Alaska § 45.35.099 - Definitions.

§ 45.35.099. Definitions.

In this chapter,        (1) “advertisement” means a commercial message in a communications medium that directly or indirectly promotes entering into a lease-purchase agreement or provides information about a lease-purchase agreement, but does not include a price tag, window sign, or other merchandising aid used on the physical premises of a store;

 (2) “cash price” means the price, calculated as of the date a lease-purchase agreement is entered into, at which the lessor would sell to a person the personal property that is the subject of the lease-purchase agreement;

 (3) “consumer” means an individual who leases personal property under a lease-purchase agreement;

 (4) “lease-purchase agreement”             (A) means an agreement for the use of personal property primarily for personal, family, or household purposes if the agreement is for an initial period of four months or less, is automatically renewable with each payment after the initial period, does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and permits the consumer to become the owner of the property;

 (B) does not include                  (i) an agreement primarily for commercial or agricultural purposes;

 (ii) a lease or bailment of personal property if the lease or bailment is incidental to the lease of real property and provides that the consumer does not have an option to purchase the leased personal property;

 (iii) a lease of a motor vehicle;

 (iv) a security interest as defined under AS 45.01.211 ;

 (v) a retail installment transaction under AS 45.10 ;

 (vi) a lease under AS 45.12 ;

 (5) “lessor” means a person who, in the ordinary course of business, regularly provides to consumers the use of property through lease-purchase agreements and to whom payments are initially payable on the face of the lease-purchase agreement.