Title 9-A, Title 9-A

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 787 (NEW).] 1. "Administrator" means the administrator designated in Article VI, section 6‑103. 2. "Advertisement" means a commercial message in any medi…

1. A rental-purchase agreement that complies with this Article is not considered or governed by the laws related to: A. A "home solicitation sale" as defined in section 3‑501; [PL 1991, c. 787 (NEW).] B. A "consumer credit sale" as defined in section 1‑301, subsection 11; except …

1. The merchant shall disclose to the consumer the information required by this Article. In a transaction involving more than one merchant, only one merchant need make the disclosure but all merchants are bound by the disclosure. 2. The disclosure must be made during or before co…

1. For each rental-purchase agreement, the merchant shall disclose in the agreement the following items, as applicable: A. [PL 2001, c. 287, §6 (RP).] B. [PL 2001, c. 287, §6 (RP).] C. A statement that the consumer is responsible for the fair market value, remaining rent, early p…

A rental-purchase agreement may not contain: [PL 1991, c. 787 (NEW).] 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 merchant pursuant to the rental-purchas…

Any late charge assessed pursuant to section 11‑109, subsection 8 may not exceed the greater of 5% of the delinquent payment amount or $3. Only one late charge may be assessed on any delinquent payment, regardless of how long the payment remains unpaid.

In addition to rental payments, a merchant may contract for and receive the following charges or fees. [PL 2001, c. 287, §12 (AMD).] 1. An initial administrative fee not to exceed $15 may be assessed but the fee must be refunded to the consumer if the rental agreement is not cons…

1. An agreement of the parties to a rental-purchase agreement with respect to default on the part of the consumer is enforceable only to the extent that the consumer fails to renew an agreement and fails to return the rented property or make arrangements for its return as provide…

1. A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing…

1. The total number of rental payments necessary to acquire ownership of the property under any rental-purchase agreement may not exceed 2 times the cash price of the property. When 50% of all rental payments made by a consumer equals the cash price of the property disclosed to t…

In addition to the other charges permitted by this Article, the parties may contract for a liability damage waiver. The fee for the liability damage waiver may not exceed the greater of 5% of any periodic rental payment due or $3 in the case of any rental-purchase agreement with …

A merchant shall furnish the consumer a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is made in person during normal working hours. The merchant shall provide the consumer with a wr…

1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations…

1. An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment for a specific item must state clearly and conspicuously: A. That the transaction advertised is a rental-purchase agreement; [PL 1991, c. 787 (NEW).] B. The rental-purcha…

The following provisions govern the debt collection practices of merchants under this Article. [PL 2001, c. 287, §18 (RPR).] 1. A merchant communicating with any person other than the consumer for the purpose of acquiring location information about the consumer may: A. Identify t…

A merchant who violates this Article or any rule issued by the administrator is subject to the following: [PL 1991, c. 787 (NEW).] 1. After notice and hearing, a cease and desist order and order of restitution from the administrator; 2. A civil action, by the administrator throug…

This Article takes effect January 1, 1993.

A merchant who enters into a rental-purchase agreement with a consumer shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, a…