59-1951.

§59-1951.


    As used in the Oklahoma Rental-Purchase Act:
    1.  "Administrator" means the Administrator of the Department of
Consumer Credit as designated in Section 6-501 of Title 14A of the
Oklahoma Statutes;
    2.  "Advertisement" means any commercial message in any medium
that promotes, directly or indirectly, a consumer rental-purchase
agreement;
    3.  "Consummation" means the time a lessee becomes contractually
obligated on a consumer rental-purchase agreement;
    4.  "Lessee" means a natural person who rents personal property
under a consumer rental-purchase agreement;
    5.  "Lessor" means a person who regularly provides the use of
property through consumer rental-purchase agreement;
    6.  "Rental-purchase agreement" means an agreement for the use of
personal property by a consumer for personal, family, or household
purposes, for an initial period of four (4) months or less, that is
renewable with each payment after the initial period, and that
permits the consumer to become the owner of the property. An
agreement that complies with this definition is not a consumer credit
sale as defined in Section 2-104 of Title 14A of the Oklahoma
Statutes, or a consumer loan as defined in Section 3-104 of Title 14A
of the Oklahoma Statutes, or a refinancing or consolidation thereof,
or a consumer lease as defined in Section 2-106 of Title 14A of the
Oklahoma Statutes, or a lease or agreement which constitutes a
security interest as defined in Section 1-201 of Title 12A of the
Oklahoma Statutes or a lease or agreement which constitutes a sale of
goods as defined in subsection (4) of Section 2-105 of Title 14A of
the Oklahoma Statutes;
    7.  "Initial period" means from the date of inception to the
first scheduled installment; and
    8.  "Initial fee" means any fee charged to initiate a contract
however designated.