Title 54, DEBTOR AND CREDITOR

The lessor shall disclose to the consumer 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 such disclosures. The disclosures shall be made at or before consummat…

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 statement that the consumer will not own the pr…

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 to the lease - purchase agreement; (4) A wag…

A consumer who fails to make a timely rental payment may reinstate the agreement, without losing any rights or options which exist under the agreement, by the payment of: (1) All past due rental charges; (2) If the property has been picked up, the reasonable costs of pickup and r…

A lessor shall provide the consumer a written receipt for each payment made by cash or money order. Source: SL 1991, ch 393 , § 8.

A renegotiation shall occur when an existing lease - purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events may not be…