Terms Used In Alabama Code > Title 8 > Chapter 25
- advertisement: A commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for instore merchandising aids. See Alabama Code 8-25-1
- commission: The Alabama Public Service Commission;
(6) FEDERAL SAFETY STANDARDS. See Alabama Code 37-4-90
- consumer: An individual who leases personal property under a rental-purchase agreement. See Alabama Code 8-25-1
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- merchandise: The personal property that is the subject of a rental-purchase agreement. See Alabama Code 8-25-1
- merchant: A person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of merchandise under a rental-purchase agreement, and includes a person who is assigned an interest in a rental-purchase agreement. See Alabama Code 8-25-1
- person: Any individual, firm, joint venture, partnership, corporation, association, or joint stock association and includes any trustee, receiver, assignee, or personal representative thereof engaged in the transportation of hazardous liquids. See Alabama Code 37-4-90
- personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 1-1-1
- RENTAL-PURCHASE AGREEMENT: An agreement for the use of merchandise by a consumer for personal, family, or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, and that permits the consumer to become the owner of the merchandise. See Alabama Code 8-25-1
- rights-of-way: as used in this title does not authorize the commission to prescribe the location or the routing of any pipeline facility;
(5) COMMISSION. See Alabama Code 37-4-90
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC