Michigan Laws 445.952 – Definitions
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As used in this act:
(a) “Lessee” means a person who leases property pursuant to a rental-purchase agreement.
Terms Used In Michigan Laws 445.952
- 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 person who leases property pursuant to a rental-purchase agreement. See Michigan Laws 445.952
- month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
- Period: means a day, week, 1 month, or other subdivision of a year. See Michigan Laws 445.952
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Personal property: All property that is not real property.
- Rental-purchase agreement: means an agreement for the use of personal property by a lessee primarily for personal, family, or household purposes, for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the lessee to become the owner of the property. See Michigan Laws 445.952
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
(b) “Lessor” means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of property under a rental-purchase agreement.
(c) “Period” means a day, week, 1 month, or other subdivision of a year.
(d) “Rental-purchase agreement” means an agreement for the use of personal property by a lessee primarily for personal, family, or household purposes, for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the lessee to become the owner of the property. Rental-purchase agreements shall not include any of the following:
(i) A lease or agreement which constitutes a credit sale as defined in 12 C.F.R. § 226.2(a)(16) and section 1602(g) of the truth in lending act, 15 U.S.C. § 1602(g).
(ii) A lease which constitutes a consumer lease as defined in 12 C.F.R. § 213.2(a)(6).
(iii) Any lease for agricultural, business, or commercial purposes.
(iv) Any lease made to an organization.
(v) Any lease of money or intangible personal property.
(vi) A lease or agreement which constitutes a retail installment transaction as defined in section 2 of the retail installment sales act, Act No. 224 of the Public Acts of 1966, being section 445.852 of the Michigan Compiled Laws.