ROBERT L. EHRLICH, JR., Governor                           H.B. 563

B. If the value at consummation is not stated in the lease, 20
percent or less of the Monrone sticker price for the vehicle; or

2. In the case of a used vehicle, a nominal consideration of 20
percent or less of the wholesale value of the vehicle as shown in the official used car
guide of the National Automobile Dealer's Association (N.A.D.A.), taking into account
accessories and mileage plus any costs incurred by the lessor in repairing and
servicing the vehicle in anticipation of a lease.

(b) "Lease not intended as security" means a lease of a vehicle by an
individual primarily for personal, family, or household purposes for more than 180
consecutive days, including renewal periods, in which:

(1)     The lessee may return the motor vehicle at the end of the lease term
with no financial obligations other than payments required under, and disclosed in,
the lease for excess wear and tear and excess mileage charges and for administration,
disposition, and similar costs incurred at the end of the lease; and

(2)     The lessee is provided the option to purchase the leased vehicle for:

(i) In the case of a new vehicle, a consideration in excess of:

1. 20 percent of the "value at consummation" of the vehicle as
that term is defined in 12 C.F.R. § 213.2(a)(18); or

2. If the value at consummation is not stated in the lease, 20
percent of the Monrone sticker price for the vehicle; or

(ii) In the case of a used vehicle, a consideration in excess of 20
percent of the wholesale value of the vehicle as shown in the official used car guide of
the National Automobile Dealer's Association (N.A.D.A.), taking into account
accessories and mileage plus any costs incurred by the lessor in repairing and
servicing the vehicle in anticipation of a lease.

11-143.

"Owner", as used in reference to a vehicle:

(1)     Means a person who has the property in or title to the vehicle;

(2)     Includes a person who, subject to a security interest in another
person, is entitled to the use and possession of the vehicle;

(3)     Does not include a lessee under a lease not intended as security; and

(4)     Includes a lessee under a lease intended as a security.
11-149.

"Resident" means any person:

(1)     Who is domiciled in this State:

(2)     (i) Who owns, leases, or rents a primary place of residence in this
State; and

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