NRS597.010. Definitions.

  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)