Agreements exempt from other laws

Lease - purchase agreements which comply with this chapter are not subject to the laws relating to: (1) A consumer transaction in chapter 54-3A ; (2) A security interest defined in § 57A-1-201 ; or (3) A lease in chapter 57A-2A . This chapter does not apply to the following: (1) Lease - purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations; (2) A lease of a safe deposit box; (3) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or (4) A lease of a motor vehicle. Source: SL 1991, ch 393 , § 3.