Sec. 106. (1) "Consumer lease" means a lease of goods:
(a) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose;
(b) in which the amount payable under the lease does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); and
(c) which is for a term exceeding four (4) months.
(2) "Consumer lease" does not include a lease made pursuant to a lender credit card or similar arrangement.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by P.L.247-1983, SEC.3; P.L.122-1994, SEC.9; P.L.216-2013, SEC.8; P.L.137-2014, SEC.7; P.L.73-2016, SEC.6.
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