1. (a) Lease-purchase agreements are not subject to:

   1. (1) Chapter 476; and
   2. (2) Article 2A or 9 of chapter 490.

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 a safe deposit box;
   3. (3) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the lessee has no option to purchase the leased property; or
   4. (4) A lease of a motor vehicle.

[L 1997, c 248, pt of §1]