Kansas Statutes 50-681. Definitions
Terms Used In Kansas Statutes 50-681
- Consumer: means an individual, husband and wife, sole proprietor, or family partnership who seeks or acquires property or services for personal, family, household, business or agricultural purposes. See Kansas Statutes 50-624
- 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
- Person: means any individual, corporation, government, governmental subdivision or agency, business trust, estate, trust, partnership, association, cooperative or other legal entity. See Kansas Statutes 50-624
- Personal property: includes money, goods, chattels, evidences of debt and things in action, and digital assets as defined in the revised uniform fiduciary access to digital assets act, Kan. See Kansas Statutes 77-201
- Personal property: All property that is not real property.
- Property: includes real estate, goods and intangible personal property. See Kansas Statutes 50-624
As used in this act:
(1) “Advertisement” means a commercial message in any medium that aids, promotes or assists, directly or indirectly, a lease-purchase agreement;
(2) “cash price” means the price at which the lessor would have sold the property to the consumer for cash on the date of the lease-purchase agreement;
(3) “consumer” means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes;
(4) “consummation” means the time a consumer becomes contractually obligated on a lease-purchase agreement;
(5) “lessor” means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement; and
(6) “lease-purchase agreement” means an agreement for the use of personal property by a natural person primarily 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, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.