Oklahoma § 59-1951 - Definitions

§ 59-1951. Definitions

As used in the Oklahoma Rental-Purchase Act:

1. "Administrator" means the Administrator of the Department of

Consumer Credit as designated in Section 6-501 of Title 14A of the

Oklahoma Statutes;

2. "Advertisement" means any commercial message in any medium

that promotes, directly or indirectly, a consumer rental-purchase

agreement;

3. "Consummation" means the time a lessee becomes contractually

obligated on a consumer rental-purchase agreement;

4. "Displayed or offered primarily for rental-purchase" means

personal property displayed or offered at a physical location which

derives fifty percent (50%) or more of its revenue from rentalpurchase agreements;

5. "Initial fee" means any fee charged to initiate a contract

however designated;

6. "Initial period" means from the date of inception to the

first scheduled renewal payment;

7. "Lessee" means a natural person who rents personal property

under a consumer rental-purchase agreement;

8. "Lessor" means a person who regularly provides the use of

property through consumer rental-purchase agreement; and

9. "Rental-purchase agreement" means an agreement for the use

of personal property by a consumer for personal, family, or

household purposes, for an initial period of four (4) months or

less, that is renewable with each payment after the initial period,

Oklahoma Statutes - Title 59. Professions and Occupations

and that permits the consumer to become the owner of the property.

An agreement that complies with this definition is not a consumer

credit sale as defined in Section 2-104 of Title 14A of the Oklahoma

Statutes, or a consumer loan as defined in Section 3-104 of Title

14A of the Oklahoma Statutes, or a refinancing or consolidation

thereof, or a consumer lease as defined in Section 2-106 of Title

14A of the Oklahoma Statutes, or a lease or agreement which

constitutes a security interest as defined in paragraph (35) of

subsection (b) of Section 1-201 of Title 12A of the Oklahoma

Statutes or a lease or agreement which constitutes a sale of goods

as defined in subsection (4) of Section 2-105 of Title 14A of the

Oklahoma Statutes.

Added by Laws 1988, c. 106, § 2, eff. Nov. 1, 1988. Amended by Laws

1989, c. 106, § 1, emerg. eff. April 26, 1989; Laws 2000, c. 371, §

177, eff. July 1, 2001; Laws 2016, c. 278, § 1, eff. Nov. 1, 2016.