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U.S. Code as of:
01/19/04
Section 1667. Definitions
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 $25,000, 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) 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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