Okla. Stat. tit. 59, § 59-1951: Definitions

As used in the Oklahoma Rental-Purchase Act:

1. "Administrator" means the Administrator of the Department of

Consumer Credit as designated in Section 6-501 of Title 14A of the

Oklahoma Statutes;

2. "Advertisement" means any commercial message in any medium

that promotes, directly or indirectly, a consumer rental-purchase

agreement;

3. "Consummation" means the time a lessee becomes contractually

obligated on a consumer rental-purchase agreement;

4. "Displayed or offered primarily for rental-purchase" means

personal property displayed or offered at a physical location which

derives fifty percent (50%) or more of its revenue from rental-

purchase agreements;

5. "Initial fee" means any fee charged to initiate a contract

however designated;

6. "Initial period" means from the date of inception to the

first scheduled renewal payment;

7. "Lessee" means a natural person who rents personal property

under a consumer rental-purchase agreement;

8. "Lessor" means a person who regularly provides the use of

property through consumer rental-purchase agreement; and

9. "Rental-purchase agreement" means an agreement for the use

of personal property by a consumer for personal, family, or

household purposes, for an initial period of four (4) months or

less, that is renewable with each payment after the initial period,

and that permits the consumer to become the owner of the property.

An agreement that complies with this definition is not a consumer

credit sale as defined in Section 2-104 of Title 14A of the Oklahoma

Statutes, or a consumer loan as defined in Section 3-104 of Title

14A of the Oklahoma Statutes, or a refinancing or consolidation

thereof, or a consumer lease as defined in Section 2-106 of Title

14A of the Oklahoma Statutes, or a lease or agreement which

constitutes a security interest as defined in paragraph (35) of

subsection (b) of Section 1-201 of Title 12A of the Oklahoma

Statutes or a lease or agreement which constitutes a sale of goods

as defined in subsection (4) of Section 2-105 of Title 14A of the

Oklahoma Statutes.