Nevada § 597.010 - Definitions

§ 597.010. Definitions

As used in NRS 597.010 to 597.110 , inclusive, unless the context otherwise requires: 1. “Consummation” means the time at which a customer becomes contractually obligated

under a lease agreement with an option to purchase. 2. “Customer” means a natural person who leases personal property which is to be used

primarily for personal, family or household purposes pursuant to a lease agreement

with an option to purchase. 3. “Lease agreement with an option to purchase” means an agreement: (a) For the possession and use of personal property by a natural person primarily

for personal, family or household purposes, for an initial period of not more than

4 months; (b) That is automatically renewable with each payment made after the initial period; (c) That does not obligate or require the customer to continue leasing or using the

property beyond the initial period; and (d) That permits the customer to acquire the ownership of the property. 4. “Lessor” means a person who regularly provides the possession and use of property

pursuant to a lease agreement with an option to purchase and to whom rental payments

are initially payable as indicated on the face of the agreement.