Title 47 — Property
52 chapters · 670 sections in this title.
N.D.C.C. § 47-15.1-01 Definitions
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As used in this chapter, unless the context or subject matter otherwise requires: 1. "Advertisement" means a commercial message in any medium that aids, promotes, or assists a consumer rental purchase agreement. 2. "Cash price" means the price at which the lessor would have sold …
N.D.C.C. § 47-15.1-02 Inapplicability of other laws
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Consumer rental purchase agreements under this chapter are not governed by the laws relating to a retail installment contract or a retail installment sale as defined in section 51-13-01 or security interest as defined in section 41-01-09.
N.D.C.C. § 47-15.1-03 Disclosure of information
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1. A lessor shall include in a consumer rental purchase agreement: a. The total number, total amount, and timing of all payments necessary to acquire ownership of the property. b. A statement that the consumer does not own the property until the consumer has made the total paymen…
N.D.C.C. § 47-15.1-04 Prohibited provisions and agreements
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A consumer rental purchase agreement may not contain the following provisions, and, such included provision is not enforceable: 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 good…
N.D.C.C. § 47-15.1-05 Reinstatement of agreement - Repossession
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1. A consumer who fails to make a timely rental payment may reinstate the agreement without losing any right or option that exists under the agreement by the payment of: a. All past-due rental charges; b. The reasonable costs of repossession and redelivery if the property has bee…
N.D.C.C. § 47-15.1-06 Renegotiation for new agreement - Extensions
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1. A renegotiation of an agreement occurs when an existing consumer rental purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following events may…
N.D.C.C. § 47-15.1-07 Advertisement of consumer rental purchase agreement
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1. If an advertisement for a consumer rental 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 must also clearly and conspicuously state the following items, as applicable: a. Tha…
N.D.C.C. § 47-15.1-08 Penalties - Remedies - Lessor to preserve evidence
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1. A lessor who fails to comply with this chapter is liable to the consumer for: a. The greater of the actual damages sustained by the consumer as a result of the violation or, in the case of an individual action, twenty-five percent of the total payments necessary to acquire own…