75-24-159 - Items to be disclosed in rental-purchase agreements.
§ 75-24-159. Items to be disclosed in rental-purchase agreements.
For each rental-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable:
(a) Whether the periodic payment is weekly, monthly or otherwise, the dollar amount of each payment, and the total number and dollar amount of all periodic payments necessary to acquire ownership of the property;
(b) A statement that the consumer will not own the property until the consumer has paid the total amount necessary to acquire ownership;
(c) A statement advising the consumer whether the consumer is liable for loss or damage to the property, and, if so, a statement that such liability will not exceed the fair market value of the property as of the time it is lost or damaged;
(d) A brief description of the rental property, sufficient to identify the property to the consumer and the lessor, including an identification number, if applicable, and a statement indicating whether the property is new or used, but a statement that indicates new property is used is not a violation of Sections 75-24-151 through 75-24-175;
(e) A statement of the cash price of the property. Where the agreement involves a rental of two (2) or more items as a set, in one (1) agreement, a statement of the aggregate cash price of all items shall satisfy this requirement;
(f) The total of initial payments paid or required at or before consummation of the agreement or delivery of the property, whichever is later;
(g) A statement that the total of payments does not include other charges, such as delivery, in-home collection, pickup and reinstatement fees, which fees shall be separately disclosed in the contract;
(h) A statement clearly summarizing the terms of the consumer's option to purchase, including a statement that the consumer has the right to exercise an early purchase option and the price, formula or method for determining the price at which the property may be so purchased;
(i) A statement identifying the party responsible for maintaining or servicing the property while it is being rented, together with a description of that responsibility, and a statement that if any part of a manufacturer's express warranty covers the rental property at the time the consumer acquires ownership of the property, it shall be transferred to the consumer, if allowed by the terms of the warranty;
(j) The date of the transaction and the identities of the lessor and consumer;
(k) A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property in good repair upon expiration of any rental term along with any past due rental payments; and
(l) Notice of the right to reinstate an agreement as herein provided.
Sources: Laws, 1995, ch. 485, § 5, eff from and after July 1, 1995.