1. (a) Lease-purchase agreements which comply with this chapter are not governed by the laws relating to:

   1. (1) A “retail installment contract” or “contract” as defined in § 4301(9) of this title.
   2. (2) A “security interest” as defined in § 1-201(35) of this title.

2. (b) This chapter does not apply to the following:

   1. (1) Lease-purchase agreements primarily for business, commercial or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;
   2. (2) A lease of safe deposit box;
   3. (3) A lease or bailment of personal property along with the lease of real property;
   4. (4) A lease of an automobile; or
   5. (5) The lease of real property and/or the fixed improvements thereon.

68 Del. Laws, c. 59, § 1