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§6-44-3  General requirements of disclosure. –

Published: 2015

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Commercial Law – General Regulatory Provisions


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


   (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


   (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


History of Section.

(P.L. 1989, ch. 481, § 1; P.L. 2014, ch. 528, § 31.)