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Texas Statutes (Last Updated: January 4, 2014) |
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BUSINESS AND COMMERCE CODE |
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Title 5. REGULATION OF BUSINESSES AND SERVICES |
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Subtitle B. RENTAL PRACTICES |
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Chapter 92. RENTAL-PURCHASE AGREEMENTS |
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Subchapter A. GENERAL PROVISIONS |
Sec. 92.001. DEFINITIONS
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In this chapter:
(1) "Advertisement" means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement.
(2) "Commission" means the Texas Commission of Licensing and Regulation.
(3) "Consumer" means an individual who leases personal property under a rental-purchase agreement.
(4) "Department" means the Texas Department of Licensing and Regulation.
(5) "Loss damage waiver" means a merchant's agreement to not hold a consumer liable for loss from all or part of any damage to merchandise.
(6) "Merchandise" means the personal property that is the subject of a rental-purchase agreement.
(7) "Merchant" means 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. The term includes a person who is assigned an interest in a rental-purchase agreement.
(8) "Rental-purchase agreement" means an agreement under which a consumer may use merchandise for personal, family, or household purposes for an initial period of four months or less, and that:
(A) is automatically renewable with each payment after the initial period; and
(B) permits the consumer to become the owner of the merchandise.