Haw. Rev. Stat. § 481M-2

Current through Act 47 of the 2024 Legislative Session

Section 481M-2 - Lease-purchase agreement defined

A lease-purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that:

(1) Is automatically renewable with each payment after the initial period;

(2) Does not obligate or require the lessee to continue leasing or using the property beyond the initial period; and

(3) Permits the lessee to become the owner of the property.

HRS § 481M-2

L 1997, c 248, pt of §1