinary course of business,  regularly leases, offers to lease, or acts as an agent for  the  leasing  of merchandise under a rental-purchase agreement.    * 6.  "Rental-purchase  agreement"  means  an agreement for the use of  merchandise by a consumer for personal, family, or  household  purposes,  for  an  initial  period  of four months or less, that is renewable with  each payment after the initial period and that  permits  the  lessee  to  become  the  owner of the property. An agreement that complies with this  article is  not  a  retail  installment  sales  contract,  agreement  or  obligation  as defined in this chapter or a security interest as defined  in subdivision thirty-seven of section 1-201 of the  uniform  commercial  code.    * NB Effective until January 26, 2011    * 6.  "Rental-purchase  agreement"  means  an agreement for the use of  merchandise by a consumer for primarily personal, family,  or  household  purposes,  for  an  initial  period  of  four  months  or  less, that is  renewable with each payment after the initial period  and  that  permits  the  consumer  to  become  the  owner of the property. An agreement that  complies with this article is not a retail installment  sales  contract,  agreement,  or  obligation  as  defined  in  this chapter nor a security  interest as defined in subdivision thirty-seven of section 1-201 of  the  uniform commercial code.    * NB Effective January 26, 2011    * 7.  "Cost  of  rental"  means  the  difference  between the total of  payments  necessary  to  acquire  ownership  under  the  rental-purchase  agreement  and  the cash price of the rental merchandise that is subject  to the rental-purchase agreement.    * NB Effective January 26, 2011    * 8. "Fee" means any payment, charge, fee, cost, or  expense,  however  denominated, other than a rental payment.    * NB Effective January 26, 2011    * 9.  "Appliance"  means and includes any refrigerator, freezer, range  including  any  cook  top  or  oven,  microwave  oven,  washer,   dryer,  dishwasher, or room air conditioner or air purifier or other machine for  routine household tasks.    * NB Effective January 26, 2011    * 10.  "Electronic  set"  means  and  includes  any television, radio,  camera, video game, computer system  or  any  type  of  device  for  the  recording,   storage,   copying,  printing,  transmission,  display,  or  playback of any sound or image.    * NB Effective January 26, 2011* 11.  "Merchant's cost" means the documented actual  cost,  including  actual freight charges, of the rental merchandise to the merchant from a  wholesaler,  distributor,  supplier,  or  manufacturer  and  net  of any  discounts, rebates, and incentives that are vested and calculable as  to  a specific item of merchandise at the time the merchant accepts delivery  of the merchandise.    * NB Effective January 26, 2011    * 12.  "Total of payments" means the total amount of periodic payments  necessary to acquire ownership of the merchandise that is the subject of  the rental-purchase  agreement  if  the  consumer  makes  all  regularly  scheduled payments.    * NB Effective January 26, 2011    * 13.  "Periodic payment" means a payment to be made by a consumer for  the right of the possession and use of merchandise for a specific rental  period, but does not include taxes imposed on such payment.    * NB Effective January 26, 2011