TITLE 6

Commercial Law – General Regulatory Provisions

CHAPTER 6-13

Unfair Sales Practices

SECTION 6-13-14



   § 6-13-14  Automatic lease renewal –

Notice required. –

(a) For purposes of this section, "automatic lease renewal" means a provision

in a written lease of personal property providing that, unless the lessee gives

written notice to the contrary, the lease shall be automatically renewed for an

additional term at the end of the initial lease term or at the end of any

subsequent lease term.



   (b) Subject to the exclusions stated in subsection (d) of

this section, every lessor of personal property under a written lease

containing an automatic lease renewal shall give written notice to the lessee

not more than ninety (90) nor less than forty-five (45) days prior to the

expiration of the lease term. The notice shall state the date upon which the

lease term will expire and shall advise the lessee that the lease will be

automatically renewed unless the lessee gives written notice to the contrary.



   (c) In the event that the lessor fails to give notice as

required by subsection (b) of this section, the automatic lease renewal shall

be voidable at the option of the lessee.



   (d) This section shall not apply to any lease having a term

of less than one year. This section shall not apply to any lease wherein the

fair market value of the property being leased exceeds one hundred thousand

dollars ($100,000) on the date the lease is executed.



History of Section.

(P.L. 1985, ch. 480, § 1.)