§ 280. Short title

This chapter may be cited as the “Rental-Purchase Disclosure Act”.

§ 281. Definitions

For purposes of the chapter: (a) The term “advertisement” means a commercial message in any medium that aids, promotes or assists, directly or indirectly, a rental-purchase agreement. (b) The term “agricultural purpose” includes: (1) the production, harvest, exhibition, marketing transformation, processing or manufacture of agricultural products by a natural person who cultivates plants or propagates […]

§ 282. Exempted transaction

(a) Rental-purchase agreements that comply with this chapter are not governed by the laws relating to: (1) a security interest as defined in title 11A Virgin Islands Code, Article 1, § 1-201(35) and governed by Article 9 of title 11A Virgin Islands Code. (b) This chapter does not apply to the following: (1) rental purchase […]

§ 283. General disclosure requirements

(a) In general. The merchant under a rental-purchase agreement shall disclose in a clear and conspicuous manner to the consumer the information required by sections 284, 285 and 286 of this chapter. In an agreement involving more than one merchant, only one merchant is required to make the disclosures. (b) Disclosure. The disclosures required under […]

§ 284. Rental purchase disclosures

For each rental-purchase agreement, the merchant shall disclose to the consumer, to the extent applicable under the agreement, the following: (a) the total amount of the first periodic payment and the total amount of advance payments, delivery charges, trade-in allowances, fees, taxes or other charges that may be required at or before the date of […]

§ 285. Point of rental disclosures

Each item of property displayed or offered in connection with a rental-purchase agreement must have stamped or affixed to the property a card, tag or label that clearly and conspicuously discloses only the following: (a) whether the property is new or used; (b) the price of the property in a cash sale; (c) the amount […]

§ 286. Agreement provisions

(a) In general. Each rental-purchase agreement must: (1) provide a brief description of the rented property sufficient to identify the rented property to the consumer and merchant. If a rental is for multiple items of property, a description of each item may be provided in a separate statement incorporated by reference agreement; (2) state that […]

§ 287. Prohibited provisions of rental-purchase agreement

A rental-purchase agreement or any document that the merchant requests the consumer to execute may not contain: (a) a confession of judgment; (b) a negotiable instrument; (c) a security interest or any other claim of a property interest in any goods, except those goods the use of which is provided by the merchant pursuant to […]

§ 288. Receipts and accounts

A merchant shall provide the consumer a written receipt for each payment made by cash, check or money order, the date, the total number of rental payments made and the total number of payments necessary to acquire ownership of the property.

§ 289. Renegotiations and extensions

A renegotiation of a rental-purchase agreement is deemed to be a new agreement for purposes of this chapter, requiring new disclosures under sections 284 and 286. A renegotiation shall be considered to occur when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant. Events such as the […]

§ 290. Rental-purchase advertising

(a) Advertisements. If an advertisement for a rental-purchase agreement refers to, or states, the amount of any payment or the right to acquire ownership, the merchant that makes the advertisement shall also clearly and conspicuously state in the advertisement the following information: (1) the transaction advertised is to occur under a rental-purchase agreement; (2) the […]

§ 291. Civil liability

(a) Liability amount. Except as otherwise provided in this chapter, a merchant who willfully violates this chapter with respect to a consumer is liable to the consumer in an amount equal to the following: (1) In an action by an individual consumer, the sum of: (A) actual damages sustained by the consumer as a result […]

§ 292. Defenses of merchants

A merchant is not liable: (a) for any violation of the requirements of this chapter if within sixty days after discovering the violation, and before an action is filed against a merchant or written notice of the violation is received from the consumer, the merchant notifies the consumer of the violation and makes whatever adjustments […]

§ 293. Liability of assignees

(a) Assignees. For purposes of sections 291 and 292 and this chapter, the term “merchant” includes an assignee of a merchant. However, an action under section 291 for a violation of this chapter may be brought against an assignee only if the violation is apparent on the face of the rental-purchase agreement to which it […]

§ 294. Effect on government agencies

No civil liability or criminal penalty under this chapter may be imposed on the United States or any of its departments or agencies, any territorial or political subdivision, or any agency of the territory or political subdivision.