40-14-206. Definition of "consumer lease".
(a) "Consumer lease" means a lease of goods:
(i) 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;
(ii) In which the amount payable under the lease does not exceed seventy-five thousand dollars ($75,000.00); and
(iii) Which is for a term exceeding four (4) months.
(b) "Consumer lease" does not include a lease made pursuant to a lender credit card or similar arrangement.
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