I don’t know if it’s exactly the same, but they definitely have a limited number of loans before the library is forced to buy another copy.

Here’s an article from 2023 by a librarian with more details:

Other titles are metered. This is essentially a lease. Libraries purchase a title for time, 12 to 24 months or by checkouts, usually 26. When the terms of the lease expire the item is no longer available and has to be repurchased.