Title 26, Trade Regulation And Practice

§481M-13 Disclosure of information. (a) The lessor shall disclose to the lessee the information required by this chapter. In a transaction involving more than one lessor, only one lessor need make the disclosures, but all lessors shall be bound by these disclosures. The disclosur…

§481M-14 Information required in disclosure. (a) For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: (1) The total number, total amount, and timing of all payments necessary to acquire ownership of the property; (2) A …

§481M-15 Reinstatement of agreement and repossession. (a) A lessee who breaches any lease-purchase agreement, including but not limited to the failure to make timely lease payments, shall have the right to reinstate the original lease-purchase agreement without losing any rights …

[§481M-16] Written receipts for cash or money order. A lessor shall provide the lessee a written receipt for each payment made by cash or money order. [L 1997, c 248, pt of §1]

§481M-17 Renegotiation for new agreement and extensions. (a) A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and lessee. A renegotiation shall be considered a new agreement requiring …

[§481M-18] Advertisement of lease-purchase agreement. If an advertisement for a lease-purchase agreement refers to or states the dollar amount of any payment and the right to acquire ownership of any one specific item, the advertisement shall also clearly and conspicuously state …

[§481M-2] Lease-purchase agreement defined. A lease-purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that: (1) Is automatically renewable wit…

[§481M-3] Agreements exempt from other laws. (a) Lease-purchase agreements are not subject to: (1) Chapter 476; and (2) Article 2A or 9 of chapter 490. (b) This chapter does not apply to the following: (1) Lease-purchase agreements primarily for business, commercial, or agricultu…

§481M-4 Provisions prohibited in agreements. A lease-purchase agreement may not contain: (1) A confession of judgment; (2) A negotiable instrument; (3) A security interest or any other claim of a property interest in any goods except those goods delivered by the lessor pursuant t…

[§481M-5] Limit on total lease payments. (a) No lessor shall offer a lease-purchase agreement in which the total lease payments necessary to acquire ownership exceed twice the cash price of the rented property. (b) When fifty per cent of all rental payments made by a lessee equal…

[§481M-6] Early termination. The lessee shall have the right to acquire ownership of the property at any time after the initial payment by tendering to the lessor all past due payments and fees and an amount equal to the cash price stated in the lease-purchase agreement multiplie…

§481M-7 Additional charges. (a) A lessor may contract for and receive an initial nonrefundable fee not to exceed $10 per lease-purchase agreement. If the lessor requires a security deposit, the amount of the deposit and the conditions under which it will be returned shall be disc…

[§481M-8] Assignee liability and notice of assignment. (a) With respect to a lease-purchase agreement, an assignee of the rights of the lessor is subject to all claims and defenses of the lessee against the lessor arising from the lease of property or services, notwithstanding th…

[§481M-9] Unfair or deceptive acts or practices. Any person who violates this chapter shall be deemed to have engaged in an unfair or deceptive act or practice within the meaning of section 480-2. [L 1997, c 248, pt of §1]