{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1951","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1951","heading":"Definitions","body":"As used in the Oklahoma Rental-Purchase Act:\n\n1. \"Administrator\" means the Administrator of the Department of\n\nConsumer Credit as designated in Section 6-501 of Title 14A of the\n\nOklahoma Statutes;\n\n2. \"Advertisement\" means any commercial message in any medium\n\nthat promotes, directly or indirectly, a consumer rental-purchase\n\nagreement;\n\n3. \"Consummation\" means the time a lessee becomes contractually\n\nobligated on a consumer rental-purchase agreement;\n\n4. \"Displayed or offered primarily for rental-purchase\" means\n\npersonal property displayed or offered at a physical location which\n\nderives fifty percent (50%) or more of its revenue from rental-\n\npurchase agreements;\n\n5. \"Initial fee\" means any fee charged to initiate a contract\n\nhowever designated;\n\n6. \"Initial period\" means from the date of inception to the\n\nfirst scheduled renewal payment;\n\n7. \"Lessee\" means a natural person who rents personal property\n\nunder a consumer rental-purchase agreement;\n\n8. \"Lessor\" means a person who regularly provides the use of\n\nproperty through consumer rental-purchase agreement; and\n\n9. \"Rental-purchase agreement\" means an agreement for the use\n\nof personal property by a consumer for personal, family, or\n\nhousehold purposes, for an initial period of four (4) months or\n\nless, that is renewable with each payment after the initial period,\n\nand that permits the consumer to become the owner of the property.\n\nAn agreement that complies with this definition is not a consumer\n\ncredit sale as defined in Section 2-104 of Title 14A of the Oklahoma\n\nStatutes, or a consumer loan as defined in Section 3-104 of Title\n\n14A of the Oklahoma Statutes, or a refinancing or consolidation\n\nthereof, or a consumer lease as defined in Section 2-106 of Title\n\n14A of the Oklahoma Statutes, or a lease or agreement which\n\nconstitutes a security interest as defined in paragraph (35) of\n\nsubsection (b) of Section 1-201 of Title 12A of the Oklahoma\n\nStatutes or a lease or agreement which constitutes a sale of goods\n\nas defined in subsection (4) of Section 2-105 of Title 14A of the\n\nOklahoma Statutes.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8a3518fc226296bf84af5ac0eb58e3b243f5162c3c6f989c593d83a6ea749ee3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1950","next":"us-ok/okla.-stat.-tit.-59-59-1952"},"notice":"GroundRules: Original legal text. Not legal advice."}