Nevada Trade Regulations and Practices

Sec. § 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.
Source

Last accessed
Feb. 5, 2021