P.R. Laws tit. 10, § 2452
(a) Other laws. — The lease contracts with purchase option of a year or less as defined by this chapter, shall not be governed by the following laws:
(1) Sections 2401 et seq. of this title, known as the “Regulation of Personal Property Lease Contracts Act”.
(2) Sections 996 et seq. of this title, known as the “Personal Property Leasing Institutions Act”.
(3) Sections 731 et seq. of this title, known as the “Retail Installment Sales and Financing Companies Act”.
(b) Chattel mortgage. — Lease contracts with a purchase option that comply with this chapter do not create a chattel mortgage as defined in subsection (37) of § 451 of Title 19, part of the law known as the “Commercial Transactions Act”, unless the lessor opts to register them in the Commercial Transactions Registry.
(c) Exempt transactions. — This chapter does not apply to the following transactions:
(1) Lease contracts with purchase option mainly for business, agricultural, or commercial purposes, or those entered into with government agencies or their instrumentalities, or with organizations;
(2) a lease of a safe;
(3) a lease of personal property permanently attached to real property;
(4) the lease of an automobile, or
(5) the lease of personal property and/or the improvements made to it.
History —Apr. 13, 2000, No. 67, § 3, eff. 30 days after Apr. 13, 2000.