At any time after the first lease payment is made, the lessee may acquire ownership of the property under the terms specified in the rental purchase agreement. Source: L. 90: Entire article added, p. 370, § 1, effective January 1, 1991.
A rental purchase agreement shall not contain a provision requiring any of the following: Assignment of earnings. No lessor shall accept an assignment of earnings from the lessee for payment or as security for payment of a charge arising out of a rental purchase agreement. An assignment of earnings in violation of this paragraph (a) […]
A lessee shall not be required to make a payment in addition to regular lease payments in order to acquire ownership of the lease property, nor shall the lessee be required to pay lease payments totaling more than the cost to acquire ownership, as provided in section 5-10-401 (1)(b). Source: L. 90: Entire article added, […]
A lessor shall not contract for or receive charges for any of the following: The purchase of insurance by the lessee from the lessor; A penalty for early termination of a rental purchase agreement or for the return of an item at any point, except for those charges authorized by sections 5-10-601 and 5-10-602; or […]
