[481M-2] Lease-purchase agreement defined. A lease-purchase agreement is 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:

(1) Is automatically renewable with each payment after the initial period;

(2) Does not obligate or require the lessee to continue leasing or using the property beyond the initial period; and

(3) Permits the lessee to become the owner of the property. [L 1997, c 248, pt of 1]


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