Definitions
This part of Missouri law gives definitions for words used in the rent-to-own rules. A 'rental-purchase agreement' is a deal where someone rents an item for personal or home use, with short rental periods that renew automatically, and the renter can eventually own the item. The law spells out what counts as a merchant, consumer, merchandise, cash price, advertisement, and period — so everyone knows what those words mean in the rent-to-own rules.
407.661. Definitions. — As used in sections 407.660 to 407.665 the following terms shall mean:
(1) "", the attempt by , , , circulation, or any other means to induce, directly or indirectly, any person to enter into any obligation or acquire any or interest in any , or any commercial message in any medium that directly or indirectly promotes or assists a ;
(2) "Cash price", the price for which the would have sold the merchandise to the for cash on the date of the rental-purchase agreement;
(3) "Consumer", an individual who s under a rental-purchase agreement;
(4) "Merchandise", the personal property that is the subject of a rental-purchase agreement;
(5) "Merchant", a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of merchandise under a rental-purchase agreement;
(6) "Rental-purchase agreement", an agreement between a merchant and a consumer for the use of merchandise by the consumer for personal, family, or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, and that permits the consumer to become the owner of the merchandise. A rental-purchase agreement shall not be to be nor be governed by any of the following:
(a) A lease or agreement which constitutes a as defined in 12 226.2(a)(16) and section 1602(g) of the Truth-in-Lending Act, 15 U.S.C. 1601 et seq.;
(b) A lease which constitutes a as defined in 12 CFR 213.2(a)(6);
(c) Any lease for agricultural, business, or commercial purposes;
(d) Any lease made to an organization;
(e) A lease or agreement which constitutes a or time transaction as defined in (14) and (15) of section 408.250;
(f) A as defined in (35)* of section 400.1-201; or
(g) A as that term is defined in section 407.700;
(7) "Period", a day, week, month, or other subdivision of a year.
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Source & history notes
(L. 1988 H.B. 988) *In 2017 statutory reference to subdivision "(37)" changed to "(35)" in accordance with section 3.060.
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