“Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.
“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.
“Lease agreement with an option to purchase” means an agreement:
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;
That is automatically renewable with each payment made after the initial period;
That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and
That permits the customer to acquire the ownership of the property.
“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.