Section 500. Definitions

For the purposes of this article:
    1.  "Advertisement"  means  a  commercial  message  in any medium that
  directly or indirectly promotes or assists a rental-purchase agreement.
    2. "Cash price" means the price at which a merchant, in  the  ordinary
  course  of business, would offer to sell the merchandise to the consumer
  for cash on the date of the rental-purchase agreement.
    3. "Consumer" means an individual who leases personal property under a
  rental-purchase agreement.
    4. "Merchandise" means the personal property that is the subject of  a
  rental-purchase agreement.
    5.  "Merchant" means a person who, in the ordinary course of business,
  regularly leases, offers to lease, or acts as an agent for  the  leasing
  of merchandise under a rental-purchase agreement.
    6.  "Rental-purchase  agreement"  means  an  agreement  for the use of
  merchandise by a consumer for personal, family, or  household  purposes,
  for  an  initial  period  of four months or less, that is renewable with
  each payment after the initial period and that  permits  the  lessee  to
  become  the  owner of the property. An agreement that complies with this
  article is  not  a  retail  installment  sales  contract,  agreement  or
  obligation  as defined in this chapter or a security interest as defined
  in subdivision thirty-seven of section 1-201 of the  uniform  commercial
  code.