| (1) |
Rental purchase agreements that comply with this chapter are not governed by the laws relating to:
Terms Used In Utah Code 15-8-4- Consumer: means a natural person who rents personal property under a rental purchase agreement to be used primarily for personal, family, or household purposes. See Utah Code 15-8-3
- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
| (a) |
a security interest as defined in Subsection 70A-1a-201(2)(ii); or |
|
| (2) |
The chapter does not apply to the following:
| (a) |
rental purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations; |
| (b) |
a lease of a safe deposit box; |
| (c) |
a lease or bailment of personal property which is incidental to the lease of real property and which provides that the consumer has no option to purchase the leased property; or |
| (d) |
a lease of a motor vehicle, as defined in Section 41-1a-102. |
|
Amended by Chapter 189, 2014 General Session
