                                 CODE OF VIRGINIA

DEFINITIONS (§ 59.1-207.18)

As used in this chapter:
		&#8220;Advertisement&#8221; means a commercial message in any medium that
aids, promotes, or assists, directly or indirectly, a lease-purchase agreement.
		&#8220;Cash price&#8221; means the price at which the lessor would have sold
the property to the consumer for cash on the date of the lease-purchase
agreement.
		&#8220;Consumer&#8221; means a natural person who rents personal property
under a lease-purchase agreement to be used primarily for personal, family or
household purposes.
		&#8220;Consummation&#8221; means the time a consumer becomes contractually
obligated on a lease-purchase agreement.
		&#8220;Lessor&#8221; 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.
		&#8220;Lease-purchase agreement&#8221; 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 four months or less that is
automatically renewable with each payment after the initial period, but does not
obligate or require the consumer to continue leasing or using the property
beyond the initial period, and that permits the consumer to become the owner of
the property.

HISTORY: 1988, c. 24.