{"data":{"id":"us-ky/krs-367.976","jurisdiction":"us-ky","citation":"KRS 367.976","heading":"Definitions for KRS 367.976 to 367.985.","body":"As used in KRS 367.976 to 367.985:\n(1) \"Advertisement\" means a commercial message in any medium that aids, promotes,\nor assists directly or indirectly a rental -purchase agreement, excluding in -store\nmerchandising aids;\n(2) \"Cash price\" means the price at which the lessor would have sold the pro perty to\nthe consumer for cash on the date of the rental-purchase agreement;\n(3) \"Consumer\" means a natural person who rents personal property under a rental -\npurchase agreement;\n(4) \"Consummation\" means the time a consumer becomes contractually obligated o n a\nrental-purchase agreement;\n(5) \"Lessor\" means a person who, in the ordinary course of business, regularly leases,\noffers to lease, or arranges for the leasing of property under a rental -purchase\nagreement;\n(6) \"Office\" means the Office of Consumer Prot ection in the Office of the Attorney\nGeneral; and\n(7) (a) \"Rental-purchase agreement\" means an agreement for the use of personal\nproperty by a natural person primarily for personal, family, or household\npurposes, for an initial period of four (4) months or  less, whether or not there\nis any obligation beyond the initial period, that is automatically renewable\nwith each payment and that permits the consumer to become the owner of the\nproperty.\n(b) The term rental -purchase agreement shall not be construed to be, nor be\ngoverned by, any of the following:\n1. A lease or agreement which constitutes a credit sale as defined in 12\nC.F.R. part 226.2(a)(16) and Section 1602(h) of the Truth in Lending\nAct, 15 U.S.C. sec. 1601 et seq.;\n2. A lease which constitutes a consumer lease as defined in 12 C.F.R. part\n213.2(e)(1);\n3. Any lease for agricultural, business, or commercial purposes;\n4. Any lease made to an organization;\n5. A lease or agreement which constitutes a retail installment transaction or\nretail installment contract as defined in KRS 371.210;\n6. A security interest as defined in KRS 355.1-201; or\n7. A home solicitation sale as that term is defined in KRS 367.410.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55735","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:06Z","sha256":"b5b7b8d685f3c02b2cefea9860fd5343876769f8606d40324edbdb869c21956b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.97537","next":"us-ky/krs-367.977"},"notice":"GroundRules: Original legal text. Not legal advice."}