§ 50-1217. Terminal rental adjustment clauses: vehicle leases that are not sales or security interests.

Current through October 23, 2012

In the case of motor vehicles or trailers, notwithstanding any other provisions of law, a transaction does not create a sale or security interest merely because it provides that the rental price is permitted or required to be adjusted under the agreement either upward or downward by reference to the amount realized upon sale or other disposition of the motor vehicle or trailer.

                
                    var val = document.getElementById('citecontent').innerHTML;
                    art.dialog.defaults.title = window.location.href;
                    art.dialog.data('cite', val);
                    art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                    art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');

(July 2, 1940, ch. 527, § 15a, as added Mar. 17, 1993, D.C. Law 9-205, § 2, 40 DCR 10.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 40-1017.

Legislative History of Laws

Law 9-205, the "TRAC Vehicle Leasing Amendment Act of 1992," was introduced in Council and assigned Bill No. 9-473, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on November 4, 1992, and December 1, 1992, respectively. Signed by the Mayor on December 18, 1992, it was assigned Act No. 9-334 and transmitted to both Houses of Congress for its review. D.C. Law 9-205 became effective on March 17, 1993.