Lease-purchase agreements which comply with this chapter are not subject to the laws relating to:
- (1) A consumer transaction in chapter 54-3A;
- (2) A security interest defined in § 57A-1-201; or
- (3) A lease in chapter 57A-2A. This chapter does not apply to the following:
- (1) Lease-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;
- (2) A lease of a safe deposit box;
- (3) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or
- (4) A lease of a motor vehicle.
Source: SL 1991, ch 393 , § 3.