Terms Used In Montana Code > Title 30 > Chapter 19 > Part 1 - Montana Rental-Purchase Agreement Act

• 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.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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}
• 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: All property that is not real property.
• 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
• Property: means real and personal property. See Montana Code 1-1-205
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Writing: includes printing. See Montana Code 1-1-203