1-b. This section shall not be applicable to any advance payment of
money under or with respect to any contract for the use or rental of
personal property that, in accordance with the terms applicable to such
payment, either (a) is not revocable by the person making such payment
and is not otherwise subject to being returned or refunded to such
person, or (b) otherwise satisfies or discharges an equivalent liability
under such contract when such payment is made, whether or not such
liability is otherwise then due and payable under the terms of such
contract.
1-c. This section shall apply to money deposited or advanced on
contracts for the use or rental of personal property as security for
performance of the contract or to be applied to payments upon such
contract when due, only if (a) such contract is governed by the laws of
this state as the result of a choice of law provision in such contract,
in accordance with section 1--301 of the uniform commercial code
(subject to the limitations on choice of law by the parties to a
consumer lease under section 2-A-106 of the uniform commercial code), or
such contract is otherwise governed by the laws of this state in
accordance with applicable conflict of laws rules, and (b) the lessee
under such contract is located within this state, within the meaning of
the uniform commercial code (with respect to the location of debtors),
except that a foreign air carrier under the Federal Aviation Act of
1958, as amended, shall not be deemed located in this state solely as a
result of having a designated office of an agent upon whom service of
process may be made located in this state.