P-40.1 - Consumer Protection Act

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150.18. A contract of lease with guaranteed residual value is a long-term contract of lease of goods by which the consumer guarantees that the merchant, once the leasing period is expired, will obtain a certain minimum value from the alienation of the goods.
For the purposes of this division, residual value means the value guaranteed by the consumer who is a party to such a contract.
1991, c. 24, s. 3.