[§481M-3] Agreements exempt from other laws. (a) Lease-purchase agreements are not subject to:
(1) Chapter 476; and
(2) Article 2A or 9 of chapter 490.
(b) This chapter does not apply to the following:
(1) Lease-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;
(2) A lease of a safe deposit box;
(3) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the lessee has no option to purchase the leased property; or
(4) A lease of a motor vehicle. [L 1997, c 248, pt of §1]