W. Va. Code R. § 142-21-2
Current through Register Vol. XLI, No. 25, June 21, 2024
Section 142-21-2 - Definitions2.1. "Lessee" means any natural person who leases or purchases personal property under a lease agreement, including a rental-purchase agreement. 2.2. "Lessor" means any person or organization who, in the ordinary course of business, leases, offers to lease, or acts as an agent for the leasing or sale of personal property under a lease agreement, including a rental-purchase agreement. 2.3. "Rental-purchase agreement" means an agreement for the use of property by an individual lessee for personal, family or household purposes in which the lessee has an option to renew the agreement by making additional periodic payments after an initial period, and that permits, but does not obligate, the lessee to become the owner of the property. 2.4. "Term exceeding four months" means to include in the context, of determining whether a lease is a consumer lease under W. Va. Code § 46A-1-102(14), rental-purchase agreements where the lessee can obtain ownership of the property through payments made as scheduled pursuant to the rental-purchase agreement, and the scheduled payments are to extend for a period of more than four months. W. Va. Code R. § 142-21-2