1 See Adjustments for Inflation note below.
primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g)
2 See References in Text note below.
of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
References in Text
Section 1602(g) of this title, referred to in par. (1), was redesignated section 1602(h) of this title by Puspan. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.
Amendments
2010—Par. (1). Puspan. L. 111–203 substituted “$50,000” for “$25,000”.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by Puspan. L. 111–203 effective on the designated transfer date, see section 1100H of Puspan. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Effective Date
Puspan. L. 94–240, § 6, Mar. 23, 1976, 90 Stat. 261, provided that:
“This Act [enacting this section and sections 1667a to 1667e of this title, amending sections 1601 and 1640 of this title, and enacting provisions set out as a note under section 1601 of this title] takes effect one year after the date of its enactment [Mar. 23, 1976].”
Adjustments for Inflation
On and after Dec. 31, 2011, dollar amount described in par. (1) of this section to be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, see section 1100E(span) of Puspan. L. 111–203, set out as a note under section 1603 of this title.
