§ 6-44-3 - General requirements of disclosure.
SECTION 6-44-3
§ 6-44-3 General requirements ofdisclosure. – (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 settingout accurately and in a clear and conspicuous manner the following informationwith respect to the lease, as applicable:
(1) A brief description or identification of the leasedproperty, including whether the property is new or used;
(2) The amount of any payment required by the lessee at orbefore the execution of the lease;
(3) The amount paid or payable by the lessee for fees ortaxes;
(4) The amount and description of other charges payable bythe lessee and not included in the periodic payments;
(5) A statement of the amount or method of determining theamount of any liabilities the lease imposes upon the lessee at the end of theterm of the lease, whether or not the lessee has the option to purchase theleased property and the price at which the leased property may be purchased atthe end of the lease, and the method of determining the early purchase optionprice at any point in time;
(6) A statement identifying all express warranties andguarantees made by the manufacturer or lessor with respect to the leasedproperty and identifying the party responsible for maintaining or servicing theleased property together with a description of the responsibility;
(7) A brief description of insurance provided or paid for bythe lessor or required of the lessee, including the types and amount of thecoverages and costs;
(8) The number, amount, and due dates or periods of paymentsunder the lease and the total amount of the periodic payments; and
(9) A statement of the conditions under which the lessee orlessor may terminate the lease prior to the end of the term or that no right toterminate exists and the amount or method of determining the amount of anypenalty or other charge for delinquency, default, late payments, or earlytermination.
(b) The disclosures required under this section may be madein the lease contract to be signed by the lessee or may be made in a separatewritten document which shall be attached to the lease contract. Any of theinformation required to be disclosed under this section may be given in theform of estimates where the lessor is not in a position to know the exactinformation.