(1)The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000, primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section
1602(g) of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
(2)The term “lessee” means a natural person who leases or is offered a consumer lease.
(3)The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
(4)The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
(5)The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section
552a of Title
5, Government Organization and Employees.
Section 6 ofPub. L. 94–240provided that: “This Act [enacting this section and sections
1667e of this title, amending sections
1640 of this title, and enacting provisions set out as a note under section
1601 of this title] takes effect one year after the date of its enactment [Mar. 23, 1976].”
Adjustments for Inflation
On and after Dec. 31, 2011, dollar amount described in par. (1) of this section to be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, see section 1100E(b) ofPub. L. 111–203, set out as a note under section
1603 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.