{"data":{"id":"us-nv/nrs-597.010","jurisdiction":"us-nv","citation":"NRS 597.010","heading":"Definitions.","body":"As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires:\n1. “Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.\n2. “Customer” means a natural person who leases personal property which is to be used primarily for personal, family or household purposes pursuant to a lease agreement with an option to purchase.\n3. “Lease agreement with an option to purchase” means an agreement:\n(a) For the possession and use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of not more than 4 months;\n(b) That is automatically renewable with each payment made after the initial period;\n(c) That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and\n(d) That permits the customer to acquire the ownership of the property.\n4. “Lessor” means a person who regularly provides the possession and use of property pursuant to a lease agreement with an option to purchase and to whom rental payments are initially payable as indicated on the face of the agreement.","path":["TITLE 52 — TRADE REGULATIONS AND PRACTICES","CHAPTER 597 - MISCELLANEOUS TRADE REGULATIONS AND PROHIBITED ACTS","LEASE OF PERSONAL PROPERTY WITH OPTION TO PURCHASE"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-597.html#NRS597Sec010","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:43Z","sha256":"f3c7dabe6565b0a5efc7849b43d6da5bf42a278f2c54ba430beebe7badb5caeb","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-590.645","next":"us-nv/nrs-597.020"},"notice":"GroundRules: Original legal text. Not legal advice."}