[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]


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