# § 1667. Definitions
For purposes of this part—
**2** The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,[^1] 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] 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.
See Adjustments for Inflation note below.
See References in Text note below.
**(2)** The term “lessee” means a natural person who leases or is offered a consumer lease.
**(3)** The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
**(4)** The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
**(5)** The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
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**Source Credit**: (Pub. L. 90–321, title I, § 181, as added Pub. L. 94–240, § 3, Mar. 23, 1976, 90 Stat. 257; amended Pub. L. 111–203, title X, § 1100E(a)(2), July 21, 2010, 124 Stat. 2111.)
## Editorial Notes
### References in Text
, referred to in par. (1), was redesignated by , , .
### Amendments
2010—Par. (1). substituted “$50,000” for “$25,000”.
## Statutory Notes and Related Subsidiaries
### Effective Date of 2010 Amendment
Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.
### Effective Date
> “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
>
> ] takes effect one year after the date of its enactment [
>
> ].”
, , , provided that:
### Adjustments for Inflation
On and after , 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 , set out as a note under .