TITLE 6
Commercial Law General Regulatory Provisions
CHAPTER 6-44
Rental Purchase Agreements
SECTION 6-44-3
§ 6-44-3 General requirements of
disclosure.
(a) Each lessor shall give to the lessee, prior to the execution of the lease,
a dated, written statement on which the lessor and lessee are identified
setting out accurately and in a clear and conspicuous manner the following
information with respect to the lease, as applicable:
(1) A brief description or identification of the leased
property, including whether the property is new or used;
(2) The amount of any payment required by the lessee at or
before the execution of the lease;
(3) The amount paid or payable by the lessee for fees or
taxes;
(4) The amount and description of other charges payable by
the lessee and not included in the periodic payments;
(5) A statement of the amount or method of determining the
amount of any liabilities the lease imposes upon the lessee at the end of the
term of the lease; whether or not the lessee has the option to purchase the
leased property and the price at which the leased property may be purchased at
the end of the lease; and the method of determining the early purchase option
price at any point in time;
(6) A statement identifying all express warranties and
guarantees made by the manufacturer or lessor with respect to the leased
property and identifying the party responsible for maintaining or servicing the
leased property together with a description of the responsibility;
(7) A brief description of insurance provided or paid for by
the lessor or required of the lessee, including the types and amount of the
coverages and costs;
(8) The number, amount, and due dates or periods of payments
under the lease and the total amount of the periodic payments; and
(9) A statement of the conditions under which the lessee or
lessor may terminate the lease prior to the end of the term or that no right to
terminate exists and the amount or method of determining the amount of any
penalty or other charge for delinquency, default, late payments, or early
termination.
(b) The disclosures required under this section may be made
in the lease contract to be signed by the lessee or may be made in a separate,
written document that shall be attached to the lease contract. Any of the
information required to be disclosed under this section may be given in the
form of estimates where the lessor is not in a position to know the exact
information.
History of Section.
(P.L. 1989, ch. 481, § 1; P.L. 2014, ch. 528, § 31.)
