§ 4-92-104. Agreement — Nature
An agreement which conforms with the definition as set forth in § 4-92-102(7) shall be a true lease and shall not constitute a credit sale, retail installment contract, agreement, obligation, or any other type of credit sale financing device, nor shall it create a security interest as that term is defined in § 4-1-201(b)(35). Until […]
§ 4-90-704. Debt cancellation agreements — Restrictions
No debt cancellation agreement shall be issued that: (1) Is in any respect in violation of or does not comply with this subchapter; (2) Contains or incorporates by reference if incorporation by reference is otherwise permissible any inconsistent, ambiguous, illusory, or misleading clauses or exceptions and conditions that deceptively affect the material terms of the […]
§ 4-92-105. Agreement — Provisions prohibited and required
(a) A rental-purchase agreement shall not contain a provision: (1) Requiring a confession of judgment; (2) Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise; (3) Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant; or […]
§ 4-90-705. Application of § 4-88-101 et seq. to debt cancellation agreements and sellers of debt cancellation agreements
(a) Debt cancellation agreements and sellers of debt cancellation agreements are subject to the provisions of § 4-88-101 et seq., and any violation of any of the provisions of this subchapter constitutes an unconscionable or deceptive act or practice under § 4-88-101 et seq. (b) All remedies, penalties, and authority granted to the Attorney General […]
§ 4-92-106. Agreement — Reinstatement
(a) A consumer who fails to make a timely rental payment may reinstate an agreement without losing any rights or options previously acquired by either paying all rental and other charges due or returning the merchandise to the lessor within five (5) business days from the date of the last scheduled rental payment if the […]
§ 4-90-801. Legislative intent — Purpose — Scope
(a) The General Assembly finds that guaranteed asset protection waivers are not insurance. (b) It is the intent of the General Assembly that all guaranteed asset protection waivers issued in this state, before or after the enactment of this subchapter, are not to be considered insurance. (c) The purpose of this subchapter is to provide […]
§ 4-92-107. Advertisements
Any advertisement for a rental-purchase agreement must clearly and conspicuously state that the advertised transaction is a rental-purchase transaction.
§ 4-90-802. Definitions
As used in this subchapter: (1) “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions under a guaranteed asset protection waiver program; (2) “Borrower” means a debtor, retail buyer, or lessee under a finance agreement; (3) “Creditor” means: (A) A lender in a loan or credit transaction; (B) […]
§ 4-92-108. Personal property — Repossessed rental merchandise
(a) This section applies when merchandise becomes attached to the personal property of the consumer that is subject to a perfected lien of a secured creditor while the merchandise is being leased from a lessor under a rental-purchase agreement. (b) (1) If a secured creditor has a security interest in the personal property of a […]
§ 4-90-803. Requirements for offering guaranteed asset protection waivers
(a) A guaranteed asset protection waiver may be offered, sold, or provided to a borrower in this state under this subchapter. (b) At the option of the creditor that offers the guaranteed asset protection waiver, a guaranteed asset protection waiver may: (1) Be sold for a single payment; or (2) Be offered with a monthly […]