As used in this part 14, unless the context otherwise requires:
(1) Purchase payment means any kind of payment that is credited to the purchaser toward the purchase price of a mobile home, regardless of how the payment is denominated.
(2) Rent-to-own contract means any rent-to-own, lease-to-own, purchase option, or other agreement in which the purchaser of a mobile home agrees to or receives the option to purchase the mobile home over a period mutually agreed upon with the seller of the mobile home.
Source: L. 2025: Entire section added with relocations, (SB 25-275), ch. 377, p. 2103, � 310, effective August 6.
Editor's note: This section is similar to former � 38-12-1401 (1) as it existed prior to 2025.