Minnesota Statutes 325F.84 – Definitions
Subdivision 1.Applicability.
As used in sections 325F.84 to 325F.97, the following terms have the meanings given them.
Subd. 2.Advertisement.
Terms Used In Minnesota Statutes 325F.84
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 325F.84
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
“Advertisement” means a commercial message in any medium, including signs, window displays, and price tags, that promotes, directly or indirectly, a rental-purchase agreement.
Subd. 3.Cash price.
“Cash price” means an amount equal to the equivalent fair market value for goods offered under a consumer credit sale as provided under section 325G.15.
Subd. 4.Consummation.
“Consummation” means the time at which the lessee enters into a rental-purchase agreement.
Subd. 5.Lessee.
“Lessee” means a natural person who rents personal property under a rental-purchase agreement for personal, family, or household use.
Subd. 6.Lessor.
“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.
Subd. 7.Personal property.
“Personal property” means property that is not real property under the laws of this state when it is made available for a rental-purchase agreement.
Subd. 8.Rental-purchase agreement.
“Rental-purchase agreement” means an agreement for the use of personal property in which all of the following apply:
(1) the lessor is regularly engaged in the rental-purchase business;
(2) the agreement is for an initial period of four months or less, whether or not there is any obligation beyond the initial period, that is automatically renewable with each payment and that permits the lessee to become the owner of the property;
(3) the lessee is a person other than an organization; and
(4) the lessee takes under the rental-purchase agreement primarily for a personal, family, or household purpose.