Title 54 — DEBTOR AND CREDITOR

Terms used in this chapter mean: (1) "Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease - purchase agreement; (2) "Cash price," the price at which the lessor would have sold the property to the consumer for cash on…

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 the following items, as applicable: (1) That the tra…

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 is automatically renewable with each payment after the initial period, but doe…

Lease - purchase agreements which comply with this chapter are not subject to the laws relating to: (1) A consumer transaction in chapter 54-3A ; (2) A security interest defined in § 57A-1-201 ; or (3) A lease in chapter 57A-2A . This chapter does not apply to the following: (1) …

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…