Chapter 521 — Chapter 521
6 sections in this chapter.
Fla. Stat. § 521.001 Short title
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Sections 521.001-521.006 may be cited as the “Motor Vehicle Lease Disclosure Act.”
Fla. Stat. § 521.002 Applicability
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Sections 521.001-521.006 do not supersede applicable federal law, including the federal Truth in Lending Act, 15 U.S.C. ss. 1601 et seq.; the rules adopted under the federal Truth in Lending Act; or any state law, including the Uniform Commercial Code.
Fla. Stat. § 521.003 Definitions
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As used in ss. 521.001-521.006, the term:(1) “Adjusted or net capitalized cost” means the capitalized cost, less any capitalized cost-reduction payments made by the retail lessee at the inception of the lease agreement. The adjusted or net capitalized cost shall serve as the basi…
Fla. Stat. § 521.004 Disclosures
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A retail lessor must:(1) Disclose to the retail lessee in the lease agreement in a separate blocked section, in capital letters of at least 12-point bold type, with the appropriate amounts specified, as follows:THIS IS A LEASE AGREEMENT.THIS IS NOT A PURCHASE AGREEMENT.PLEASE REV…
Fla. Stat. § 521.005 Trade-in vehicle
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A trade-in vehicle used to reduce the capitalized cost must be identified as a trade-in vehicle in the lease agreement and identified by year, make, and model. The lease agreement must state the net credit of the trade-in vehicle used to reduce capitalized costs.
Fla. Stat. § 521.006 Civil remedies
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(1) A retail lessor who fails to comply with the requirements of this act shall be liable to the retail lessee for actual damages sustained, a civil penalty of up to $1,000 per lease transaction, and reasonable attorney fees and costs.(2) In addition to any other remedies provide…