(a) Lease-purchase agreements are not subject to:

Terms Used In Hawaii Revised Statutes 481M-3

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lessee: means a natural person who rents personal property under a lease-purchase agreement. See Hawaii Revised Statutes 481M-1
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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.
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