Rhode Island General Laws 6-51-2. Definitions
For purposes of this chapter:
(a) “Automobile” means any self-propelled, motored device in, upon, or by which any person is, or may be, transported or drawn upon a highway and is used or brought for use primarily for personal, family, or household purposes and shall include:
(1) An automobile as defined by § 31-1-3(d);
(2) A motorcycle as defined by § 31-1-3(l);
(3) A suburban vehicle as defined by § 31-1-3.
(b) “Automobile lease agreement” means the bargain, with respect to the lease, of the lessor and the consumer in fact as found in their language. The term includes a sublease agreement.
(c) “Automobile loan agreement” means a transaction that creates or provides for a security interest in an automobile in which: (1) An individual incurs an obligation primarily for personal, family, or household purposes; (2) A security interest secures the obligation; and (3) The automobile is held or acquired primarily for personal, family, or household purposes.
(d) “Consumer” means any natural person: (1) In an automobile lease agreement who acquires, applies for, or is offered the right to possession and use of goods under an automobile lease and includes a legal representative of, fiduciary for, or successor in interest to, an individual who is a lessee, but does not include a guarantor on a consumer lease; or (2) In an automobile loan agreement with respect to an obligation secured by a security interest in the automobile: (i) Owes payment or other performance of the obligation; (ii) Has provided property other than the collateral to secure payment or other performance of the obligation; or (iii) Is otherwise accountable in whole or part for payment or other performance of the obligation and the term does not include issuers or nominated persons under a letter of credit.
(e) “Lessor” means a person or business who transfers the right to possession and use of an automobile under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.
(f) “Secured party” means a person or business that holds a security interest arising under an automobile loan agreement.
History of Section.
P.L. 2007, ch. 296, § 1; P.L. 2014, ch. 528, § 38.
Terms Used In Rhode Island General Laws 6-51-2
- Agreement: means a written contractual agreement between the merchant and the third-party delivery service. See Rhode Island General Laws 6-58-1
- Fiduciary: A trustee, executor, or administrator.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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 be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6