§ 10-1-680. Short Title
This article shall be known and may be cited as the “Lease-purchase Agreement Act.” History. Code 1981, § 10-1-680 , enacted by Ga. L. 1985, p. 1341, § 1.
§ 10-1-681. Definitions
As used in this article, the term: “Lease-purchase agreement” means an agreement for the use of personal property by a lessee primarily for personal, family, or household purposes for an initial period of four months or less that is renewable with each payment after the initial period and that permits the lessee to become the […]
§ 10-1-682. Requirements for Written Statement of Agreement
A lease-purchase agreement shall be in the form of a written statement which shall include all of the following: A brief description of the leased property, sufficient to identify the property to the lessee and lessor including whether the property is new or previously rented or, if a lease is for multiple items, a description […]
§ 10-1-683. Advertisements
An advertisement for any lease-purchase agreement shall not state that a specific lease of any property at specific amounts or terms is available unless the lessor usually and customarily leases or will lease the property at those amounts or terms. An advertisement for any lease-purchase agreement shall not state that a payment or a periodic […]
§ 10-1-684. Prohibited Agreement Provisions
A lease-purchase agreement shall not contain a provision: Requiring a garnishment of wages or a power of attorney to confess a judgment; Granting authorization to the lessor or a person acting on the lessor’s behalf to unlawfully enter upon the lessee’s premises or to commit any breach of the peace in the repossession of goods; […]
§ 10-1-685. Purchase of Insurance; Early Termination or Return of Items; Fees
A lessor shall not require the purchase of insurance by the lessee from the lessor of a leased item. A lessor shall not impose a penalty for early termination of a lease-purchase agreement or for the return of an item at any point. A lessor shall not impose a fee for in-home collection of a […]
§ 10-1-686. Right to Reinstatement of Agreement by Lessee Failing to Make Timely Payments; Fees; Substitute Items
A lessee who fails to make timely periodic payments shall have the right to reinstate the original lease-purchase agreement without losing any rights or options previously acquired under the lease-purchase agreement if both of the following apply: The lessee has not missed more than three periodic payments; and One periodic payment has been missed and […]
§ 10-1-687. Penalties; Grace Period for Compliance
Any person who shall willfully and intentionally violate any provision of this article shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not to exceed $500.00 for the first offense and as for a misdemeanor for each subsequent offense. In case of a violation of any provision of […]
§ 10-1-688. Limitation of Actions
No action shall be brought under this article more than four years after the person bringing this action knew or should have known of the occurrence of the alleged violation. History. Code 1981, § 10-1-688 , enacted by Ga. L. 1985, p. 1341, § 1.
§ 10-1-689. Example of Form
The following form is an example of the form which may be used to satisfy the disclosure requirements of subsection (b) of Code Section 10-1-682, requiring that the disclosures described in paragraphs (1), (2), (3), (4), (9), (12), and (13) of subsection (a) of Code Section 10-1-682 be made clearly, conspicuously, prominently, and together in […]