A “renter” is a person who is engaged in the business of renting, leasing or bailing vehicles for a term not exceeding four months and for a fixed rate or price.
(Added by Stats. 1976, Ch. 1284.)
Terms Used In California Vehicle Code 508
- business: includes a proprietorship, partnership, corporation, and any other form of commercial enterprise. See California Vehicle Code 234
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Person: includes a natural person, firm, copartnership, association, limited liability company, or corporation. See California Vehicle Code 470