|Part 1||Montana Rental-Purchase Agreement Act||§ 30-19-101 – § 30-19-116|
Terms Used In Montana Code > Title 30 > Chapter 19
- Advertisement: means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement but does not include price tags, window signs, or other in-store merchandising aids. See Montana Code 30-19-103
- agreement: means an agreement between a lessor and a consumer that has the following characteristics:
(a) the agreement governs the use of personal property by a person primarily for personal, family, or household purposes;
(b) the agreement is entered into for an initial period of 4 months or less and is automatically renewable with each payment after the initial period;
(c) the agreement does not obligate or require the consumer to continue renting or using the property beyond the initial period; and
(d) the agreement permits the consumer to become the owner of the property. See Montana Code 30-19-103
- Cash price: means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental-purchase agreement. See Montana Code 30-19-103
- Consumer: means a person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes. See Montana Code 30-19-103
- Consummation: means the time that a consumer becomes contractually obligated by signing a rental-purchase agreement. See Montana Code 30-19-103
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lessor: means a person who regularly provides the use of property through rental-purchase agreements and to whom rent payments are initially payable on the face of the rental-purchase agreement. See Montana Code 30-19-103
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
- Printing: means the act of reproducing a design on a surface by any process. See Montana Code 1-1-203
- Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Writing: includes printing. See Montana Code 1-1-203