40-19-102. Definitions.

(a) As used in this act:

(i) 'Commissioner' means the state banking commissioner;

(ii) 'Advertisement' means a commercial message in any medium that solicits a consumer to enter a rental-purchase agreement;

(iii) 'Business day' means any day other than Sunday or a legal holiday;

(iv) 'Cash sale price' means the price stated in a rental-purchase agreement for which the merchant would have sold and the consumer would have bought the property which is the subject matter of a rental-purchase agreement if the transaction had been a sale for cash. The cash sale price may include any applicable taxes to the extent imposed on the cash sale;

(v) 'Consumer' means an individual who rents property under a rental-purchase agreement to be used primarily for personal, family or household purposes;

(vi) 'Consummation' means the date on which a consumer enters a rental-purchase agreement;

(vii) 'Fee' means any payment, charge, fee, cost or expense whether mandatory or optional that a consumer pays in addition to periodic payments in connection with a rental-purchase agreement;

(viii) 'Merchant' means a person who regularly provides the use of property under rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement;

(ix) 'Periodic payment' means the rent a consumer pays weekly, monthly or otherwise for the use of property pursuant to a rental-purchase agreement;

(x) 'Property' means personal property of which a consumer acquires use under a rental-purchase agreement;

(xi) 'Rental-purchase agreement' means an agreement, which may be in digital form, between a consumer and merchant for the use of property by the consumer primarily for personal, family or household purposes:

(A) For an initial period of four (4) months or less;

(B) That is automatically renewable with each payment after the initial period;

(C) That does not obligate or require the consumer to continue renting or using the property beyond the initial period; and

(D) That permits the consumer to become the owner of the property.

(xii) 'Independent third-party retailer location' means a physical retail location open to consumers in Wyoming, or an online presence, that is operated by a person who is not a merchant but where a merchant regularly offers or displays property for use under rental-purchase agreements;

(xiii) 'Online presence' includes a website or mobile application;

(xiv) 'Place of business' means a merchant's physical retail location open to consumers in Wyoming, or a merchant's online presence, in each case where the merchant regularly offers or displays the merchant's rental-purchase property for use under rental-purchase agreements. 'Place of business' does not include an independent third-party retailer location;

(xv) 'Rental-purchase property' means property displayed or offered primarily for rental-purchase pursuant to a rental-purchase agreement;

(xvi) 'This act' means W.S. 40-19-101 through 40-19-120.