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NRS 597.010 - Definitions.

NV Rev Stat § 597.010 (2019) (N/A)
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As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires:

1. “Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.

2. “Customer” means a natural person who leases personal property which is to be used primarily for personal, family or household purposes pursuant to a lease agreement with an option to purchase.

3. “Lease agreement with an option to purchase” means an agreement:

(a) For the possession and use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of not more than 4 months;

(b) That is automatically renewable with each payment made after the initial period;

(c) That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and

(d) That permits the customer to acquire the ownership of the property.

4. “Lessor” means a person who regularly provides the possession and use of property pursuant to a lease agreement with an option to purchase and to whom rental payments are initially payable as indicated on the face of the agreement.

(Added to NRS by 1991, 515)

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NRS 597.020 - Applicability of laws.