Sec. 92.001. DEFINITIONS. In this chapter:
(1) "Advertisement" means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement.
(2) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 516, Sec. 2, eff. September 1, 2013.
(3) "Consumer" means an individual who leases personal property under a rental-purchase agreement.
(4) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 516, Sec. 2, eff. September 1, 2013.
(5) "Loss damage waiver" means a merchant's agreement to not hold a consumer liable for loss from all or part of any damage to merchandise.
(6) "Merchandise" means the personal property that is the subject of a rental-purchase agreement.
(7) "Merchant" means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of merchandise under a rental-purchase agreement. The term includes a person who is assigned an interest in a rental-purchase agreement.
(8) "Rental-purchase agreement" means an agreement under which a consumer may use merchandise for personal, family, or household purposes for an initial period of four months or less, and that:
(A) is automatically renewable with each payment after the initial period; and
(B) permits the consumer to become the owner of the merchandise.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 516 (S.B. 289), Sec. 2, eff. September 1, 2013.