For purposes of this part—
(1) The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,11 See Adjustments for Inflation note below. primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 22 See References in Text note below. of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
(2) The term “lessee” means a natural person who leases or is offered a consumer lease.
(3) The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
(4) The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
(5) The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
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Stable record: federal_law:legal_authorities:record_usc_180a1bf15e0e8d4b4fce50df Source file: Laws/federal/codes/united-states-code/title-15/section-1667-definitions--1bb3e3242e.md Pages: Not recorded – Not recorded Passage SHA-256: ce0a0a4d9f90fe8718c0df02539cafa686d7d11b3d91643d53361a16e767cd4e Retained source evidence SHA-256: 9eb004b3741e0b7fdb980c71c94cb71f4894c2bcd5daad9ee2a9f8a6e0913a77
Source location: Title 15, Chapter 41, § 1667; chapter-041-consumer-credit-protection.md
Stored source content
For purposes of this part—
(1) The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,11 See Adjustments for Inflation note below. primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 22 See References in Text note below. of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
(2) The term “lessee” means a natural person who leases or is offered a consumer lease.
(3) The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
(4) The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
(5) The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
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Federal law — U.S. Code and appendices · legal_authorities
§ 1667. Definitions
For purposes of this part—
(1) The term ‘‘consumer lease’’ means a con-
tract in the form of a lease or bailment for the
use of personal property by a natural person
for a period of time exceeding four months,
and for a total contractual obligation not ex-
ceeding $50,000,1 primarily for personal, fam-
ily, or household purposes, whether or not the
lessee has the option to purchase or otherwise
become the owner of the property at the expi-
ration of the lease, except that such term
shall not include any credit sale as defined in
section 1602(g) 2 of this title. Such term does
not include a lease for agricultural, business,
or commercial purposes, or to a government or
Page 1546
TITLE 15—COMMERCE AND TRADE
§ 1667a
governmental agency or instrumentality, or
to an organization.
(2) The term ‘‘lessee’’ means a natural per-
son who leases or is offered a consumer lease.
(3) The term ‘‘lessor’’ means a person who is
regularly engaged in leasing, offering to lease,
or arranging to lease under a consumer lease.
(4) The term ‘‘personal property’’ means any
property which is not real property under the
laws of the State where situated at the time
offered or otherwise made available for lease.
(5) The terms ‘‘security’’ and ‘‘security in-
terest’’ mean any interest in property which
secures payment or performance of an obliga-
tion.
(Pub. L. 90–321, title I, § 181, as added Pub. L.
94–240, § 3, Mar. 23, 1976, 90 Stat. 257; amended
Pub. L. 111–203, title X, § 1100E(a)(2), July 21,
2010, 124 Stat. 2111.)
Editorial Notes
REFERENCES IN TEXT
Section 1602(g) of this title, referred to in par. (1), was
redesignated section 1602(h) of this title by Pub. L.
111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.
AMENDMENTS
2010