"Consumer lease"

Sec. 12.5. "Consumer lease" means a lease of goods: (1) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose; (2) in which the amount payable under the lease does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); and (3) which is for a term exceeding four (4) months. The term does not include a lease made pursuant to a lender credit card or similar arrangement. [Pre-2026 Revision Citation: 24-4.5-2-106.] As added by P.L.115-2026, SEC.97.