[§481M-2]  Lease-purchase agreement defined.  A lease- purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that:

     (1)  Is automatically renewable with each payment after the initial period;

     (2)  Does not obligate or require the lessee to continue leasing or using the property beyond the initial period; and

     (3)  Permits the lessee to become the owner of the property. [L 1997, c 248, pt of §1]